Federated Complex Funds
Supplement to Prospectuses
Please be advised that effective January 1, 1998, the below-listed funds will no
longer issue share certificates. Accordingly, please delete the section entitled
"Certificates and Confirmations" from your prospectus and replace it with the
following:
"Account Activity
Shareholders will receive periodic statements reporting all account activity,
including dividends paid. The Fund will not issue share certificates."
Federated Complex Funds
Automated Government Cash Reserves Federated Intermediate Income Fund
Automated Treasury Cash Reserves Federated Intermediated Municipal Trust
Federated International Equity Fund
Federated Adjustable Rate U.S. Government Federated International Equity Fund II
Fund, Inc. Federated International Growth Fund
Federated American Leaders Fund II Federated International High Income Fund
Federated American Leaders Fund, Inc. Federated International Income Fund
Federated Asia Pacific Growth Fund Federated International Small Company Fund
Federated Bond Index Fund Federated Latin American Growth Fund Federated
Emerging Markets Fund Federated Limited Term Fund Federated Equity Income Fund
II Federated Limited Term Municipal Fund Federated Equity Income Fund, Inc.
Federated Managed Aggresive Growth Fund Federated European Growth Fund Federated
Managed Growth and Income Fund Federated Fund for U.S. Government Securities
IIFederated Managed Growth Fund Federated Fund for U.S. Government Securities,
Inc.Federated Managed Income Fund Federated GNMA Trust Federated Master Trust
Federated Government Income Securities, Inc.Federated Municipal Securities Fund,
Inc. Federated Growth Strategies Fund II Federated Pennsylvania Intermediate
Federated High Income Bond Fund II Municipal Trust Federated High Income Bond
Fund, Inc. Federated Prime Money Fund II Federated High Yield Trust Federated
Short-Term Income Trust Federated Income Trust Federated Short-Term Municipal
Trust
Federated Short-Term U.S. Government Trust
Federated Strategic Income Fund
<PAGE>
Federated Tax-Free Trust Municipal Cash Series
Federated U.S. Government Securities Fund: Municipal Cash Series II
1-3 Years Municipal Obligations Fund
Federated U.S. Government Securities Fund: Prime Cash Obligations Fund
2-5 Years Prime Cash Series
Federated U.S. Government Securities Fund: Prime Value Obligations Fund
5-10 Years Tax-Free Instruments Trust
Federated Utility Fund II Treasury Cash Series
Federated Utility Fund, Inc. Treasury Cash Series II
Federated World Utility Fund
Government Cash Series Trust for Govenrment Cash Reserves
Liberty U.S. Government Money Market Trust Trust for Short-Term U.S. Government
Liquid Cash Trust Securities
Money Market Management, Inc. U.S. Treasury Cash Reserves
January 1, 1998
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017797 (1/98)
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