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Federated Automated Government Cash Reserves

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Time is of the essence. Voting only takes a few minutes, and your participation is important! Act now to help the fund avoid additional expense.

We recommend that you read the Proxy Statement in its entirety; the explanation will help you decide on the vote.

Thank you in advance for your vote, and for your continued support of the Federated Funds.

Federated Automated Government Cash Reserves (“AGCR” or the “Fund”) will hold a special meeting of shareholders on December 8, 2015.

Shareholders are being asked to approve the Reorganization of AGCR into Federated Government Obligations Tax-Managed Fund (GOTMF), a money market fund with identical investment objectives and strategies that invests exclusively in the highest rated securities and has lower net expenses.

Please refer to the enclosed Prospectus/Proxy Statement as well as the highlighted information below for details on the Reorganization.

Why am I being asked to vote?

Certain mutual funds are required to obtain shareholder approval for Reorganizations, like the one described here and in the accompanying Prospectus/Proxy Statement. As a shareholder of AGCR, you have a right to vote on the Reorganization, and we urge you to do so. Your prompt response will save the Fund the additional expense of follow-up mailings and proxy solicitations.

Why has the Board of Trustees recommended that I vote in favor of the Reorganization?

The Board of Trustees of the Fund, including a majority of the trustees who are “non-interested” trustees (as that term is defined in the Investment Company Act of 1940), approved the Reorganization because it believes that the Reorganization is in the best interests of the Fund and its shareholders, and that the interests of existing shareholders will not be diluted as a result of the Reorganization.

If approved by...