0001318148-12-001693.txt : 20121017 0001318148-12-001693.hdr.sgml : 20121017 20121017114626 ACCESSION NUMBER: 0001318148-12-001693 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121017 DATE AS OF CHANGE: 20121017 EFFECTIVENESS DATE: 20121017 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MONEY MARKET OBLIGATIONS TRUST CENTRAL INDEX KEY: 0000856517 IRS NUMBER: 251415329 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-31602 FILM NUMBER: 121147632 BUSINESS ADDRESS: STREET 1: 4000 ERICSSON DRIVE CITY: WARRENDALE STATE: PA ZIP: 15086-7561 BUSINESS PHONE: 8003417400 MAIL ADDRESS: STREET 1: 4000 ERICSSON DRIVE CITY: WARRENDALE STATE: PA ZIP: 15086-7561 FORMER COMPANY: FORMER CONFORMED NAME: MONEY MARKET OBLIGATIONS TRUST /NEW/ DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MONEY MARKET OBLIGATIONS TRUST CENTRAL INDEX KEY: 0000856517 IRS NUMBER: 251415329 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-05950 FILM NUMBER: 121147633 BUSINESS ADDRESS: STREET 1: 4000 ERICSSON DRIVE CITY: WARRENDALE STATE: PA ZIP: 15086-7561 BUSINESS PHONE: 8003417400 MAIL ADDRESS: STREET 1: 4000 ERICSSON DRIVE CITY: WARRENDALE STATE: PA ZIP: 15086-7561 FORMER COMPANY: FORMER CONFORMED NAME: MONEY MARKET OBLIGATIONS TRUST /NEW/ DATE OF NAME CHANGE: 19920703 0000856517 S000009529 Federated Government Reserves Fund C000026050 Federated Government Reserves Fund GRFXX 0000856517 S000009530 Federated Master Trust C000026051 Federated Master Trust FMTXX 0000856517 S000009531 Federated Municipal Trust C000026052 Federated Municipal Trust MUTXX 0000856517 S000009536 Federated Government Obligations Fund C000026059 Capital Shares GOCXX C000026060 Institutional Shares GOIXX C000026061 Service Shares GOSXX C000026062 Trust Shares GORXX 0000856517 S000009537 Federated Government Obligations Tax-Managed Fund C000026063 Institutional Shares GOTXX C000026064 Service Shares GTSXX 0000856517 S000009538 Federated Liberty U.S. Government Money Market Trust C000026065 Class A Shares LUGXX C000026066 Class B Shares LIBXX C000026067 Class C Shares LUCXX C000026068 Class F Shares LUFXX 0000856517 S000009540 Federated Automated Cash Management Trust C000026070 Cash II Shares ACCXX C000026071 Service Shares ACMXX C000040003 Class R Shares ACKXX 0000856517 S000009542 Federated Automated Government Money Trust C000026073 Federated Automated Government Money Trust AGMXX 0000856517 S000009546 Federated Capital Reserves Fund C000026082 Federated Capital Reserves Fund FRFXX 0000856517 S000009557 Federated Money Market Management C000026107 Eagle Shares MMMXX C000054277 Premier Shares MMPXX 0000856517 S000009558 Federated Municipal Obligations Fund C000026108 Institutional Shares MOFXX C000026109 Service Shares MOSXX C000026110 Capital Shares MFCXX 0000856517 S000009571 Federated Prime Cash Obligations Fund C000026147 Institutional Shares PCOXX C000026148 Service Shares PRCXX C000026149 Capital Shares PCCXX 0000856517 S000009573 Federated Prime Management Obligations Fund C000026153 Capital Shares PICXX C000026154 Service Shares PSSXX C000026155 Institutional Shares PMOXX 0000856517 S000009574 Federated Prime Obligations Fund C000026156 Institutional Shares POIXX C000026157 Service Shares PRSXX C000026158 Trust Shares POLXX 0000856517 S000009575 Federated Prime Value Obligations Fund C000026159 Institutional Shares PVOXX C000026160 Service Shares PVSXX C000026161 Capital Shares PVCXX 0000856517 S000009577 Federated Tax-Free Obligations Fund C000026164 Institutional Shares TBIXX C000026165 Service Shares TBSXX 0000856517 S000009578 Federated Treasury Obligations Fund C000026166 Capital Shares TOCXX C000026167 Institutional Shares TOIXX C000026168 Service Shares TOSXX C000026169 Trust Shares TOTXX 0000856517 S000009579 Federated Trust for U.S. Treasury Obligations C000026170 Federated Trust for U.S. Treasury Obligations TTOXX 485BPOS 1 form.htm

1933 Act File No. 33-31602
1940 Act File No. 811-5950

 

Form N-1A

 

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933  
       
  Pre-Effective Amendment No.    
       
  Post-Effective Amendment No.   133
 
and/or
   
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940  
       
  Amendment No.   134
         

 

MONEY MARKET OBLIGATIONS TRUST

(Exact Name of Registrant as Specified in Charter)

 

Federated Investors Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

(Address of Principal Executive Offices)

 

(412) 288-1900

(Registrant’s Telephone Number, including Area Code)

 

John W. McGonigle, Esquire

Federated Investors Tower

Pittsburgh, Pennsylvania 15222-3779

(Name and Address of Agent for Service)

 

 

It is proposed that this filing will become effective (check appropriate box):
   
X immediately upon filing pursuant to paragraph (b)
      pursuant to paragraph (b)
  60 days after filing pursuant to paragraph (a)(1)
  on   pursuant to paragraph (a)(1)
  75 days after filing pursuant to paragraph (a)(2)
  on   pursuant to paragraph (a)(2) of Rule 485
 
If appropriate, check the following box:
   
  This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

 

 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant, Money Market Obligations Trust, certifies that it meets all of the requirements for effectiveness of this Amendment to its Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Pittsburgh and Commonwealth of Pennsylvania, on the 17th day of October, 2012.

MONEY MARKET OBLIGATIONS TRUST

 

BY: /s/ George F. Magera

George F. Magera, Assistant Secretary

Pursuant to the requirements of the Securities Act of 1933, this Amendment to its Registration Statement has been signed below by the following person in the capacity and on the date indicated:

 

NAME TITLE DATE

BY: /s/ George F. Magera

George F. Magera, Assistant Secretary

 Attorney In Fact For the Persons Listed Below October 17, 2012
John F. Donahue* Trustee  

J. Christopher Donahue*

 

 President and Trustee (Principal Executive Officer)  
Richard A. Novak* Treasurer (Principal Financial Officer)  
Nicholas P. Constantakis* Trustee  
John F. Cunningham* Trustee  
Maureen Lally-Green* Trustee  
Peter E. Madden* Trustee  
Charles F. Mansfield, Jr.* Trustee  
Thomas O’Neill* Trustee  
John S. Walsh* Trustee  
*By Power of Attorney    

 

 
 

 

Federated Prime Obligations Fund

A Portfolio of Money Market Obligations Trust

Post-Effective Amendment No. 133

This Post-Effective Amendment is filed for the sole purpose of submitting the XBRL Interactive Data File exhibits for the Risk/Return Summaries of the above-named Fund filed as part of Post-Effective Amendment No. 132 on September 27, 2012. The exhibits filed herewith do not constitute the complete publicly filed disclosure for the Funds, and should be used in conjunction with the complete prospectuses for the Funds.

 

Exhibit List for Interactive Data File Submissions.

 

 

EX-101.INS INSTANCE
EX-101.SCH SCHEMA
EX-101.CAL CALCULATION LINKBASE
EX-101.DEF DEFINITION LINKBASE
EX-101.LAB LABEL LINKBASE
EX-101.PRE PRESENTATION LINKBASE

 

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The Fund's investment objective is to provide stability of principal and current income consistent with stability of principal. </font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Class R Shares (R) of the Fund. </font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES </</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">Shareholder Fees (fees paid directly from your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</font> <br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of high-quality, dollar-denominated, fixed-income securities which: (1) are issued by banks, corporations and the U.S. government; and (2) mature in 397 days or less. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in a few government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7"). </font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Automated Government Money Trust (the "Fund")</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide stability of principal and current income consistent with stability of principal.</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include: </font><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Issuer Credit Risk. </strong>It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities. </font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Counterparty Credit Risk.</strong> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies. </font></li></ul> <ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Interest Rate Risk. </strong>Prices of fixed-income securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities. </font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Liquidity Risk.</strong> Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.</font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Sector Risk. </strong>A substantial part of the Fund's portfolio may be comprised of securities issued by companies in the financial services industry. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these companies. </font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Credit Enhancement Risk. </strong>The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank) is downgraded, the rating on a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same credit enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such a credit enhancement provider. </font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk of Foreign Investing.</strong> Because the Fund invests in securities issued by foreign companies, the Fund may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case. </font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Prepayment Risk.</strong> The Fund may invest in asset-backed and mortgage-backed securities, which may be subject to prepayment risk. If interest rates fall, and unscheduled prepayments on such securities accelerate, the Fund will be required to reinvest the proceeds at the lower interest rates then available. </font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with Investing Share Purchase Proceeds. </strong>On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance. </font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with use of Amortized Cost. </strong>In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results. </font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Additional Factors Affecting Yield. </strong>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary. </font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's R class total returns on a calendar year-by-year basis. The Average Annual Total Return table shows returns <em>averaged</em> over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400. </font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund. </font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Shareholder Fees ( fees paid directly from your investment)</b> </font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b> </font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font> <font style="FONT-FAMILY: Times New Roman" size="2">October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Automated Cash Management Trust - R Class</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b><br/><br/><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's R class total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.00%.</font> <br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">Within the periods shown in the bar chart, the Fund's R class highest quarterly return was 1.09% (quarter ended September 30, 2007). Its lowest quarterly return was 0.00% (quarter ended December 31, 2011). </font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's R class 7-Day Net Yield as of December 31, 2011 was 0.01%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of short-term U.S. Treasury securities. These investments include repurchase agreements collateralized fully by U.S. Treasury securities. <br/><br/>In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").<br/><br/> Because the Fund refers to government investments in its name, the SEC requires the Fund to notify shareholders at least 60 days in advance of any change in its investment policies that would enable the Fund to normally invest less than 80% of its assets (plus any borrowings for investment purposes) in government investments.</font> <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="2">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3"> The bar chart shows the variability of the Fund's R class total returns on a calendar year-by-year basis.</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3"><em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's R class 7-Day Net Yield as of December 31, 2011</font> <font style="FONT-FAMILY: Times New Roman" size="3"> 1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Interest Rate Risk.</strong> Prices of U.S. Treasury securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of U.S. Treasury securities with longer maturities. </font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Counterparty Credit Risk. </strong>A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.</font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with Investing Share Purchase Proceeds.</strong> On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.</font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with use of Amortized Cost.</strong> In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results. </font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Additional Factors Affecting Yield. </strong>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> 144 446 771 1691 <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's Shares total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns <em>averaged</em> over the stated periods. <i>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </i>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400.</font> 2006-09-29 <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart shows the variability of the Fund's Shares total returns on a calendar year-by-year basis.</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3"><i>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </i></font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Automated Government Money Trust</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.00%.<br/><br/>Within the periods shown in the bar chart, the Fund's highest quarterly return was 1.19% (quarter ended December 31, 2006). Its lowest quarterly return was 0.00% (quarter ended June 30, 2010).</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's R class total return for the six-month period </font> <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> 2012-06-30 2007-09-30 2011-12-31 <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table </b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's Average Annual Total Returns for the calendar period ended December 31, 2011.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's 7-Day Net Yield as of December 31, 2011, was 0.00%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's 7-Day Net Yield as of December 31, 2011</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Automated Cash Management Trust (the "Fund")</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide stability of principal and current income consistent with stability of principal.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Service Shares (SS) of the Fund.</font> <font style="FONT-FAMILY: Times New Roman" size="3">Shareholder Fees (fees paid directly from your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of high-quality, dollar-denominated, fixed-income securities which: (1) are issued by banks, corporations and the U.S. government; and (2) mature in 397 days or less.<br/><br/>Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in a few government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities.<br/><br/>In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Issuer Credit Risk. </b>It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Counterparty Credit Risk.</b> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Interest Rate Risk. </b>Prices of fixed-income securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Liquidity Risk.</b> Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Sector Risk. </strong>A substantial part of the Fund's portfolio may be comprised of securities issued by companies in the financial services industry. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these companies.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Credit Enhancement Risk. </b>The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank) is downgraded, the rating on a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same credit enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such a credit enhancement provider.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Risk of Foreign Investing.</b> Because the Fund invests in securities issued by foreign companies, the Fund may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Prepayment Risk.</b> The Fund may invest in asset-backed and mortgage-backed securities, which may be subject to prepayment risk. If interest rates fall, and unscheduled prepayments on such securities accelerate, the Fund will be required to reinvest the proceeds at the lower interest rates then available.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Risk Associated with Investing Share Purchase Proceeds. </b>On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Risk Associated with use of Amortized Cost. </b>In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Additional Factors Affecting Yield. </b>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's SS class total returns on a calendar year-by-year basis. The Average Annual Total Return table shows returns <em>averaged</em> over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400.</font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Automated Cash Management Trust - SS Class</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.00%.<br/><br/>Within the periods shown in the bar chart, the Fund's SS class highest quarterly return was 1.22% (quarter ended September 30, 2007). Its lowest quarterly return was 0.00% (quarter ended December 31, 2011).</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's SS class Average Annual Total Returns for the calendar period ended December 31, 2011.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class 7-Day Net Yield as of December 31, 2011, was 0.01%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart shows the variability of the Fund's SS class total returns on a calendar year-by-year basis.</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3"><i>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </i></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class 7-Day Net Yield as of December 31, 2011</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's total return for the six-month period</font> 2012-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class total return for the six-month period</font> <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> 2012-06-30 2006-12-31 <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> 2007-09-30 2010-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> 2011-12-31 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedAutomatedGovernmentMoneyTrust column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedAutomatedGovernmentMoneyTrust column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's R class Average Annual Total Returns for the calendar period ended December 31, 2011.</font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedAutomatedGovernmentMoneyTrustBarChart column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedAutomatedGovernmentMoneyTrust column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include: </font> <font style="FONT-FAMILY: Times New Roman" size="2">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include: </font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> 131 409 708 1556 100 312 542 1201 2005-02-25 2012-09-28 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedGovernmentReservesFund column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide stability of principal and current income consistent with stability of principal.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Cash II Shares (CII) of the Fund.</font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedGovernmentReservesFund column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">Shareholder Fees (fees paid directly from your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. <br/><br/>The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedGovernmentReservesFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedAutomatedCashManagementTrust column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of high-quality, dollar-denominated, fixed-income securities which: (1) are issued by banks, corporations and the U.S. government; and (2) mature in 397 days or less. <br /><br />Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in a few government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities. <br /><br />In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").</font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedGovernmentReservesFundBarChart column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedAutomatedCashManagementTrustBarChart column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Master Trust (the "Fund")</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income consistent with stability of principal. </font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedGovernmentReservesFund column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund.</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Shareholder Fees (fees paid directly from your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are based on the contractual limitation as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of high-quality, dollar-denominated, fixed-income securities which: (1) are issued by banks, corporations and the U.S. government; and (2) mature in 397 days or less.<br/><br/>Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in a few government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities.<br/><br/>In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7"). </font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Issuer Credit Risk. </b>It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Counterparty Credit Risk.</b> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Interest Rate Risk. </b>Prices of fixed-income securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Liquidity Risk.</b> Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Sector Risk. </strong>A substantial part of the Fund's portfolio may be comprised of securities issued by companies in the financial services industry. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these companies.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Credit Enhancement Risk. </b>The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank) is downgraded, the rating on a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same credit enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such a credit enhancement provider.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Risk of Foreign Investing.</b> Because the Fund invests in securities issued by foreign companies, the Fund may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Prepayment Risk.</b> The Fund may invest in asset-backed and mortgage-backed securities, which may be subject to prepayment risk. If interest rates fall, and unscheduled prepayments on such securities accelerate, the Fund will be required to reinvest the proceeds at the lower interest rates then available.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Risk Associated with Investing Share Purchase Proceeds. </b>On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Risk Associated with use of Amortized Cost. </b>In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Additional Factors Affecting Yield. </b>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's total returns on a calendar year-by-year basis. The Average Annual Total Return table shows the returns <em>averaged</em> over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400. </font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Master Trust </font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.00%.<br/><br/>Within the periods shown in the bar chart, the Fund's highest quarterly return was 1.26% (quarter ended September 30, 2007). Its lowest quarterly return was 0.00% (quarter ended December 31, 2011).</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font><br/><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Issuer Credit Risk. </b>It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Counterparty Credit Risk.</b> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Interest Rate Risk. </b>Prices of fixed-income securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Liquidity Risk.</b> Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Sector Risk. </b>A substantial part of the Fund's portfolio may be comprised of securities issued by companies in the financial services industry. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these companies.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Credit Enhancement Risk. </b>The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank) is downgraded, the rating on a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same credit enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such a credit enhancement provider.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Risk of Foreign Investing.</b> Because the Fund invests in securities issued by foreign companies, the Fund may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Prepayment Risk.</b> The Fund may invest in asset-backed and mortgage-backed securities, which may be subject to prepayment risk. If interest rates fall, and unscheduled prepayments on such securities accelerate, the Fund will be required to reinvest the proceeds at the lower interest rates then available.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Risk Associated with Investing Share Purchase Proceeds. </b>On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Risk Associated with use of Amortized Cost. </b>In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Additional Factors Affecting Yield. </b>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's CII class total returns on a calendar year-by-year basis. The Average Annual Total Return table shows returns <em>averaged</em> over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's Average Annual Total Returns for the calendar period ended December 31, 2011.</font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Automated Cash Management Trust - CII Class</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's 7-Day Net Yield as of December 31, 2011, was 0.00%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's CII class Average Annual Total Returns for the calendar period ended December 31, 2011. </font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedAutomatedCashManagementTrust column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's CII class 7-Day Net Yield as of December 31, 2011, was 0.01%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund&#8217;s CII class total return for the six-month period</font> 2012-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> 2007-09-30 <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> 2011-12-31 <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> 142 440 761 1669 <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's CII class 7-Day Net Yield as of December 31, 2011</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3"><i>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </i></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart shows the variability of the Fund's CII class total returns on a calendar year-by-year basis.</font> 2005-02-25 <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> 2007-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> 2011-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's total return for the six-month period</font> 2012-06-30 51 160 280 628 125 390 676 1489 <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Government Obligations Fund (the "Fund")</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income consistent with stability of principal.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Institutional Shares (IS) of the Fund.</font> <font style="FONT-FAMILY: Times New Roman" size="3">Shareholder Fees (fees paid directly from your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of short-term U.S. Treasury and government securities. These investments include repurchase agreements collateralized fully by U.S. Treasury and government securities. The Fund limits its investments to those that would enable it to qualify as a permissible investment for federally chartered credit unions. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in a few government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">Because the Fund refers to government investments in its name, the SEC requires the Fund to notify shareholders at least 60 days in advance of any change in its investment policies that would enable the Fund to invest, under normal circumstances, less than 80% of its net assets (plus any borrowings for investment purposes) in government investments.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font><ul type="square"><li ><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Interest Rate Risk. </strong>Prices of fixed-income securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities.</font> </li></ul> <ul type="square"><li ><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Issuer Credit Risk. </strong>It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.</font> </li></ul> <ul type="square"><li ><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Counterparty Credit Risk.</strong> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.</font> </li></ul> <ul type="square"><li ><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Call Risk.</strong> The Fund's performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below its current market value. </font></li></ul> <ul type="square"><li ><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with Investing Share Purchase Proceeds. </strong>On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance. </font></li></ul><ul type="square"><li ><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with use of Amortized Cost.</strong> In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.</font> </li></ul> <ul type="square"><li ><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Additional Factors Affecting Yield. </strong>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary. </font></li></ul> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns <em>averaged</em> over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400.</font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Government Obligations Fund - IS Class</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.01%. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">Within the periods shown in the bar chart, the Fund's IS class highest quarterly return was 1.30% (quarter ended December 31, 2006). Its lowest quarterly return was 0.00% (quarter ended June 30, 2011). </font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's IS class Average Annual Total Returns for the calendar period ended December 31, 2011.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class 7-Day Net Yield as of December 31, 2011, was 0.01%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Government Reserves Fund (the "Fund")</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income consistent with stability of principal and liquidity.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund. </font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Shareholder Fees (Fees paid directly from your investment)</b> </font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b> </font> October 1, 2013 <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus. </font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</font><br/><br/> <font style="FONT-FAMILY: Times New Roman" size="3">The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of short-term U.S. Treasury and government securities. These investments include repurchase agreements collateralized fully by U.S. Treasury and government securities. <br/><br/>Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in a few government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities. <br/><br/> In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7"). <br/><br/>Because the Fund refers to government investments in its name, the SEC requires the Fund to notify shareholders at least 60 days in advance of any change in its investment policies that would enable the Fund to invest, under normal circumstances, less than 80% of its net assets (plus any borrowings for investment purposes) in government invetments. </font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Interest Rate Risk. </strong>Prices of fixed-income securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities. </font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Issuer Credit Risk. </strong>It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.</font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Counterparty Credit Risk. </strong>A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.</font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Call Risk.</strong> The Fund's performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below its current market value.</font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with Investing Share Purchase Proceeds.</strong> On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.</font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with use of Amortized Cost.</strong> In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results. </font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Additional Factors Affecting Yield. </strong>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's Shares total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns averaged over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an </em>indication<em> of future results</em>. Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling the Fund at 1-800-341-7400. </font> <font style="FONT-FAMILY: Times New Roman" size="3"> The bar chart shows the variability of the Fund's Shares total returns on a calendar year-by-year basis.</font> 1-800-341-7400 <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3"><em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an </em>indication<em> of future results</em>.</font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Government Reserves Fund</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.00%.<br/><br/>Within the periods shown in the bar chart, the Fund's highest quarterly return was 1.10% (quarter ended December 31, 2006). Its lowest quarterly return was 0.00% (quarter ended June 30, 2011).</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table </b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's Average Annual Total Returns for the calendar period ended December 31, 2011.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's Shares 7-Day Net Yield as of December 31, 2011, was 0.00%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Municipal Trust (the "Fund") </b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's Shares 7-Day Net Yield as of December 31, 2011</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> 1-800-341-7400 <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income which is (exempt from federal regular income tax) consistent with stability of principal. </font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Shareholder Fees (fees paid directly from your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> 54 <font style="FONT-FAMILY: Times New Roman" size="3">Federated Municipal Trust</font> 170 296 <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> 665 <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund. </font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</font><br /><br /> <font style="FONT-FAMILY: Times New Roman" size="3">The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: </font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of short-term, high-quality, tax-exempt securities. The Fund will invest its assets so that, normally, distributions of annual interest income are exempt from federal regular income tax. Interest from the Fund's investments may be subject to the federal alternative minimum tax for individuals and corporations (AMT). The Fund invests in a portfolio of securities maturing in 397 days or less.</font> <br /><br /> <font style="FONT-FAMILY: Times New Roman" size="3">Tax-exempt securities are fixed-income securities that, in the opinion of bond counsel to the issuer or on the basis of another authority believed by the Fund's investment adviser to be reliable, pay interest that is not subject to federal regular income taxes. The types of securities in which the Fund may principally invest include: (a) tax-exempt securities, such as the following types, some of which may be subject to credit enhancement: variable rate demand instruments, municipal notes, general obligation bonds, special revenue bonds, private activity bonds, and tax-exempt commercial paper; and (b) interests in securities of other investment companies.</font> <br /><br /> <font style="FONT-FAMILY: Times New Roman" size="3">In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").</font> <br /><br /> <font style="FONT-FAMILY: Times New Roman" size="3">Because the Fund refers to municipal investments in its name, it has an investment policy that it will normally invest its assets so that at least 80% of the annual interest income that it distributes will be exempt from federal regular income tax. This policy may not be changed without shareholder approval.</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <ul type="square"><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Issuer Credit Risk. </strong>It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.</font> </li></ul> <ul type="square"><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Counterparty Credit Risk.</strong> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.</font> </li></ul> <ul type="square"><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Interest Rate Risk. </strong>Prices of fixed-income securities (including tax-exempt securities) generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities.</font> </li></ul> <ul type="square"><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Call Risk. </strong>The Fund's performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below or above its current market value. </font></li></ul> <ul type="square"><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Sector Risk. </strong>A substantial part of the Fund's portfolio may be comprised of securities issued or credit enhanced by companies in similar businesses or with other similar characteristics. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these issuers or entities. </font></li></ul> <ul type="square"><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Tax Risk.</strong> In order to be tax exempt, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable.</font> </li></ul> <ul type="square"><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Liquidity Risk.</strong> Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.</font> </li></ul> <ul type="square"><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Credit Enhancement Risk. </strong>The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank or bond insurer) is downgraded, the rating on a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such an enhancement provider. Adverse developments in the banking or bond insurance industries also may negatively affect the Fund. </font></li></ul> <ul type="square"><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with Investing Share Purchase Proceeds.</strong> On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the yield of the securities purchased is less than that of the securities already in the Fund's portfolio, or if the Fund holds cash, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.</font> </li></ul> <ul type="square"><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with use of Amortized Cost. In the unlikely event that the Fund's Board of Trustees</strong> ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per share and its market-based NAV per share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.</font> </li></ul> <ul type="square"><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Additional Factors Affecting Yield. </strong>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary.</font> </li></ul> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns <em>averaged </em>over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling the Fund at 1-800-341-7400. </font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.00%. </font><br /><br /><font style="FONT-FAMILY: Times New Roman" size="3">Within the period shown in the bar chart, the Fund's highest quarterly return was 0.72% (quarter ended June 30, 2007). Its lowest quarterly return was 0.00% (quarter ended June 30, 2011). </font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's Average Annual Total Returns for the calendar periods ended December 31, 2011. </font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's 7-Day Net Yield as of December 31, 2011 was 0.00%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's total return for the six-month period</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> 2012-06-30 <font style="FONT-FAMILY: Times New Roman" size="3"> The bar chart shows the variability of the Fund's total returns on a calendar year-by-year basis.</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com </font> 2006-12-31 <font style="FONT-FAMILY: Times New Roman" size="3"><em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em></font> <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> 2011-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's 7-Day Net Yield as of December 31, 2011</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3"> The bar chart shows the variability of the Fund's total returns on a calendar year-by-year basis.</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <font style="FONT-FAMILY: Times New Roman" size="3"><em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em> </font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis.</font> <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's 7-Day Net Yield as of December 31, 2011</font> <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3"><em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em></font. <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's total return for the six-month period</font> 2012-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class 7-Day Net Yield as of December 31, 2011</font> 2007-09-30 <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> 2011-12-31 <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class total return for the six-month period</font> 2012-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> 2006-12-31 <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> 2011-06-30 135 421 729 1601 2005-02-25 <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Capital Reserves Fund (the "Fund")</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedGovernmentObligationsFundClassInstitutional column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedMasterTrust column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedGovernmentObligationsFundClassInstitutional column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedMasterTrust column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="5"><b>risk/return summary: Fees and Expenses </b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund.</font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedGovernmentObligationsFundClassInstitutional column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Shareholder Fees (fees paid directly from your investment)</b></font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedMasterTrust column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedGovernmentObligationsFundClassInstitutionalBarChart column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedMunicipalTrust column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedMasterTrustBarChart column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income consistent with stability of principal and liquidity.</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. <br/><br/>The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedMunicipalTrust column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of high-quality, dollar-denominated, fixed-income securities which: (1) are issued by banks, corporations and the U.S. government; and (2) mature in 397 days or less.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in a few government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedGovernmentObligationsFundClassInstitutional column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Issuer Credit Risk. </strong>It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Counterparty Credit Risk.</strong> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Interest Rate Risk. </strong>Prices of fixed-income securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Liquidity Risk.</strong> Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Credit Enhancement Risk. </strong>The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank) is downgraded, the rating on a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same credit enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such a credit enhancement provider.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk of Foreign Investing.</strong> Because the Fund invests in securities issued by foreign companies, the Fund may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Prepayment Risk.</strong> The Fund may invest in asset-backed and mortgage-backed securities, which may be subject to prepayment risk. If interest rates fall, and unscheduled prepayments on such securities accelerate, the Fund will be required to reinvest the proceeds at the lower interest rates then available.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with Investing Share Purchase Proceeds. </strong>On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with use of Amortized Cost. </strong>In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Additional Factors Affecting Yield. </strong>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table shown below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's Shares total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns <em>averaged</em> over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results.</em> Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling the Fund at 1-800-341-7400.</font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Capital Reserves Fund</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.00%.<br/><br/>Within the period shown in the bar chart, the Fund's highest quarterly return was 1.12% (quarter ended September 30, 2007). Its lowest quarterly return was 0.00% (quarter ended December 31, 2011).</font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedMasterTrust column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's Shares Average Annual Total Returns for the calendar period ended December 31, 2011.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's 7-Day Net Yield as of December 31, 2011, was 0.00%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Automated Cash Management Trust (the "Fund")</font> <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart shows the variability of the Fund's Shares total returns on a calendar year-by-year basis.</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3"><em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results.</em></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's 7-Day Net Yield as of December 31, 2011</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> 2012-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> 2007-09-30 <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> 2011-12-31 <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's total return for the six-month period</font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedMunicipalTrustBarChart column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedMunicipalTrust column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedAutomatedCashManagementTrustClassII column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedCapitalReservesFund column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES </b></font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedCapitalReservesFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedCapitalReservesFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedCapitalReservesFundBarChart column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.</font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedCapitalReservesFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedAutomatedCashManagementTrustClassII column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedAutomatedCashManagementTrustClassIIBarChart column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedMunicipalTrust column period compact * ~</div> 54 170 296 665 2005-01-18 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedGovernmentObligationsFundClassCapital column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedGovernmentObligationsFundClassCapital column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedGovernmentObligationsFundClassCapital column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedGovernmentObligationsFundClassCapitalBarChart column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedGovernmentObligationsFundClassCapital column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedAutomatedCashManagementTrustClassII column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedAutomatedCashManagementTrustClassII column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's CII class total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.00%.<br/><br/>Within the periods shown in the bar chart, the Fund's CII class highest quarterly return was 1.18% (quarter ended September 30, 2007). Its lowest quarterly return was 0.00% (quarter ended December 31, 2011).</font> 54 170 296 665 <font style="FONT-FAMILY: Times New Roman" size="4">Federated Government Obligations Fund (the "Fund")</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income consistent with stability of principal.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Capital Shares (CAP) of the Fund. </font> <font style="FONT-FAMILY: Times New Roman" size="3">Shareholder Fees (fees paid directly from your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b> </font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: </font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of short-term U.S. Treasury and government securities. These investments include repurchase agreements collateralized fully by U.S. Treasury and government securities. The Fund limits its investments to those that would enable it to qualify as a permissible investment for federally chartered credit unions.<br/><br/>Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in a few government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities. <br/><br/> In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7"). <br/><br/>Because the Fund refers to government investments in its name, the SEC requires the Fund to notify shareholders at least 60 days in advance of any change in its investment policies that would enable the Fund to invest, under normal circumstances, less than 80% of its net assets (plus any borrowings for investment purposes) in government investments. </font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Interest Rate Risk. </strong>Prices of fixed-income securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities. </font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Issuer Credit Risk. </strong>It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.</font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Counterparty Credit Risk. </strong>A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.</font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Call Risk.</strong> The Fund's performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below its current market value.</font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with Investing Share Purchase Proceeds.</strong> On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.</font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with use of Amortized Cost.</strong> In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results. </font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Additional Factors Affecting Yield. </strong>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's CAP class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns <em>averaged</em> over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400. </font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Government Obligations Fund - CAP Class </font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's CAP class total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.00%. <br/><br/>Within the periods shown in the bar chart, the Fund's CAP class highest quarterly return was 1.28% (quarter ended December 31, 2006). Its lowest quarterly return was 0.00% (quarter ended March 31, 2011).</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table </b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's CAP class Average Annual Total Returns for the calendar period ended December 31, 2011. </font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's CAP class 7-Day Net Yield as of December 31, 2011, was 0.01%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield. </font> October 1, 2013 <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b><font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Liberty U.S. Government Money Market Trust</b></font> (the "Fund")</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share.<br/><br/>The Fund's investment objective is to provide stability of principal and current income consistent with stability of principal. </font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Class A Shares (A), Class B Shares (B), Class C Shares (C) and Class F Shares (F) of the Fund. </font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Shareholder Fees ( fees paid directly from your investment</b>)</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. <br/><br/>The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. Expenses assuming no redemption are also shown. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: </font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of short-term U.S. Treasury and government securities. These investments include repurchase agreements collateralized fully by U.S. Treasury and government securities.<br/><br/>Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in a few government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities. <br/><br/>In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 (Rule 2a-7).<br/><br/>Because the Fund refers to U.S. government investments in its name, the SEC requires the Fund to notify shareholders at least 60 days in advance of any change in its investment policies that would enable the Fund to normally invest less than 80% of its assets (plus any borrowings for investment purposes) in U.S. government investments.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Interest Rate Risk. </b>Prices of fixed-income securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Issuer Credit Risk. </b>It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Counterparty Credit Risk.</b> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Call Risk.</strong> The Fund's performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below its current market value. </font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Risk Associated with Investing Share Purchase Proceeds. </b>On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Risk Associated with use of Amortized Cost. </b>In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Additional Factors Affecting Yield. </b>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund's A class and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's A class total returns on a calendar year-by-year basis. The Average Annual Total Return table shows the returns <em>averaged</em> over the stated periods, and includes comparative performance information. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results</em>. Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400. </font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Liberty U.S Government Money Market Trust - A Class </font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's A class total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.00%. <br/><br/>Within the periods shown in the chart, the Fund's A class highest quarterly return was 1.12% (quarter ended December 31, 2006). Its lowest quarterly return was 0.00% (quarter ended December 31, 2011).</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's A, B, C and F classes Average Annual Total Returns for the calendar periods ended December 31, 2011.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's A, B, C and F classes 7-Day Net Yields as of December 31, 2011, were 0.00%, 0.00%, 0.00% and 0.00%, respectively. You may go to FederatedInvestors.com or call the Fund at 1800341-7400 for the current 7-Day Net Yield.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart shows the variability of the Fund's CAP class total returns on a calendar year-by-year basis.</font> 1-800-341-7400 <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Government Obligations Tax-Managed Fund (the "Fund")</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3"><em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income consistent with stability of principal and liquidity.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income consistent with stability of principal and liquidity.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES </b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Service Shares (SS) of the Fund. </font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Shareholder Fees (fees paid directly from your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Shareholder Fees (fees paid directly from your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's CAP class 7-Day Net Yield as of December 31, 2011</font> 1-800-341-7400 <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are<strong> </strong>as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of short-term U.S. Treasury and government securities that pay interest exempt from state personal income tax. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Bank System and Tennessee Valley Authority. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government. Finally, the Fund may invest in government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities, including the Farm Credit System.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">Because the Fund refers to government investments in its name, the SEC requires the Fund to notify shareholders at least 60 days in advance of any change in its investment policies that would enable the Fund to normally invest less than 80% of its assets (plus any borrowings for investment purposes) in government investments.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Government Obligations Tax-Managed Fund - IS Class</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include: </font> <ul type="square"><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Interest Rate Risk. </strong>Prices of fixed-income securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities. </font></li></ul> <ul type="square"><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Issuer Credit Risk. </strong>It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities. </font></li></ul> <ul type="square"><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Call Risk.</strong> The Fund's performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below its current market value.</font> </li></ul> <ul type="square"><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with Investing Share Purchase Proceeds. </strong>On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance. </font></li></ul> <ul type="square"><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with use of Amortized Cost.</strong> In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.</font> </li></ul> <ul type="square"><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Additional Factors Affecting Yield. </strong>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary.</font> </li></ul> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's SS class total returns on a calendar year-by-year basis. The Average Annual Total Return table shows returns <em>averaged</em> over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400.</font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Government Obligations Tax-Managed Fund - SS Class </font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.00%.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">Within the periods shown in the bar chart, the Fund's SS class highest quarterly return was 1.22% (quarter ended September 30, 2006). Its lowest quarterly return was 0.00% (quarter ended September 30, 2009).</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's SS class Average Annual Total Returns for the calendar period ended December 31, 2011.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class 7-Day Net Yield as of December 31, 2011, was 0.01%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Government Obligations Tax-Managed Fund (the "Fund")</b></font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES </b></font> 55 <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Institutional Shares (IS) of the Fund. </font> 173 <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. <br /><br />The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</font> 302 <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of short-term U.S. Treasury and government securities that pay interest exempt from state personal income tax. <br /><br />Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Bank System and Tennessee Valley Authority. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government. Finally, the Fund may invest in government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities, including the Farm Credit System. <br /><br />In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7"). <br /><br />Because the Fund refers to government investments in its name, the SEC requires the Fund to notify shareholders at least 60 days in advance of any change in its investment policies that would enable the Fund to normally invest less than 80% of its assets (plus any borrowings for investment purposes) in government investments.</font> 677 <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Interest Rate Risk. </strong>Prices of fixed-income securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Issuer Credit Risk. </strong>It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Call Risk.</strong> The Fund's performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below its current market value. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with Investing Share Purchase Proceeds. </strong>On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with use of Amortized Cost.</strong> In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Additional Factors Affecting Yield. </strong>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary. </font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis. The Average Annual Total Return table shows returns <em>averaged</em> over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results.</em> Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400. </font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.00%. <br /><br />Within the periods shown in the bar chart, the Fund's IS class highest quarterly return was 1.28% (quarter ended September 30, 2006). Its lowest quarterly return was 0.00% (quarter ended March 31, 2011). </font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's IS class Average Annual Total Returns for the calendar period ended December 31, 2011.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class 7-Day Net Yield as of December 31, 2011, was 0.01%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Government Obligations Fund (the "Fund")</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income consistent with stability of principal.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Trust Shares (TR) of the Fund.</font> <font style="FONT-FAMILY: Times New Roman" size="3">Shareholder Fees (fees paid directly from your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. <br/><br/>The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of short-term U.S. Treasury and government securities. These investments include repurchase agreements collateralized fully by U.S. Treasury and government securities. The Fund limits its investments to those that would enable it to qualify as a permissible investment for federally chartered credit unions. <br/><br/>Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in a few government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities. <br/><br/>In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7"). <br/><br/>Because the Fund refers to government investments in its name, the SEC requires the Fund to notify shareholders at least 60 days in advance of any change in its investment policies that would enable the Fund to invest, under normal circumstances, less than 80% of its net assets (plus any borrowings for investment purposes) in government investments.</font> 55 <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> 173 <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Interest Rate Risk. </strong>Prices of fixed-income securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities. </font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Issuer Credit Risk. </strong>It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities. </font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Counterparty Credit Risk.</strong> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Call Risk.</strong> The Fund's performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below its current market value. </font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with Investing Share Purchase Proceeds. </strong>On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance. </font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with use of Amortized Cost.</strong> In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results. </font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Additional Factors Affecting Yield. </strong>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary. </font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. </font> 302 677 <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's TR class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns <em>averaged</em> over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400.</font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Government Obligations Fund - TR Class</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's TR class total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.00%. <br/><br/>Within the periods shown in the bar chart, the Fund's TR class highest quarterly return was 1.18% (quarter ended December 31, 2006). Its lowest quarterly return was 0.00% (quarter ended June 30, 2009).</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's TR class Average Annual Total Returns for the calendar period ended December 31, 2011.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's TR class 7-Day Net Yield as of December 31, 2011, was 0.01%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.</font> <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. </font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart shows the variability of the Fund's TR class total returns on a calendar year-by-year basis.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis. </font> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3"><i>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </i></font> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3"><em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results.</em></font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's TR class 7-Day Net Yield as of December 31, 2011</font> 132 308 232 412 643 512 713 1103 713 1568 2379 1568 <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Municipal Obligations Fund (the "Fund")</b></font> 758 1043 <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's TR class total return for the six-month period </font> 1303 2012-06-30 2187 <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> 2006-12-31 <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> 2009-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> 132 208 208 132 412 643 643 412 713 1103 1103 713 1568 2187 2379 1568 <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart shows the variability of the Fund's SS class total returns on a calendar year-by-year basis.</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3"><em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class 7-Day Net Yield as of December 31, 2011</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class total return for the six-month period </font> 2012-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> 2006-09-30 <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> 2009-09-30 2005-05-02 2005-05-02 <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Money Market Management (the "Fund") </b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> 2003-02-19 <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES </b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income consistent with stability of principal. </font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Eagle Shares (EAG) of the Fund.</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Shareholder Fees (fees paid directly from your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </font><br /><br /><font style="FONT-FAMILY: Times New Roman" size="3">The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of high-quality, dollar-denominated, fixed-income securities which: (1) are issued by banks, corporations and the U.S. government; and (2) mature in 397 days or less.</font> <br /><br /><font style="FONT-FAMILY: Times New Roman" size="3">Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in a few government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities.</font> <br /><br /><font style="FONT-FAMILY: Times New Roman" size="3">In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"> <strong>Issuer Credit Risk. </strong>It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.</font> </li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"> <strong>Counterparty Credit Risk.</strong> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.</font> </li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"> <strong>Interest Rate Risk. </strong>Prices of fixed-income securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities.</font> </li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Liquidity Risk.</strong> Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.</font> </li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Sector Risk. </strong>A substantial part of the Fund's portfolio may be comprised of securities issued by companies in the financial services industry. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these companies.</font> </li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Credit Enhancement Risk. </strong>The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank) is downgraded, the rating on a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same credit enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such a credit enhancement provider.</font> </li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk of Foreign Investing.</strong> Because the Fund invests in securities issued by foreign companies, the Fund may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Prepayment Risk.</strong> The Fund may invest in asset-backed and mortgage-backed securities, which may be subject to prepayment risk. If interest rates fall, and unscheduled prepayments on such securities accelerate, the Fund will be required to reinvest the proceeds at the lower interest rates then available.</font> </li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with Investing Share Purchase Proceeds. </strong>On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.</font> </li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with use of Amortized Cost. </strong>In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.</font> </li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Additional Factors Affecting Yield. </strong>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary.</font> </li></ul><font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's EAG class total returns on a calendar year-by-year basis. The Average Annual Total Return table shows returns <em>averaged</em> over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400. </font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Money Market Management - EAG Class </font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Government Obligations Fund (the "Fund")</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income consistent with stability of principal.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's EAG class total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.00%. </font><br /><br /><font style="FONT-FAMILY: Times New Roman" size="3">Within the periods shown in the bar chart, the Fund's EAG class highest quarterly return was 1.13% (quarter ended December 31, 2007). Its lowest quarterly return was 0.00% (quarter ended December 31, 2011). </font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Service Shares (SS) of the Fund.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's EAG class Average Annual Total Returns for the calendar period ended December 31, 2011. </font> <font style="FONT-FAMILY: Times New Roman" size="3">Shareholder Fees (fees paid directly from your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's EAG class 7-Day Net Yield as of December 31, 2011, was 0.00%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedGovernmentObligationsFundClassTrust column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of short-term U.S. Treasury and government securities. These investments include repurchase agreements collateralized fully by U.S. Treasury and government securities. The Fund limits its investments to those that would enable it to qualify as a permissible investment for federally chartered credit unions. </font><br/><br/> <font style="FONT-FAMILY: Times New Roman" size="3">Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in a few government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities.</font><br/><br/> <font style="FONT-FAMILY: Times New Roman" size="3">In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7"). </font><br/><br/> <font style="FONT-FAMILY: Times New Roman" size="3">Because the Fund refers to government investments in its name, the SEC requires the Fund to notify shareholders at least 60 days in advance of any change in its investment policies that would enable the Fund to invest, under normal circumstances, less than 80% of its net assets (plus any borrowings for investment purposes) in government investments.</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include: </font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart shows the variability of the Fund's EAG class total returns on a calendar year-by-year basis.</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Interest Rate Risk. </strong>Prices of fixed-income securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities.</font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Issuer Credit Risk. </strong>It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.</font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Counterparty Credit Risk.</strong> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.</font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Call Risk.</strong> The Fund's performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below its current market value.</font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with Investing Share Purchase Proceeds. </strong>On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.</font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with use of Amortized Cost.</strong> In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.</font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Additional Factors Affecting Yield. </strong>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary. </font></li></ul> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> 1-800-341-7400 <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3"><em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's EAG class 7-Day Net Yield as of December 31, 2011 1-800-341-7400 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedGovernmentObligationsFundClassTrust column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedGovernmentObligationsTaxManagedFund column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income exempt from all federal regular income tax consistent with stability of principal. The Fund's investment objective may be changed by the Fund's Board of Trustees ("Board") without shareholder approval.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b></font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedGovernmentObligationsFundClassTrust column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Institutional Shares (IS) of the Fund.</font> <font style="FONT-FAMILY: Times New Roman" size="3">Shareholder Fees (fees paid directly from your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of short-term, high-quality, tax-exempt securities. The Fund will invest its assets so that, normally, distributions of annual interest income are exempt from federal regular income tax. Interest from the Fund's investments may be subject to the federal alternative minimum tax for individuals and corporations (AMT). The Fund invests in a portfolio of securities maturing in 397 days or less.<br/><br/>Tax-exempt securities are fixed-income securities that, in the opinion of bond counsel to the issuer or on the basis of another authority believed by the Fund's investment adviser to be reliable, pay interest that is not subject to federal regular income taxes. The types of securities in which the Fund may principally invest include: (a) tax-exempt securities such as the following types, some of which may be subject to credit enhancement: variable rate demand instruments, municipal notes, general obligation bonds, special revenue bonds, private activity bonds and tax-exempt commercial paper; and (b) interests in securities of other investment companies.<br/><br/>In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7"). The Adviser may invest in securities subject to the federal AMT for individuals and corporations in an attempt to seek appropriate risk-adjusted returns and provide diversification.<br/><br/>Because the Fund refers to municipal investments in its name, it has an investment policy that it will normally invest its assets so that at least 80% of the income that it distributes will be exempt from federal regular income tax. This policy may not be changed without shareholder approval.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Issuer Credit Risk. </b>It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Counterparty Credit Risk.</b> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Interest Rate Risk. </b>Prices of fixed-income securities (including tax-exempt securities) generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Call Risk. </b>The Fund's performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below or above its current market value.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Sector Risk. </b>A substantial part of the Fund's portfolio may be comprised of securities issued or credit enhanced by companies in similar businesses or with other similar characteristics.<b> </b>As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these issuers or entities.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Tax Risk.</b> In order to be tax exempt, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Liquidity Risk.</b> Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Credit Enhancement Risk. </b>The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank or bond insurer) is downgraded, the rating on a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such an enhancement provider. Adverse developments in the banking or bond insurance industries also may negatively affect the Fund.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Risk Associated with Investing Share Purchase Proceeds.</b> On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the yield of the securities purchased is less than that of the securities already in the Fund's portfolio, or if the Fund holds cash, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Risk Associated with use of Amortized Cost. In the unlikely event that the Fund's Board of Trustees</b> ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per share and its market-based NAV per share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Additional Factors Affecting Yield. </b>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedGovernmentObligationsTaxManagedFund column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis. The Average Annual Total Return table shows returns <em>averaged</em> over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400.</font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Municipal Obligations Fund - IS Class </font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.07%. <br/><br/>Within the periods shown in the bar chart, the Fund's IS class highest quarterly return was 0.91% (quarter ended June 30, 2007). Its lowest quarterly return was 0.04% (quarter ended December 31, 2011).</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedGovernmentObligationsFundClassTrustBarChart column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's IS class Average Annual Total Returns for the calendar period ended December 31, 2011.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class 7-Day Net Yield as of December 31, 2011, was 0.13%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis.</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedGovernmentObligationsTaxManagedFund column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3"><i>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results.</i></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <font style="FONT-FAMILY: Times New Roman" size="3"> up to but not including the later of (the "Termination Date"): (a) October 1, 2013 or (b) the date of the Fund's next effective Prospectus.</font> <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <font style="FONT-FAMILY: Times New Roman" size="3"> The bar chart shows the variability of the Fund's A class total returns on a calendar year-by-year basis. </font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedGovernmentObligationsFundClassTrust column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3"><em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results</em>.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's A, B, C and F classes 7-Day Net Yields as of December 31, 2011</font> <font style="FONT-FAMILY: Times New Roman" size="3">1800341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's A class total return for the six-month period </font> 2012-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.</font> 2006-12-31 <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> 2011-12-31 <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class 7-Day Net Yield as of December 31, 2011</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's EAG class total return for the six-month period </font> 2012-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class total return for the six-month period </font> 2007-12-31 2012-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> 2011-12-31 2007-06-30 2011-12-31 <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's CAP class total return for the six-month period</font> 2012-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> 2006-12-31 <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> 2011-03-31 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedGovernmentObligationsTax-ManagedFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedGovernmentObligationsTaxManagedFund column period compact * ~</div> 238 733 1255 2686 80 249 433 966 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedLibertyUSGovernmentMoneyMarketTrust column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedLibertyUSGovernmentMoneyMarketTrust column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleTransposedFederatedLibertyUSGovernmentMoneyMarketTrust column period compact * ~</div> 55 173 302 677 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleNoRedemptionTransposedFederatedLibertyUSGovernmentMoneyMarketTrust column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedLibertyU.S.GovernmentMoneyMarketTrustBarChart column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsTransposedFederatedLibertyUSGovernmentMoneyMarketTrust column period compact * ~</div> 55 173 302 677 238 733 1255 2686 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedGovernmentObligationsTaxManagedFundClassInstitutional column period compact * ~</div> 2008-07-28 <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's SS class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns <em>averaged</em> over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400. </font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Government Obligations Fund - SS Class</font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedGovernmentObligationsTaxManagedFundClassInstitutional column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.00%.<br/><br/>Within the periods shown in the bar chart, the Fund's SS class highest quarterly return was 1.24% (quarter ended December 31, 2006). Its lowest quarterly return was 0.00% (quarter ended March 31, 2011).</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Money Market Management (the "Fund")</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's SS class Average Annual Total Returns for the calendar period ended December 31, 2011.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class 7-Day Net Yield as of December 31, 2011, was 0.01%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income consistent with stability of principal.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Premier Shares (PRE) of the Fund.</font> <font style="FONT-FAMILY: Times New Roman" size="3">Shareholder Fees (fees paid directly from your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of high-quality, dollar-denominated, fixed-income securities which: (1) are issued by banks, corporations and the U.S. government; and (2) mature in 397 days or less.<br/><br/>Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in a few government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities. <br/><br/>In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").</font> <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Issuer Credit Risk. </strong>It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Counterparty Credit Risk.</strong> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Interest Rate Risk. </strong>Prices of fixed-income securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Liquidity Risk.</strong> Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Sector Risk. </strong>A substantial part of the Fund's portfolio may be comprised of securities issued by companies in the financial services industry. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these companies.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Credit Enhancement Risk. </strong>The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank) is downgraded, the rating on a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same credit enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such a credit enhancement provider.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk of Foreign Investing.</strong> Because the Fund invests in securities issued by foreign companies, the Fund may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Prepayment Risk.</strong> The Fund may invest in asset-backed and mortgage-backed securities, which may be subject to prepayment risk. If interest rates fall, and unscheduled prepayments on such securities accelerate, the Fund will be required to reinvest the proceeds at the lower interest rates then available.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with Investing Share Purchase Proceeds. </strong>On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with use of Amortized Cost. </strong>In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Additional Factors Affecting Yield. </strong>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedGovernmentObligationsTaxManagedFundClassInstitutional column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's PRE class total returns on a calendar year basis. The Average Annual Total Return table shows returns <em>averaged</em> over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400.</font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Money Market Management - PRE Class</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's PRE class total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.00%.<br/><br/>Within the period shown in the bar chart, the Fund's PRE class highest quarterly return was 0.38% (quarter ended March 31, 2009). Its lowest quarterly return was 0.00% (quarter ended December 31, 2011).</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's PRE class Average Annual Total Returns for the calendar period ended December 31, 2011.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's PRE class 7-Day Net Yield as of December 31, 2011, was 0.00%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart shows the variability of the Fund's SS class total returns on a calendar year-by-year basis.</font> <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3"><em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em></font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedGovernmentObligationsTax-ManagedFundClassInstitutionalBarChart column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class 7-Day Net Yield as of December 31, 2011</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedGovernmentObligationsTaxManagedFundClassInstitutional column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class total return for the six-month period</font> 2012-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> 2006-12-31 <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> 2011-03-31 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedMunicipalObligationsFund column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3"> The bar chart shows the variability of the Fund's PRE class total returns on a calendar year basis.</font> 1-800-341-7400 <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3"><em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em></font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedMunicipalObligationsFund column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's PRE class 7-Day Net Yield as of December 31, 2011</font> 1-800-341-7400 <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's PRE class total return for the six-month period </font> 2012-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> 2009-03-31 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedMunicipalObligationsFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedMoneyMarketManagement column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> 2011-12-31 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedMunicipalObligationsFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedMoneyMarketManagementBarChart column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedMunicipalObligationsFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedMoneyMarketManagement column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Municipal Obligations Fund (the "Fund")</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income exempt from all federal regular income tax consistent with stability of principal. The Fund's investment objective may be changed by the Fund's Board of Trustees ("Board") without shareholder approval. </font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Service Shares (SS) of the Fund. </font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Shareholder Fees (fees paid directly from your investment)</b> </font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b> </font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: </font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of short-term, high-quality, tax-exempt securities. The Fund will invest its assets so that, normally, distributions of annual interest income are exempt from federal regular income tax. Interest from the Fund's investments may be subject to the federal alternative minimum tax for individuals and corporations (AMT). The Fund invests in a portfolio of securities maturing in 397 days or less. <br/><br/>Tax-exempt securities are fixed-income securities that, in the opinion of bond counsel to the issuer or on the basis of another authority believed by the Fund's investment adviser to be reliable, pay interest that is not subject to federal regular income taxes. The types of securities in which the Fund may principally invest include: (a) tax-exempt securities such as the following types, some of which may be subject to credit enhancement: variable rate demand instruments, municipal notes, general obligation bonds, special revenue bonds, private activity bonds and tax-exempt commercial paper; and (b) interests in securities of other investment companies. <br/><br/> In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7"). The Adviser may invest in securities subject to the federal AMT for individuals and corporations in an attempt to seek appropriate risk-adjusted returns and provide diversification. <br/><br/>Because the Fund refers to municipal investments in its name, it has an investment policy that it will normally invest its assets so that at least 80% of the income that it distributes will be exempt from federal regular income tax. This policy may not be changed without shareholder approval. </font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Issuer Credit Risk. </strong>It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities. </font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Counterparty Credit Risk.</strong> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies. </font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Interest Rate Risk. </strong>Prices of fixed-income securities (including tax-exempt securities) generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities.</font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Call Risk. </strong>The Fund's performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below or above its current market value.</font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Sector Risk. </strong>A substantial part of the Fund's portfolio may be comprised of securities issued or credit enhanced by companies in similar businesses or with other similar characteristics.<strong> </strong>As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these issuers or entities.</font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Tax Risk.</strong> In order to be tax exempt, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable.</font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Liquidity Risk.</strong> Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss. </font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Credit Enhancement Risk. </strong>The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank or bond insurer) is downgraded, the rating on a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such an enhancement provider. Adverse developments in the banking or bond insurance industries also may negatively affect the Fund.</font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with Investing Share Purchase Proceeds.</strong> On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the yield of the securities purchased is less than that of the securities already in the Fund's portfolio, or if the Fund holds cash, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance. </font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with use of Amortized Cost.</strong> In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per share and its market-based NAV per share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.</font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Additional Factors Affecting Yield. </strong>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. </font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's SS class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns <em>averaged</em> over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400. </font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Municipal Obligations Fund - SS Class </font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.00%.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">Within the periods shown in the bar chart, the Fund's SS class highest quarterly return was 0.85% (quarter ended June 30, 2007). Its lowest quarterly return was 0.00% (quarter ended September 30, 2011).</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table </b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's SS class Average Annual Total Returns for the calendar period ended December 31, 2011.</font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedMoneyMarketManagementPremierClass column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class 7-Day Net Yield as of December 31, 2011, was 0.01%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return </font> <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class total return for the six-month period</font> 2006-09-30 2011-03-31 2012-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus. </font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. </font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart shows the variability of the Fund's SS class total returns on a calendar year-by-year basis. </font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3"><i>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </i></font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedMoneyMarketManagementPremierClass column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class total return for the six-month period</font> 2012-06-30 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedMoneyMarketManagementPremierClass column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> 2007-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> 2011-09-30 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedMoneyMarketManagementPremierClassBarChart column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class 7-Day Net Yield as of December 31, 2011</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedMoneyMarketManagementPremierClass column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Municipal Obligations Fund (the "Fund")</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income exempt from all federal regular income tax consistent with stability of principal. The Fund's investment objective may be changed by the Fund's Board of Trustees ("Board") without shareholder approval.</font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Capital Shares (CAP) of the Fund. </font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">Shareholder Fees (fees paid directly from your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. <br/><br/>The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: </font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of short-term, high-quality, tax-exempt securities. The Fund will invest its assets so that, normally, distributions of annual interest income are exempt from federal regular income tax. Interest from the Fund's investments may be subject to the federal alternative minimum tax for individuals and corporations (AMT). The Fund invests in a portfolio of securities maturing in 397 days or less.<br/><br/>Tax-exempt securities are fixed-income securities that, in the opinion of bond counsel to the issuer or on the basis of another authority believed by the Fund's investment adviser to be reliable, pay interest that is not subject to federal regular income taxes. The types of securities in which the Fund may principally invest include: (a) tax-exempt securities such as the following types, some of which may be subject to credit enhancement: variable rate demand instruments, municipal notes, general obligation bonds, special revenue bonds, private activity bonds and tax-exempt commercial paper; and (b) interests in securities of other investment companies. <br/><br/>In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7"). The Adviser may invest in securities subject to the federal AMT for individuals and corporations in an attempt to seek appropriate risk-adjusted returns and provide diversification. <br/><br/>Because the Fund refers to municipal investments in its name, it has an investment policy that it will normally invest its assets so that at least 80% of the income that it distributes will be exempt from federal regular income tax. This policy may not be changed without shareholder approval.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Issuer Credit Risk. </b>It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Counterparty Credit Risk.</b> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Interest Rate Risk. </b>Prices of fixed-income securities (including tax-exempt securities) generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Call Risk. </strong>The Fund's performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below or above its current market value.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Sector Risk. </strong>A substantial part of the Fund's portfolio may be comprised of securities issued or credit enhanced by companies in similar businesses or with other similar characteristics.<strong> </strong>As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these issuers or entities.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Tax Risk.</strong> In order to be tax exempt, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Liquidity Risk.</strong> Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Credit Enhancement Risk. </strong>The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank or bond insurer) is downgraded, the rating on a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such an enhancement provider. Adverse developments in the banking or bond insurance industries also may negatively affect the Fund. </font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with Investing Share Purchase Proceeds.</strong> On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the yield of the securities purchased is less than that of the securities already in the Fund's portfolio, or if the Fund holds cash, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance. </font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Risk Associated with use of Amortized Cost. </b>In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Additional Factors Affecting Yield. </b>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's CAP class total returns on a calendar year-by-year basis. The Average Annual Total Return table shows returns <em>averaged</em> over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400. </font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Municipal Obligations Fund - CAP Class </font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's CAP class total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.02%.<br/><br/>Within the periods shown in the bar chart, the Fund's CAP class highest quarterly return was 0.89% (quarter ended June 30, 2007). Its lowest quarterly return was 0.01% (quarter ended March 31, 2010).</font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's CAP class Average Annual Total Returns for the calendar period ended December 31, 2011.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's CAP class 7-Day Net Yield as of December 31, 2011, was 0.03%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedMunicipalObligationsFundClassInstitutional column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedMunicipalObligationsFundClassInstitutionalBarChart column period compact * ~</div> 55 173 302 677 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedGovernmentObligationsFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedGovernmentObligationsFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedGovernmentObligationsFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedGovernmentObligationsFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedGovernmentObligationsFund column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.</font> <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart shows the variability of the Fund's CAP class total returns on a calendar year-by-year basis. </font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3"><em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's CAP class 7-Day Net Yield as of December 31, 2011</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's CAP class total return for the six-month period</font> 2012-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> 2007-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> 2010-03-31 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedMunicipalObligationsFundClassCapital column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedMunicipalObligationsFundClassCapital column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedMunicipalObligationsFundClassCapital column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedMunicipalObligationsFundClassCapitalBarChart column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedMunicipalObligationsFundClassCapital column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedMunicipalObligationsFundClassInstitutional column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Prime Cash Obligations Fund (the "Fund")</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income consistent with stability of principal and liquidity.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Institutional Shares (IS) of the Fund.</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Shareholder Fees (fees paid directly from your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include: </font> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Issuer Credit Risk. </strong>It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities. </font></li></ul> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Counterparty Credit Risk.</strong> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies. </font></li></ul> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Interest Rate Risk. </strong>Prices of fixed-income securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities. </font> </li></ul> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Liquidity Risk.</strong> Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss. </font></li></ul> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Sector Risk. </strong>A substantial part of the Fund's portfolio may be comprised of securities issued by companies in the financial services industry. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these companies.</font> </li></ul> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Credit Enhancement Risk. </strong>The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank) is downgraded, the rating on a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same credit enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such a credit enhancement provider. </font> </li></ul> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk of Foreign Investing.</strong> Because the Fund invests in securities issued by foreign companies, the Fund may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case.</font> </li></ul> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Prepayment Risk.</strong> The Fund may invest in asset-backed and mortgage-backed securities, which may be subject to prepayment risk. If interest rates fall, and unscheduled prepayments on such securities accelerate, the Fund will be required to reinvest the proceeds at the lower interest rates then available.</font> </li></ul> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with Investing Share Purchase Proceeds. </strong>On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.</font> </li></ul> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with use of Amortized Cost. </strong>In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.</font> </li></ul> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Additional Factors Affecting Yield. </strong>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary.</font> </li></ul> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table shown below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns <em>averaged</em> over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400. </font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Prime Cash Obligations Fund - IS Class </font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.10%. </font> <br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">Within the periods shown in the bar chart, the Fund's IS class highest quarterly return was 1.33% (quarter ended September 30, 2007). Its lowest quarterly return was 0.03% (quarter ended September 30, 2011).</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's IS class Average Annual Total Returns for the calendar period ended December 31, 2011.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class 7-Day Net Yield as of December 31, 2011, was 0.21%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of high-quality, dollar-denominated, fixed-income securities which: (1) are issued by banks, corporations and the U.S. government; and (2) mature in 397 days or less.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in a few government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").</font> 54 170 296 665 <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus. </font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis.</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3"><em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em></font> <font style="FONT-FAMILY: Times New Roman" size="3"><font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class total return for the six-month period</font> 2012-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> 2007-09-30 <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> 2011-09-30 <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class 7-Day Net Yield as of December 31, 2011</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedPrimeCashObligationsFundClassInstitutional column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedPrimeCashObligationsFundClassInstitutional column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedPrimeCashObligationsFundClassInstitutionalBarChart column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedPrimeCashObligationsFundClassInstitutional column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedPrimeCashObligationsFundClassInstitutional column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedMunicipalObligationsFundClassInstitutional column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedMunicipalObligationsFundClassInstitutional column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Prime Cash Obligations Fund (the "Fund")</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income consistent with stability of principal and liquidity.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Capital Shares (CAP) of the Fund.</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Shareholder Fees <i>( fees paid directly from your investment)</i></b></font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of high-quality, dollar-denominated, fixed-income securities which: (1) are issued by banks, corporations and the U.S. government; and (2) mature in 397 days or less. <br/><br/>Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in a few government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities. <br/><br/>In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Issuer Credit Risk. </b>It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Counterparty Credit Risk.</b> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Interest Rate Risk. </b>Prices of fixed-income securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Liquidity Risk.</b> Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Sector Risk. </b>A substantial part of the Fund's portfolio may be comprised of securities issued by companies in the financial services industry. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these companies.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Credit Enhancement Risk. </b>The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank) is downgraded, the rating on a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same credit enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such a credit enhancement provider.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Risk of Foreign Investing.</b> Because the Fund invests in securities issued by foreign companies, the Fund may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Prepayment Risk.</b> The Fund may invest in asset-backed and mortgage-backed securities, which may be subject to prepayment risk. If interest rates fall, and unscheduled prepayments on such securities accelerate, the Fund will be required to reinvest the proceeds at the lower interest rates then available.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Risk Associated with Investing Share Purchase Proceeds. </b>On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Risk Associated with use of Amortized Cost. </b>In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Additional Factors Affecting Yield. </b>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table shown below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's CAP class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns <em>averaged</em> over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400.</font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Prime Cash Obligations Fund - CAP Class</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's CAP class total return for the six-month period from January 1, 2012 to June 30, 2012,was 0.05%.<br/><br/>Within the periods shown in the bar chart, the Fund's CAP class highest quarterly return was 1.30% (quarter ended September 30, 2007). Its lowest quarterly return was 0.00% (quarter ended September 30, 2011).</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's CAP class Average Annual Total Returns for the calendar period ended December 31, 2011.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's CAP class 7-Day Net Yield as of December 31, 2011, was 0.11%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart shows the variability of the Fund's CAP class total returns on a calendar year-by-year basis.</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3"><i>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </i></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's CAP class 7-Day Net Yield as of December 31, 2011</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's CAP class total return for the six-month period </font> 2012-06-30 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedMoneyMarketManagement column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> <font style="FONT-FAMILY: Times New Roman" size="4">Federated Prime Cash Obligations Fund (the "Fund") </font> 2007-09-30 <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> 2011-09-30 <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income consistent with stability of principal and liquidity.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Service Shares (SS) of the Fund. </font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Shareholder Fees (fees paid directly from your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedMoneyMarketManagement column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of high-quality, dollar-denominated, fixed-income securities which: (1) are issued by banks, corporations and the U.S. government; and (2) mature in 397 days or less.<br/><br/>Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in a few government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities.<br/><br/>In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include: </font><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Issuer Credit Risk. </b>It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Counterparty Credit Risk.</b> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Interest Rate Risk. </b>Prices of fixed-income securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Liquidity Risk.</b> Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Sector Risk. </b>A substantial part of the Fund's portfolio may be comprised of securities issued by companies in the financial services industry. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these companies.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Credit Enhancement Risk. </b>The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank) is downgraded, the rating on a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same credit enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such a credit enhancement provider.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk of Foreign Investing.</strong> Because the Fund invests in securities issued by foreign companies, the Fund may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Prepayment Risk.</strong> The Fund may invest in asset-backed and mortgage-backed securities, which may be subject to prepayment risk. If interest rates fall, and unscheduled prepayments on such securities accelerate, the Fund will be required to reinvest the proceeds at the lower interest rates then available. </font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with Investing Share Purchase Proceeds. </strong>On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with use of Amortized Cost. </strong>In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results. </font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Additional Factors Affecting Yield. </strong>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table shown below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's SS class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns <em>averaged</em> over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400.</font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Prime Cash Obligations Fund - SS Class </font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.00%. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">Within the periods shown in the bar chart, the Fund's SS class highest quarterly return was 1.27% (quarter ended September 30, 2007). Its lowest quarterly return was 0.00% (quarter ended December 31, 2011). </font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's SS class Average Annual Total Returns for the calendar period ended December 31, 2011.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class 7-Day Net Yield as of December 31, 2011, was 0.01%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> 54 170 296 665 <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart shows the variability of the Fund's SS class total returns on a calendar year-by-year basis.</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3"><em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em></font> <font style="FONT-FAMILY: Times New Roman" size="3"><font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class 7-Day Net Yield as of December 31, 2011</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class total return for the six-month period </font> 2012-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> 2007-09-30 <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> 2011-12-31 <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.</font> 54 170 296 665 56 176 307 689 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedPrimeCashObligationsFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedPrimeCashObligationsFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedPrimeCashObligationsFundClassCapital column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedPrimeCashObligationsFundClassCapital column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedPrimeCashObligationsFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedPrimeCashObligationsFundClassCapital column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedPrimeCashObligationsFundClassCapitalBarChart column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Prime Management Obligations Fund (the "Fund") </b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income consistent with stability of principal.</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Shareholder Fees (fees paid directly from your investment)</b></font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedPrimeCashObligationsFundClassCapital column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedPrimeCashObligationsFund column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Prime Management Obligations Fund - IS Class </font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Institutional Shares (IS) of the Fund. </font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</font><br /><br /> <font style="FONT-FAMILY: Times New Roman" size="3">The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: </font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of high-quality, dollar-denominated, fixed-income securities which: (1) are issued by banks, corporations and the U.S. government; and (2) mature in 397 days or less.</font> <br /><br /> <font style="FONT-FAMILY: Times New Roman" size="3">Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in a few government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities.</font> <br /><br /> <font style="FONT-FAMILY: Times New Roman" size="3">In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Issuer Credit Risk. </strong>It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.</font> </li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Counterparty Credit Risk.</strong> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.</font> </li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Interest Rate Risk. </strong>Prices of fixed-income securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities.</font> </li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Liquidity Risk.</strong> Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.</font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Sector Risk. </strong>A substantial part of the Fund's portfolio may be comprised of securities issued by companies in the financial services industry. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these companies.</font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Credit Enhancement Risk.</strong> The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank) is downgraded, the rating on a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same credit enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such a credit enhancement provider.</font> </li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk of Foreign Investing.</strong> Because the Fund invests in securities issued by foreign companies, the Fund may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case.</font> </li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Prepayment Risk. </strong>The Fund may invest in asset-backed and mortgage-backed securities, which may be subject to prepayment risk. If interest rates fall, and unscheduled prepayments on such securities accelerate, the Fund will be required to reinvest the proceeds at the lower interest rates then available. </font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with Investing Share Purchase Proceeds.</strong> On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.</font> </li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with use of Amortized Cost.</strong> In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.</font> </li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Additional Factors Affecting Yield. </strong>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary.</font> </li></ul> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.11%. </font><br /><br /><font style="FONT-FAMILY: Times New Roman" size="3">Within the periods shown in the bar chart, the Fund's IS class highest quarterly return was 1.33% (quarter ended September 30, 2007). Its lowest quarterly return was 0.03% (quarter ended September 30, 2011). </font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's IS class Average Annual Total Returns for the calendar period ended December 31, 2011.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class 7-Day Net Yield as of December 31, 2011, was 0.22%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis. The Average Annual Total Return table shows returns <i>averaged</i> over the stated periods. <i>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results.</i> Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Prime Management Obligations Fund (the "Fund")</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income consistent with stability of principal.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES </b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Service Shares (SS) of the Fund.</font> <font style="FONT-FAMILY: Times New Roman" size="3">Shareholder Fees (fees paid directly from your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of high-quality, dollar-denominated, fixed-income securities which: (1) are issued by banks, corporations and the U.S. government; and (2) mature in 397 days or less.<br/><br/>Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in a few government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities.<br/><br/>In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Issuer Credit Risk. </strong>It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.</font></li></ul> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Counterparty Credit Risk.</strong> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies. </font></li></ul> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Interest Rate Risk. </strong>Prices of fixed-income securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities. </font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Liquidity Risk.</strong> Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss. </font></li></ul> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Sector Risk. </strong>A substantial part of the Fund's portfolio may be comprised of securities issued by companies in the financial services industry. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these companies. </font></li></ul> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Credit Enhancement Risk. </strong>The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank) is downgraded, the rating on a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same credit enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such a credit enhancement provider. </font></li></ul> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk of Foreign Investing.</strong> Because the Fund invests in securities issued by foreign companies, the Fund may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case. </font></li></ul> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Prepayment Risk.</strong> The Fund may invest in asset-backed and mortgage-backed securities, which may be subject to prepayment risk. If interest rates fall, and unscheduled prepayments on such securities accelerate, the Fund will be required to reinvest the proceeds at the lower interest rates then available. </font></li></ul> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with Investing Share Purchase Proceeds. </strong>On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance. </font></li></ul> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with use of Amortized Cost. </strong>In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results. </font></li></ul> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Additional Factors Affecting Yield. </strong>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary. </font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3"> The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's SS class total returns on a calendar year-by-year basis. The Average Annual Total Return table shows returns <em>averaged</em> over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400.</font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Prime Management Obligations Fund - SS Class</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.00%.<br/><br/> Within the periods shown in the bar chart, the Fund's SS class highest quarterly return was 1.26% (quarter ended September 30, 2007). Its lowest quarterly return was 0.00% (quarter ended December 31, 2011).</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's SS class Average Annual Total Returns for the calendar period ended December 31, 2011.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class 7-Day Net Yield as of December 31, 2011, was 0.01%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.</font> <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class 7-Day Net Yield as of December 31, 2011</font> <font style="FONT-FAMILY: Times New Roman" size="3"><em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em></font> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com </font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3"> The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis.</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Prime Obligations Fund (the "Fund")</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart shows the variability of the Fund's SS class total returns on a calendar year-by-year basis.</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3"> FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3"><em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em></font> <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> 2007-09-30 <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> 2011-12-31 <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class total return for the six-month period </font> 2012-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class 7-Day Net Yield as of December 31, 2011</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income consistent with stability of principal.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Institutional Shares (IS) of the Fund.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class total return for the six-month period </font> <font style="FONT-FAMILY: Times New Roman" size="3">Shareholder Fees (fees paid directly from your investment)</font> 2012-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> 2007-09-30 <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> 2011-09-30 <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.</font> 56 176 307 689 <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</font> 2005-01-18 <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of high-quality, dollar-denominated fixed-income securities which: (1) are issued by banks, corporations and the U.S. government; and (2) mature in 397 days or less.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in a few government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include: </font><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Issuer Credit Risk. </strong>It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.</font></li></ul> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Counterparty Credit Risk.</strong> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies. </font></li></ul> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Interest Rate Risk. </strong>Prices of fixed-income securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities. </font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Liquidity Risk.</strong> Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss. </font></li></ul> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Sector Risk. </strong>A substantial part of the Fund's portfolio may be comprised of securities issued by companies in the financial services industry. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these companies. </font></li></ul> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Credit Enhancement Risk. </strong>The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank) is downgraded, the rating on a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same credit enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such a credit enhancement provider. </font></li></ul> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk of Foreign Investing.</strong> Because the Fund invests in securities issued by foreign companies, the Fund may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case. </font></li></ul> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Prepayment Risk.</strong> The Fund may invest in asset-backed and mortgage-backed securities, which may be subject to prepayment risk. If interest rates fall, and unscheduled prepayments on such securities accelerate, the Fund will be required to reinvest the proceeds at the lower interest rates then available. </font></li></ul> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with Investing Share Purchase Proceeds. </strong>On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance. </font></li></ul> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with use of Amortized Cost. </strong>In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results. </font></li></ul> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Additional Factors Affecting Yield. </strong>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary. </font></li></ul> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns <em>averaged</em> over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis.</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3"><i>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results.</i></font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Prime Obligations Fund - IS Class</font> 56 176 307 689 <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.09%.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">Within the periods shown in the bar chart, the Fund's IS class highest quarterly return was 1.32% (quarter ended September 30, 2007). Its lowest quarterly return was 0.02% (quarter ended March 31, 2010).</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's IS class Average Annual Total Returns for the calendar period ended December 31, 2011.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class 7-Day Net Yield as of December 31, 2011, was 0.20%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> 2004-08-11 <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class 7-Day Net Yield as of December 31, 2011</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedPrimeCashObligationsFund column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class total return for the six-month period</font> 2012-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> 2007-09-30 <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> 2010-03-31 <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Prime Management Obligations Fund (the "Fund")</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">Shareholder Fees (fees paid directly from your investment) </font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b> </font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Prime Management Obligations Fund - CAP Class </font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table </b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income consistent with stability of principal.</font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Capital Shares (CAP) of the Fund.</font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedPrimeManagementObligationsFundClassInstitutional column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of high-quality, dollar-denominated, fixed-income securities which: (1) are issued by banks, corporations and the U.S. government; and (2) mature in 397 days or less. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in a few government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities.</font><br/><br/> <font style="FONT-FAMILY: Times New Roman" size="3">In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Issuer Credit Risk. </strong>It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities. </font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Counterparty Credit Risk.</strong> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies. </font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Interest Rate Risk. </strong>Prices of fixed-income securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities.</font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Liquidity Risk.</strong> Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss. </font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Sector Risk. </strong>A substantial part of the Fund's portfolio may be comprised of securities issued by companies in the financial services industry. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these companies.</font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Credit Enhancement Risk.</strong> The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank) is downgraded, the rating on a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same credit enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such a credit enhancement provider.</font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk of Foreign Investing.</strong> Because the Fund invests in securities issued by foreign companies, the Fund may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case.</font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Prepayment Risk.</strong> The Fund may invest in asset-backed and mortgage-backed securities, which may be subject to prepayment risk. If interest rates fall, and unscheduled prepayments on such securities accelerate, the Fund will be required to reinvest the proceeds at the lower interest rates then available.</font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with Investing Share Purchase Proceeds. </strong>On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.</font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with use of Amortized Cost. </strong>In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.</font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Additional Factors Affecting Yield. </strong>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary. </font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's CAP class total returns on a calendar year-by-year basis. The Average Annual Total Return table shows returns <em>averaged</em> over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's CAP class total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.06%.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">Within the periods shown in the bar chart, the Fund's CAP class highest quarterly return was 1.30% (quarter ended September 30, 2007). Its lowest quarterly return was 0.00% (quarter ended September 30, 2011).</font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's CAP class Average Annual Total Returns for the calendar period ended December 31, 2011.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's CAP class 7-Day Net Yield as of December 31, 2011, was 0.12%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b><h3>Federated Prime Obligations Fund (the "Fund") </b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income consistent with stability of principal.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Service Shares (SS) of the Fund. </font> <font style="FONT-FAMILY: Times New Roman" size="3">Shareholder Fees (fees paid directly from your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: </font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of high-quality, dollar-denominated fixed-income securities which: (1) are issued by banks, corporations and the U.S. government; and (2) mature in 397 days or less. <br/><br/> Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in a few government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities. <br/><br/>In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7"). </font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> 54 <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include: </font><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Issuer Credit Risk. </b>It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Counterparty Credit Risk.</b> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Interest Rate Risk. </b>Prices of fixed-income securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Liquidity Risk.</b> Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Sector Risk. </b>A substantial part of the Fund's portfolio may be comprised of securities issued by companies in the financial services industry. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these companies.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Credit Enhancement Risk. </b>The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank) is downgraded, the rating on a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same credit enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such a credit enhancement provider.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk of Foreign Investing.</strong> Because the Fund invests in securities issued by foreign companies, the Fund may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Prepayment Risk.</strong> The Fund may invest in asset-backed and mortgage-backed securities, which may be subject to prepayment risk. If interest rates fall, and unscheduled prepayments on such securities accelerate, the Fund will be required to reinvest the proceeds at the lower interest rates then available. </font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with Investing Share Purchase Proceeds. </strong>On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with use of Amortized Cost. </strong>In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results. </font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Additional Factors Affecting Yield. </strong>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> 170 <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's SS class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns <em>averaged</em> over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400.</font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Prime Obligations Fund - SS Class</font> 296 <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.00%. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">Within the periods shown in the bar chart, the Fund's SS class highest quarterly return was 1.25% (quarter ended September 30, 2007). Its lowest quarterly return was 0.00% (quarter ended December 31, 2011). </font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> 665 <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's SS class Average Annual Total Returns for the calendar period ended December 31, 2011.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class 7-Day Net Yield as of December 31, 2011 was 0.01%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart shows the variability of the Fund's CAP class total returns on a calendar year-by-year basis.</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3"><em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Prime Value Obligations Fund (the "Fund")</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income consistent with stability of principal and liquidity. The Fund's investment objective may be changed by the Fund's Trustees without shareholder approval.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's CAP class 7-Day Net Yield as of December 31, 2011</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Institutional Shares (IS) of the Fund.</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Shareholder Fees (fees paid directly from your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class total return for the six-month period </font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</font> 2012-06-30 <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of high-quality, dollar-denominated, fixed-income securities which: (1) are issued by banks, corporations and the U.S. government; and (2) mature in 397 days or less.<br/><br/>Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in a few government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities.<br/><br/>In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").</font> <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> 54 <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> 2007-09-30 <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Issuer Credit Risk. </strong>It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Counterparty Credit Risk.</strong> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Interest Rate Risk. </strong>Prices of fixed-income securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Liquidity Risk.</strong> Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Sector Risk. </strong>A substantial part of the Fund's portfolio may be comprised of securities issued by companies in the financial services industry. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these companies. </font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Credit Enhancement Risk. </strong>The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank) is downgraded, the rating on a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same credit enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such a credit enhancement provider.</font></li></ul> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk of Foreign Investing.</strong> Because the Fund invests in securities issued by foreign companies, the Fund may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case. </font></li></ul> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Prepayment Risk.</strong> The Fund may invest in asset-backed and mortgage-backed securities, which may be subject to prepayment risk. If interest rates fall, and unscheduled prepayments on such securities accelerate, the Fund will be required to reinvest the proceeds at the lower interest rates then available. </font></li></ul> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with Investing Share Purchase Proceeds. </strong>On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.</font></li></ul> <ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with use of Amortized Cost. </strong>In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Additional Factors Affecting Yield. </strong>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary. </font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> 170 296 <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> 665 <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns averaged over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400.</font> 2011-09-30 <font style="FONT-FAMILY: Times New Roman" size="3">Federated Prime Value Obligations Fund - IS class </font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.11%.<br/><br/>Within the periods shown in the bar chart, the Fund's IS class highest quarterly return was 1.33% (quarterended September 30, 2007). Its lowest quarterly return was 0.03% (quarter ended September 30, 2011).</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's IS class Average Annual Total Returns for the calendar period ended December 31, 2011.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class 7-Day Net Yield as of December 31, 2011, was 0.21%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Prime Obligations Fund (the "Fund")</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income consistent with stability of principal.</font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Trust Shares (TR) of the Fund.</font> <font style="FONT-FAMILY: Times New Roman" size="3">Shareholder Fees (fees paid directly from your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart shows the variability of the Fund's SS class total returns on a calendar year-by-year basis.</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="3"><em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em></font> <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis.</font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. <br/><br/>The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class 7-Day Net Yield as of December 31, 2011</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of high-quality, dollar-denominated fixed-income securities which: (1) are issued by banks, corporations and the U.S. government; and (2) mature in 397 days or less. <br/><br/>Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in a few government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities. <br/><br/>In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3"><em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Issuer Credit Risk. </b>It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Counterparty Credit Risk.</b> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Interest Rate Risk. </b>Prices of fixed-income securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Liquidity Risk.</b> Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Sector Risk. </b>A substantial part of the Fund's portfolio may be comprised of securities issued by companies in the financial services industry. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these companies.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Credit Enhancement Risk. </b>The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank) is downgraded, the rating on a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same credit enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such a credit enhancement provider.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Risk of Foreign Investing.</b> Because the Fund invests in securities issued by foreign companies, the Fund may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Prepayment Risk.</b> The Fund may invest in asset-backed and mortgage-backed securities, which may be subject to prepayment risk. If interest rates fall, and unscheduled prepayments on such securities accelerate, the Fund will be required to reinvest the proceeds at the lower interest rates then available.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Risk Associated with Investing Share Purchase Proceeds. </b>On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Risk Associated with use of Amortized Cost. </b>In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.</font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Additional Factors Affecting Yield. </b>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's TR class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns <em>averaged</em> over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class total return for the six-month period</font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Prime Obligations Fund - TR Class</font> 2012-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's TR class total return for the six-month period from January 1, 2012 to June 30, 2012 was 0.00%. <br/><br/>Within the periods shown in the bar chart, the Fund's TR class highest quarterly return was 1.19% (quarter ended September 30, 2007). Its lowest quarterly return was 0.00% (quarter ended December 31, 2011).</font> <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class total return for the six-month period</font> 2007-09-30 2012-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's TR class Average Annual Total Returns for the calendar period ended December 31, 2011.</font> <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's TR class 7-Day Net Yield as of December 31, 2011 was 0.01%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> 2011-09-30 <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> 2007-09-30 <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class 7-Day Net Yield as of December 31, 2011</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> 2011-12-31 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedPrimeManagementObligationsFundClassInstitutionalBarChart column period compact * ~</div> 54 170 296 665 <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart shows the variability of the Fund's TR class total returns on a calendar year-by-year basis.</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3"><i>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </i></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's TR class total return for the six-month period</font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedPrimeObligationsFundClassInstitutional column period compact * ~</div> 2012-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> 2007-09-30 <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> 2011-12-31 <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's TR class 7-Day Net Yield as of December 31, 2011</font> <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.<font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedPrimeObligationsFundClassInstitutional column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedPrimeObligationsFundClassInstitutional column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedPrimeObligationsFundClassInstitutionalBarChart column period compact * ~</div> 55 173 302 677 54 170 296 665 2005-01-18 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedPrimeObligationsFund column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedPrimeManagementObligationsFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedPrimeObligationsFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedPrimeObligationsFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedPrimeValueObligationsFundClassInstitutional column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedPrimeManagementObligationsFund column period compact * ~</div> 80 249 433 966 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedPrimeManagementObligationsFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedPrimeObligationsFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedPrimeValueObligationsFundClassInstitutional column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedPrimeValueObligationsFundClassInstitutional column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedPrimeObligationsFund column period compact * ~</div> 2003-02-19 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedPrimeManagementObligationsFundClassCapital column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Tax-Free Obligations Fund (the "Fund") </b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide dividend income exempt from federal regular income tax consistent with stability of principal. </font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedPrimeValueObligationsFundClassCapital column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES </b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Institutional Shares (IS) of the Fund. </font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Shareholder Fees (fees paid directly from your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedPrimeValueObligationsFundClassCapital column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedPrimeObligationsFundClassTrust column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedPrimeObligationsFundClassTrust column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedPrimeObligationsFundClassTrust column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedPrimeValueObligationsFundClassCapitalBarChart column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedPrimeValueObligationsFundClassInstitutionalBarChart column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedPrimeObligationsFundClassTrustBarChart column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedPrimeValueObligationsFundClassInstitutional column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedPrimeObligationsFundClassTrust column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Tax-Free Obligations Fund (the "Fund")</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide dividend income exempt from federal regular income tax consistent with stability of principal.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Service Shares (SS) of the Fund.</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Shareholder Fees (fees paid directly from your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of short-term, high-quality, tax-exempt securities. The Fund will invest its assets so that distributions of annual interest income are exempt from federal regular income tax. The Fund's investment Adviser ("Adviser") also will invest the Fund's assets entirely in securities whose interest is not subject to (or not a specific preference item for purposes of) the federal alternative minimum tax for individuals and corporations (AMT), such that distributions of annual interest income also are exempt from the AMT. The Fund invests in a portfolio of securities maturing in 397 days or less.<br/><br/>Tax-exempt securities are fixed-income securities that, in the opinion of bond counsel to the issuer or on the basis of another authority believed by the Fund's investment adviser to be reliable, pay interest that is not subject to federal regular income taxes. The types of securities in which the Fund may principally invest include: (a) tax-exempt securities such as the following types, some of which may be subject to credit enhancement: variable rate demand instruments, municipal notes, general obligation bonds, special revenue bonds, private activity bonds and tax-exempt commercial paper; and (b) interests in securities of other investment companies.<br/><br/>In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").<br/><br/>The Fund has an investment policy that it will invest its assets so that at least 80% of the income that it distributes will be exempt from federal regular income tax. (Federal regular income tax does not include the federal alternative minimum tax or the federal alternative minimum tax for corporations.) Because the Fund refers to tax-free investments in its name, the Fund also will invest its assets so that at least 80% of the income it distributes will be exempt from federal income tax. This policy may not be changed without shareholder approval.<br/><br/>In addition to its fundamental investment policies, the Adviser also will invest the Fund's assets entirely in securities whose interest is not subject to (or not a specific preference item for purposes of) the AMT, such that distributions of annual interest income also are exempt from the AMT.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Issuer Credit Risk. </b>It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Counterparty Credit Risk.</b> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Interest Rate Risk. </b>Prices of fixed-income securities (including tax-exempt securities) generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Call Risk. </b>The Fund's performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below or above its current market value.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Sector Risk. </b>A substantial part of the Fund's portfolio may be comprised of securities issued or credit enhanced by companies in similar businesses or with other similar characteristics.<strong> </strong>As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these issuers or entities.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Tax Risk.</b> In order to be tax exempt, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Liquidity Risk.</b> Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Credit Enhancement Risk. </b>The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank or bond insurer) is downgraded, the rating on a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such an enhancement provider. Adverse developments in the banking or bond insurance industries also may negatively affect the Fund. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Risk Associated with Investing Share Purchase Proceeds.</b> On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the yield of the securities purchased is less than that of the securities already in the Fund's portfolio, or if the Fund holds cash, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Risk Associated with use of Amortized Cost. In the unlikely event that the Fund's Board of Trustees</b> ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per share and its market-based NAV per share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Additional Factors Affecting Yield. </b>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's SS class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns <em>averaged</em> over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400.</font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedPrimeManagementObligationsFundClassCapital column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Tax-Free Obligations Fund- SS Class</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.00%.<br/><br/>Within the periods shown in the bar chart, the Fund's SS class highest quarterly return was 0.83% (quarter ended June 30, 2007). Its lowest quarterly return was 0.00% (quarter ended March 31, 2011).</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's SS class Average Annual Total Returns for the calendar period ended December 31, 2011.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class 7-Day Net Yield as of December 31, 2011, was 0.01%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedPrimeManagementObligationsFundClassCapitalBarChart column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedPrimeManagementObligationsFundClassCapital column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedPrimeObligationsFundClassInstitutional column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES </b></font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedPrimeManagementObligationsFundClassInstitutional column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: </font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedPrimeManagementObligationsFundClassCapital column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of short-term, high-quality, tax-exempt securities. The Fund will invest its assets so that distributions of annual interest income are exempt from federal regular income tax. The Fund's investment Adviser ("Adviser") also will invest the Fund's assets entirely in securities whose interest is not subject to (or not a specific preference item for purposes of) the federal alternative minimum tax for individuals and corporations (AMT), such that distributions of annual interest income also are exempt from the AMT. The Fund invests in a portfolio of securities maturing in 397 days or less.</font> <br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">Tax-exempt securities are fixed-income securities that, in the opinion of bond counsel to the issuer or on the basis of another authority believed by the Fund's investment adviser to be reliable, pay interest that is not subject to federal regular income taxes. The types of securities in which the Fund may principally invest include: (a) tax-exempt securities such as the following types, some of which may be subject to credit enhancement: variable rate demand instruments, municipal notes, general obligation bonds, special revenue bonds, private activity bonds and tax-exempt commercial paper; and (b) interests in securities of other investment companies. </font> <br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7"). </font> <br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">The Fund has an investment policy that it will invest its assets so that at least 80% of the income that it distributes will be exempt from federal regular income tax. (Federal regular income tax does not include the federal alternative minimum tax or the federal alternative minimum tax for corporations.) Because the Fund refers to tax-free investments in its name, the Fund also will invest its assets so that at least 80% of the income it distributes will be exempt from federal income tax. This policy may not be changed without shareholder approval. </font> <br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">In addition to its fundamental investment policies, the Adviser also will invest the Fund's assets entirely in securities whose interest is not subject to (or not a specific preference item for purposes of) the AMT, such that distributions of annual interest income also are exempt from the AMT. </font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Prime Value Obligations Fund (the "Fund") </b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income consistent with stability of principal and liquidity. The Fund's investment objective may be changed by the Fund's Trustees without shareholder approval. </font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES </b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Service Shares (SS) of the Fund. </font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Shareholder Fees (fees paid directly from your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. <br/><br/>The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: </font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE </b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies? </b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of high-quality, dollar-denominated, fixed-income securities which: (1) are issued by banks, corporations and the U.S. government; and (2) mature in 397 days or less. <br/><br/>Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in a few government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities.<br/><br/>In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7"). </font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Issuer Credit Risk.</b> It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Counterparty Credit Risk.</b> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Interest Rate Risk.</b> Prices of fixed-income securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Liquidity Risk.</b> Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Sector Risk.</b> A substantial part of the Fund's portfolio may be comprised of securities issued by companies in the financial services industry. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these companies.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Credit Enhancement Risk.</b> The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank) is downgraded, the rating on a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same credit enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such a credit enhancement provider.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Risk of Foreign Investing.</b> Because the Fund invests in securities issued by foreign companies, the Fund may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Prepayment Risk.</b> The Fund may invest in asset-backed and mortgage-backed securities, which may be subject to prepayment risk. If interest rates fall, and unscheduled prepayments on such securities accelerate, the Fund will be required to reinvest the proceeds at the lower interest rates then available.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Risk Associated with Investing Share Purchase Proceeds.</b> On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Risk Associated with use of Amortized Cost.</b> In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Additional Factors Affecting Yield.</b> There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's SS class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns averaged over the stated periods. <i>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results.</i> Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400. </font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Prime Value Obligations Fund - SS Class</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.00%. <br/><br/>Within the periods shown in the bar chart, the Fund's SS class highest quarterly return was 1.27% (quarter ended September 30, 2007). Its lowest quarterly return was 0.00% (quarter ended March 31, 2011). </font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's SS class Average Annual Total Returns for the calendar period ended December 31, 2011. </font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class 7-Day Net Yield as of December 31, 2011, was 0.01%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield. </font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3"> October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class 7-Day Net Yield as of December 31, 2011</font> <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. </font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart shows the variability of the Fund's SS class total returns on a calendar year-by-year basis.</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3"><i>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results.</i></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class total return for the six-month period</font> 2012-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> 2007-09-30 <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return </font> 2011-03-31 <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400 </font> <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include: </font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. </font> 55 <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart shows the variability of the Fund's SS class total returns on a calendar year-by-year basis.</font> 173 <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> 302 677 <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3"><i>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </i></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class 7-Day Net Yield as of December 31, 2011</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedPrimeValueObligationsFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedPrimeValueObligationsFund column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class total return for the six-month period</font> 2012-06-30 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedPrimeValueObligationsFund column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Issuer Credit Risk. </strong>It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities. </font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Counterparty Credit Risk.</strong> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies. </font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Interest Rate Risk. </strong>Prices of fixed-income securities (including tax-exempt securities) generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities. </font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Call Risk. </strong>The Fund's performance may be adversely affected by the possibility that an issuer of a security held by the Fund may redeem the security prior to maturity at a price below or above its current market value. </font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Sector Risk. </strong>A substantial part of the Fund's portfolio may be comprised of securities issued or credit enhanced by companies in similar businesses or with other similar characteristics.<strong> </strong>As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these issuers or entities. </font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Tax Risk.</strong> In order to be tax exempt, tax-exempt securities must meet certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable. </font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Liquidity Risk.</strong> Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss. </font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Credit Enhancement Risk. </strong>The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank or bond insurer) is downgraded, the rating on a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such an enhancement provider. Adverse developments in the banking or bond insurance industries also may negatively affect the Fund. </font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with Investing Share Purchase Proceeds.</strong> On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the yield of the securities purchased is less than that of the securities already in the Fund's portfolio, or if the Fund holds cash, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance. </font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with use of Amortized Cost. In the unlikely event that the Fund's Board of Trustees</strong> ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per share and its market-based NAV per share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results. </font></li></ul><ul type="square"><li style="margin-left:0px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Additional Factors Affecting Yield. </strong>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary. </font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> 2007-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> 2011-03-31 <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns <em>averaged</em> over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400.</font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Tax-Free Obligations Fund- IS Class </font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.02%.</font><br/><br/> <font style="FONT-FAMILY: Times New Roman" size="3">Within the periods shown in the bar chart, the Fund's IS class highest quarterly return was 0.90% (quarter ended June 30, 2007). Its lowest quarterly return was 0.01% (quarter ended September 30, 2011). </font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedPrimeValueObligationsFundBarChart column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's IS class Average Annual Total Returns for the calendar period ended December 31, 2011.</font> 55 173 302 677 <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class 7-Day Net Yield as of December 31, 2011, was 0.02%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Prime Value Obligations Fund (the "Fund")</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income consistent with stability of principal and liquidity. The Fund's investment objective may be changed by the Fund's Trustees without shareholder approval.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Capital Shares (CAP) of the Fund.</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Shareholder Fees (fees paid directly from your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of high-quality, dollar-denominated, fixed-income securities which: (1) are issued by banks, corporations and the U.S. government; and (2) mature in 397 days or less.<br/><br/>Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in a few government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities.<br/><br/>In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Issuer Credit Risk. </b>It is possible that interest or principal on securities will not be paid when due. Money market funds try to minimize this risk by purchasing higher-quality securities. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Counterparty Credit Risk.</b> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Interest Rate Risk. </strong>Prices of fixed-income securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer maturities.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Liquidity Risk.</strong> Liquidity risk is the risk that the Fund will experience significant net redemptions of Fund Shares at a time when it cannot find willing buyers for its portfolio securities or can only sell its portfolio securities at a material loss.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Sector Risk. </strong>A substantial part of the Fund's portfolio may be comprised of securities issued by companies in the financial services industry. As a result, the Fund will be more susceptible to any economic, business, political or other developments which generally affect these companies.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Credit Enhancement Risk. </strong>The securities in which the Fund invests may be subject to credit enhancement (for example, guarantees, letters of credit or bond insurance). If the credit quality of the credit enhancement provider (for example, a bank) is downgraded, the rating on a security credit enhanced by such credit enhancement provider also may be downgraded. Having multiple securities credit enhanced by the same credit enhancement provider will increase the adverse effects on the Fund that are likely to result from a downgrading of, or a default by, such a credit enhancement provider. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk of Foreign Investing.</strong> Because the Fund invests in securities issued by foreign companies, the Fund may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Prepayment Risk.</strong> The Fund may invest in asset-backed and mortgage-backed securities, which may be subject to prepayment risk. If interest rates fall, and unscheduled prepayments on such securities accelerate, the Fund will be required to reinvest the proceeds at the lower interest rates then available.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with Investing Share Purchase Proceeds. </strong>On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with use of Amortized Cost. </strong>In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results. </font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Additional Factors Affecting Yield. </strong>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's CAP class total returns on a calendar year-by-year basis. The Average Annual Total Return Table shows returns <i>averaged</i> over the stated periods. <i>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </i>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400.</font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Prime Value Obligations Fund - CAP Class</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's CAP class total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.06%.<br/><br/>Within the periods shown in the bar chart, the Fund's CAP class highest quarterly return was 1.31% (quarter ended September 30, 2007). Its lowest quarterly return was 0.01% (quarter ended September 30, 2011).</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's CAP class Average Annual Total Returns for the calendar period ended December 31, 2011.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's CAP class 7-Day Net Yield as of December 31, 2011, was 0.11%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart shows the variability of the Fund's CAP class total returns on a calendar year-by-year basis.</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3"><i>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </i></font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedPrimeValueObligationsFund column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's CAP class 7-Day Net Yield as of December 31, 2011</font> <font style="FONT-FAMILY: Times New Roman" size="3"> 1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's CAP class total return for the six-month period</font> 2012-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> 2007-09-30 <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> 2011-09-30 <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.</font> <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. </font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis. </font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3"><em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class 7-Day Net Yield as of December 31, 2011</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class total return for the six-month period</font> 2012-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> 2007-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> 2011-09-30 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedTaxFreeObligationsFundClassInstitutional column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedTaxFreeObligationsFundClassInstitutional column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedTaxFreeObligationsFundClassInstitutional column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedTax-FreeObligationsFundClassInstitutionalBarChart column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedTaxFreeObligationsFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedTaxFreeObligationsFundClassInstitutional column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedTaxFreeObligationsFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedTax-FreeObligationsFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedTaxFreeObligationsFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedPrimeValueObligationsFundClassCapital column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedTaxFreeObligationsFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedPrimeValueObligationsFundClassCapital column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Treasury Obligations Fund (the "Fund")</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include: </font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income consistent with stability of principal.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Service Shares (SS) of the Fund.</font> <font style="FONT-FAMILY: Times New Roman" size="3">Shareholder Fees (fees paid directly from your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of short-term U.S. Treasury securities. These investments include repurchase agreements collateralized fully by U.S. Treasury securities.<br/><br/>In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").<br/><br/>Because the Fund refers to Treasury investments in its name, the SEC requires the Fund to notify shareholders at least 60 days in advance of any change in its investment policies that would enable the Fund to normally invest less than 80% of its assets (plus any borrowings for investment purposes) in Treasury investments.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Interest Rate Risk.</b> Prices of U.S. Treasury securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of U.S. Treasury securities with longer maturities. </font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Counterparty Credit Risk.</b> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.</font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Risk Associated with Investing Share Purchase Proceeds.</b> On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.</font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Risk Associated with use of Amortized Cost.</b> In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.</font></li></ul><ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><b>Additional Factors Affecting Yield. </b>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's SS class total returns on a calendar year-by-year basis. The Average Annual Total Return table shows returns <em>averaged</em> over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400.</font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Treasury Obligations Fund - SS Class</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class total return for the six-month period from January 1, 2012 to June 30, 2012 was 0.00%.<br/><br/>Within the periods shown in the bar chart, the Fund's SS class highest quarterly return was 1.22% (quarter ended December 31, 2006). Its lowest quarterly return was 0.00% (quarter ended December 31, 2011).</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's SS class Average Annual Total Returns for the calendar period ended December 31, 2011.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class 7-Day Net Yield as of December 31, 2011 was 0.01%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart shows the variability of the Fund's SS class total returns on a calendar year-by-year basis.</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3"><i>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </i></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class 7-Day Net Yield as of December 31, 2011</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedPrimeManagementObligationsFund column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Treasury Obligations Fund (the "Fund")</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income consistent with stability of principal.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Institutional Shares (IS) of the Fund.</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Shareholder Fees (fees paid directly from your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedPrimeManagementObligationsFund column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of short-term U.S. Treasury securities. These investments include repurchase agreements collateralized fully by U.S. Treasury securities.<br/><br/>In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").<br/><br/>Because the Fund refers to Treasury investments in its name, the SEC requires the Fund to notify shareholders at least 60 days in advance of any change in its investment policies that would enable the Fund to normally invest less than 80% of its assets (plus any borrowings for investment purposes) in Treasury investments.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Interest Rate Risk.</strong> Prices of U.S. Treasury securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of U.S. Treasury securities with longer maturities.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Counterparty Credit Risk.</strong> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.</font></li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with Investing Share Purchase Proceeds.</strong> On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.</font> </li></ul> <ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with use of Amortized Cost.</strong> In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.</font> </li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Additional Factors Affecting Yield. </strong>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary.</font></li></ul> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis. The Average Annual Total Return table shows returns <em>averaged</em> over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400.</font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Treasury Obligations Fund - IS Class</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.00%.<br/><br/>Within the periods shown in the bar chart, the Fund's IS class highest quarterly return was 1.29% (quarter ended December 31, 2006). Its lowest quarterly return was 0.00% (quarter ended December 31, 2011).</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's IS class Average Annual Total Returns for the calendar period ended December 31, 2011.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class 7-Day Net Yield as of December 31, 2011, was 0.01%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis.</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3"><i>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </i></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's SS class total return for the six-month period</font> 2012-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class 7-Day Net Yield as of December 31, 2011 </font> <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> 2006-12-31 <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class total return for the six-month period</font> 2011-12-31 2012-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> 2006-12-31 <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> 2011-12-31 0 54 170 296 665 54 170 296 665 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedTreasuryObligationsFundClassInstitutional column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedTreasuryObligationsFundClassInstitutional column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedTreasuryObligationsFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedTreasuryObligationsFundClassInstitutional column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedTreasuryObligationsFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedTreasuryObligationsFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedTreasuryObligationsFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedTreasuryObligationsFundClassInstitutionalBarChart column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedTreasuryObligationsFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedTreasuryObligationsFundClassInstitutional column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedPrimeManagementObligationsFundClassInstitutional column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedPrimeManagementObligationsFundClassInstitutional column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Trust for U.S. Treasury Obligations (the "Fund")</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide stability of principal and current income consistent with stability of principal.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund.</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Shareholder Fees (fees paid directly from your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. <br/><br/>The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the operating expenses are based on the contractual limitation as shown in the table and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be:</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of short-term U.S. Treasury securities. These investments include repurchase agreements collateralized fully by U.S. Treasury securities. <br /><br />In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7"). <br /><br />Because the Fund refers to U.S. Treasury investments in its name, the SEC requires the Fund to notify shareholders at least 60 days in advance of any change in its investment policies that would enable the Fund to normally invest less than 80% of its assets (plus any borrowings for investment purposes) in U.S. Treasury investments.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Interest Rate Risk.</b> Prices of U.S. Treasury securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of U.S. Treasury securities with longer maturities.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Counterparty Credit Risk. </b>A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Risk Associated with Investing Share Purchase Proceeds.</b> On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Risk Associated with use of Amortized Cost.</b> In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.</font></li></ul><ul type="square"><li><font style="FONT-FAMILY: Times New Roman" size="3"><b>Additional Factors Affecting Yield. </b>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table shown below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's Shares total returns on a calendar year-by-year basis. The Average Annual Total Return table shows the returns <em>averaged</em> over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400.</font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Trust For U.S. Treasury Obligations</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.00%.<br/><br/>Within the periods shown in the bar chart, the Fund's highest quarterly return was 1.22% (quarter ended December 31, 2006). Its lowest quarterly return was 0.00% (quarter ended December 31, 2011).</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's Average Annual Total Returns for the calendar period ended December 31, 2011. </font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's 7-Day Net Yield as of December 31, 2011, was 0.00%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> 48 151 263 591 <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <font style="FONT-FAMILY: Times New Roman" size="3"><font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart shows the variability of the Fund's Shares total returns on a calendar year-by-year basis.</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3"><em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's 7-Day Net Yield as of December 31, 2011</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's total return for the six-month period</font> 2012-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> 2006-12-31 <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> 2011-12-31 80 249 433 966 <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Treasury Obligations Fund (the "Fund") </b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income consistent with stability of principal.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Capital Shares (CAP) of the Fund.</font> <font style="FONT-FAMILY: Times New Roman" size="3">Shareholder Fees (fees paid directly from your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: </font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of short-term U.S. Treasury securities. These investments include repurchase agreements collateralized fully by U.S. Treasury securities. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">Because the Fund refers to Treasury investments in its name, the SEC requires the Fund to notify shareholders at least 60 days in advance of any change in its investment policies that would enable the Fund to normally invest less than 80% of its assets (plus any borrowings for investment purposes) in Treasury investments.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Interest Rate Risk.</strong> Prices of U.S. Treasury securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of U.S. Treasury securities with longer maturities.</font></li></ul> <ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Counterparty Credit Risk.</strong> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.</font></li></ul> <ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with Investing Share Purchase Proceeds.</strong> On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.</font></li></ul> <ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with use of Amortized Cost.</strong> In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.</font></li></ul> <ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Additional Factors Affecting Yield. </strong>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary.</font></li></ul> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's CAP class total returns on a calendar year-by-year basis. The Average Annual Total Return table shows returns <em>averaged</em> over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400.</font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Treasury Obligations Fund - CAP Class</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's CAP class total return for the six-month period from January 1, 2012 to June 30, 2012 was 0.00%. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="3">Within the periods shown in the bar chart, the Fund's CAP class highest quarterly return was 1.26% (quarter ended December 31, 2006). Its lowest quarterly return was 0.00% (quarter ended December 31, 2011).</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's CAP class Average Annual Total Returns for the calendar period ended December 31, 2011.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's CAP class 7-Day Net Yield as of December 31, 2011 was 0.01%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> 54 170 296 665 <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart shows the variability of the Fund's CAP class total returns on a calendar year-by-year basis.</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3"><em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's CAP class 7-Day Net Yield as of December 31, 2011 </font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's CAP class total return for the six-month period </font> 2012-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return </font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedTrustforUSTreasuryObligations column period compact * ~</div> 2006-12-31 <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return </ont> 2011-12-31 <font style="FONT-FAMILY: Times New Roman" size="4"><b>Federated Treasury Obligations Fund (the "Fund")</b></font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund is a money market fund that seeks to maintain a stable net asset value (NAV) of $1.00 per Share. The Fund's investment objective is to provide current income consistent with stability of principal.</font> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This table describes the fees and expenses that you may pay if you buy and hold Trust Shares (TR) of the Fund.</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Shareholder Fees (fees paid directly from your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Example</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.<br/><br/>The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: </font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedTrustforUSTreasuryObligations column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="5"><b>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Fund's Main Investment Strategies?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund invests primarily in a portfolio of short-term U.S. Treasury securities. These investments include repurchase agreements collateralized fully by U.S. Treasury securities.</font><br/><br/> <font style="FONT-FAMILY: Times New Roman" size="3">In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 ("Rule 2a-7").</font><br/><br/> <font style="FONT-FAMILY: Times New Roman" size="3">Because the Fund refers to Treasury investments in its name, the SEC requires the Fund to notify shareholders at least 60 days in advance of any change in its investment policies that would enable the Fund to normally invest less than 80% of its assets (plus any borrowings for investment purposes) in Treasury investments.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>What are the Main Risks of Investing in the Fund?</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Interest Rate Risk.</strong> Prices of U.S. Treasury securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of U.S. Treasury securities with longer maturities.</font></li></ul> <ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Counterparty Credit Risk.</strong> A party to a transaction involving the Fund may fail to meet its obligations. This could cause the Fund to lose money or to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategies.</font></li></ul> <ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with Investing Share Purchase Proceeds.</strong> On days during which there are net purchases of Fund Shares, the Fund must invest the proceeds at prevailing market yields or hold cash. If the Fund holds cash, or if the yield of the securities purchased is less than that of the securities already in the portfolio, the Fund's yield will likely decrease. Conversely, net purchases on days on which short-term yields rise will cause the Fund's yield to increase. In the event of significant changes in short-term yields or significant net purchases, the Fund retains the discretion to close to new investments. However, the Fund is not required to close, and no assurance can be given that this will be done in any given circumstance.</font></li></ul> <ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Risk Associated with use of Amortized Cost.</strong> In the unlikely event that the Fund's Board of Trustees ("Board") were to determine, pursuant to Rule 2a-7, that the extent of the deviation between the Fund's amortized cost per Share and its market-based NAV per Share may result in material dilution or other unfair results to shareholders, the Board will cause the Fund to take such action as it deems appropriate to eliminate or reduce to the extent practicable such dilution or unfair results.</font></li></ul> <ul type="square"><li style="margin-left:20px"><font style="FONT-FAMILY: Times New Roman" size="3"><strong>Additional Factors Affecting Yield. </strong>There is no guarantee that the Fund will provide a certain level of income or that any such income will exceed the rate of inflation. Further, the Fund's yield will vary.</font></li></ul><font style="FONT-FAMILY: Times New Roman" size="3"> The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedTrustforUSTreasuryObligations column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedTreasuryObligationsFundClassCapital column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedTreasuryObligationsFundClassCapital column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedTrustforU.S.TreasuryObligationsBarChart column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedTrustforUSTreasuryObligations column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="5"><b>Performance: Bar Chart and Table</b></font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="4"><b>Risk/Return Bar Chart</b></font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's TR class total returns on a calendar year-by-year basis. The Average Annual Total Return table shows returns <em>averaged</em> over the stated periods. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400.</font> <font style="FONT-FAMILY: Times New Roman" size="3">Federated Treasury Obligations Fund - TR Class</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's TR class total return for the six-month period from January 1, 2012 to June 30, 2012 was 0.00%.<br/><br/>Within the periods shown in the bar chart, the Fund's TR class highest quarterly return was 1.16% (quarter ended December 31, 2006). Its lowest quarterly return was 0.00% (quarter ended December 31, 2011).</font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedTreasuryObligationsFundClassCapitalBarChart column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Average Annual Total Return Table</b></font><font style="FONT-FAMILY: Times New Roman" size="3"> <font style="FONT-FAMILY: Times New Roman" size="3">The following table represents the Fund's TR class Average Annual Total Returns for the calendar period ended December 31, 2011. </font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's TR class 7-Day Net Yield as of December 31, 2011 was 0.01%. You may go to FederatedInvestors.com or call the Fund at 1-800-341-7400 for the current 7-Day Net Yield.</font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedTreasuryObligationsFundClassCapital column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedTreasuryObligationsFundClassCapital column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="3">All mutual funds take investment risks. Therefore, even though the Fund is a money market fund that seeks to maintain a stable NAV, it is possible to lose money by investing in the Fund. The primary factors that may negatively impact the Fund's ability to maintain a stable NAV, delay the payment of redemptions by the Fund, or reduce the Fund's daily dividends include:</font> <font style="FONT-FAMILY: Times New Roman" size="3"> The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Times New Roman" size="3">The bar chart shows the variability of the Fund's TR class total returns on a calendar year-by-year basis. </font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">FederatedInvestors.com</font> <font style="FONT-FAMILY: Times New Roman" size="3"> <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em></font> <font style="FONT-FAMILY: Times New Roman" size="3">October 1, 2013</font> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's TR class total return for the six-month period</font> 2012-06-30 <font style="FONT-FAMILY: Times New Roman" size="3">highest quarterly return</font> 2006-12-31 <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.</font> <font style="FONT-FAMILY: Times New Roman" size="3">lowest quarterly return</font> 2011-12-31 <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's TR class 7-Day Net Yield as of December 31, 2011</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <font style="FONT-FAMILY: Times New Roman" size="3">up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus.</font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedTreasuryObligationsFundClassTrust column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedTreasuryObligationsFundClassTrust column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedTreasuryObligationsFundClassTrustBarChart column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedTreasuryObligationsFundClassTrust column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedTreasuryObligationsFundClassTrust column period compact * ~</div> 2003-02-19 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedAutomatedCashManagementTrustClassR column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedAutomatedCashManagementTrustClassR column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleFederatedAutomatedCashManagementTrustClassR column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedAutomatedCashManagementTrustClassRBarChart column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedAutomatedCashManagementTrustClassR column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleShareholderFeesFederatedAutomatedCashManagementTrust column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedAutomatedCashManagementTrust column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3">The Fund's IS class 7-Day Net Yield as of December 31, 2011</font> <font style="FONT-FAMILY: Times New Roman" size="3">1-800-341-7400</font> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsFederatedAutomatedGovernmentMoneyTrust column period compact * ~</div> 0 0 0 0 0 0.005 0 0.0046 0.0096 -0.0037 0.0059 0.0134 0.0061 0.0074 0.0261 0.0443 0.0443 0.0128 0 0 0 0 0.0113 0.0153 0.0001 0 0 0 0 0 0.005 0.005 0.0041 0.0141 -0.0026 0.0115 0.0429 0.0213 0.0012 0.0001 0.0001 0.0001 0.013 0.0144 0 0.0109 0 0 0.0001 0 0 0.0119 0.0122 0 0 0.0136 0.0065 0.0082 0.0269 0.0452 0.0481 0.0265 0.0035 0.0001 0.0001 0 0 0 0 0 0 0 0 0 0.003 0.0055 0.0044 0.0129 -0.0027 0.0102 0.005 0 0.0048 0.0098 -0.0033 0.0065 0.0409 0.0427 0.0156 0.0002 0 0 0 0.0116 0.0174 0.0001 0.0155 0.0177 0 0.0118 0 0 0 0 0 0 0.003 0.0055 0.0054 0.0139 0 -0.0037 0 0 0.0102 0 0.0001 0.0256 0.0278 0.0176 0 0.0026 0 0.0004 0.0004 0.0096 0 0.0129 0.004 0 0 0.006 0.01 -0.005 0.005 0 0 0 0.005 0.0025 0.0048 0.0123 -0.0042 0.0072 0.0081 0 0 0.016 0.0083 0.0099 0.0286 0.047 0.05 0.0284 0.0046 0 0 0.0119 0.0048 0.0065 0.0252 0.0435 0.0464 0.0248 0.0027 0.0001 0.0001 0 0.0164 0.0191 0.0001 0.0146 0.0165 0 0 0 0 0 0.002 0 0.0033 0.0053 -0.0033 0.002 0 0.0171 0.0102 0.0121 0.031 0.0493 0.0508 0.0233 0.0027 0.0004 0.0001 0 0.011 0 0 0 0 0 0 0.0126 0 0 0 0.0001 0 0 0.0001 0.003 0.013 0.0055 0.0048 0 0.0133 -0.0031 0.0102 0.0001 0.0153 0.0196 0.0415 0.0445 0.0229 0.0022 0 0 0 0.0138 0.0192 0 0 0.0112 0 0 0 0 0 0 0.002 0 0.0033 0.0053 -0.0023 0.003 0.0483 0.0498 0.0223 0.0018 0.0001 0.0001 0.0001 0.0146 0.0216 0 0 0 0 0 0.002 0 0.0033 0.0053 -0.0008 0.0045 0.0145 0.0077 0.0096 0.0284 0.0467 0.0482 0.0208 0.001 0.0001 0.0001 0.0001 0.0139 0.0176 0.0001 0 0 0 0 0 0.055 0.01 0.01 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.002 0 0.0034 0.0054 -0.0009 0.0045 0 0.0141 0.0073 0.0093 0.0279 0 0.046 0 0.0479 0.0227 0.001 0 0.0001 0.0001 0 0.002 0 0.0034 0.0054 -0.0034 0.002 0.0001 0.0142 0.0166 0.0175 0.0098 0.0119 0.0304 0.005 0.005 0.005 0.005 0.0486 0.0505 0 0.0075 0.0252 0 0.0075 0.0028 0.0002 0.008 0.008 0.008 0.008 0.0001 0.013 0.0205 0.0205 0.013 -0.0037 -0.0022 -0.0022 -0.0037 0.0001 0.0156 0.0093 0.0183 0.0183 0.0093 0.0195 0.0001 0 0.0118 0 0.0094 0.003 0.0048 0.0236 0.0417 0.0434 0.0168 0.0003 0 0 0.0071 0.0259 0.0443 0.0456 0.0182 0.0004 0.0001 0.0001 0.0001 0 -0.055 -0.01 -0.01 0.012 0.0044 0.0085 0.012 0 0.0122 0.0142 0.009 0 0.013 0.0179 0.0001 0.0127 0.0163 0 0 0 0 0 0 0.0112 0 0 0 0 0 0 0.0013 0 0.0113 0.0007 0 0.0091 0.0004 0 0.0128 0 0 0 0 0 0 0.002 0.002 0 0.0025 0.0033 0.0078 0.0215 -0.0008 0.007 0.0235 -0.013 0.0105 0 0 0.0082 0 0.0017 0.003 0 0.0211 0 0.0392 0.0435 0.0288 0.0064 0.0004 0 0.002 0 0 0.0034 0.0157 0.0054 0.0151 -0.0008 0.0046 0.0125 0.0077 0.0089 0.0208 0.0311 0.0333 0.0222 0.004 0.0001 0.0003 0.0003 0.0119 0.014 0.015 0.0102 0.0114 0.0234 0.0337 0.0358 0.0247 0.0064 0.0021 0.0018 0.002 0 0.0034 0 0.0054 0 -0.0033 0.0021 0 0 0 0.002 0 0.0215 0.0235 -0.0155 0.008 0 0 0 0 0.0089 0.0023 0 0 0 0.0068 0.0001 0.0018 0.0141 0.0164 0 0.0124 0 0 0 0.0038 0 0.0128 0 0 0 0.0085 0 0.0001 0 0 0 0 0 0.002 0 0.0034 0.0054 -0.0023 0.0031 0.0008 0.0011 0.0054 0.0237 0.0348 0.0327 0.0223 0.0102 0.009 0.0138 0.0008 0.0131 0.0153 0.0003 0.0002 0.0089 0