Exhibit 11



                                    Reed Smith LLP

                                   435 Sixth Avenue

                              Pittsburgh, PA 15219-1886



                                   ______ __, 2003


The Trustees of
   Federated Equity Funds
   Federated Total Return Government Bond Fund
   Federated Total Return Series, Inc.
   Intermediate Municipal Trust
   Federated Short-Term Municipal Trust
   Money Market Obligations Trust

5800 Corporate Drive

Pittsburgh, PA  15237-7000



      Re:  Legality of Shares Opinion



Ladies and Gentlemen:

     Each of the portfolios (each an "Acquiring Fund") of the trusts/corporation
(the "Federated Entities") listed on Annex A proposes to acquire the assets of a
corresponding portfolio (each an "Acquired Fund") of the Riggs Funds (the "Riggs
Trust") listed on Annex A in exchange for shares of the corresponding  Acquiring
Fund  ("Shares")  pursuant to the  Agreement  and Plan of  Reorganization  dated
________,  2003  ("Agreement"),  included  as an  exhibit  to  the  registration
statement  of the  Trust  filed on Form N-14  (Securities  Act of 1933 No. to be
assigned) under the Securities Act of 1933, as amended ("N-14 Registration").

     As counsel we have  reviewed  the  appropriate  documents  relating  to the
organization of each Federated Entity,  their  registration under the Investment
Company Act of 1940, the registration of their securities on Form N-1A under the
Securities  Act  of  1933  and   participated   in  the  drafting  of  the  N-14
Registration.   Specifically,  we  have  examined  and  are  familiar  with  the
Declaration  of  Trust/Articles  of  Incorporation  and Bylaws of the  Federated
Entities,  and such other  documents and records deemed relevant for the purpose
of rendering  this  opinion.  We have also  reviewed  questions of law as deemed
necessary or appropriate by us for the purposes of this opinion.


      Based upon the foregoing, we are of the opinion that:

     1. Each Federated Entity is duly organized and validly existing pursuant to
its Declaration of Trust/Articles of Incorporation.

     2.  The  Shares,   which  are  currently  being   registered  by  the  N-14
Registration,  may  be  legally  and  validly  issued  in  accordance  with  the
Declaration of  Trust/Articles  of  Incorporation  upon receipt of consideration
sufficient to comply with the provisions of the Declaration of Trust/Articles of
Incorporation and subject to compliance with the Investment Company Act of 1940,
as amended,  and applicable  state laws regulating the sale of securities.  Such
Shares, when so issued, will be fully paid and non-assessable.

     We hereby  consent to the filing of this  opinion as an exhibit to the N-14
Registration referred to above and to any application or registration  statement
filed under the securities laws of any of the States of the United States.



                                          Very truly yours,



                                          Reed Smith LLP




                                       ANNEX A

Acquiring Fund                           Acquired Fund


Federated Capital Appreciation Fund,     Riggs Stock Fund

a portfolio of Federated Equity Fund


Federated Kaufmann Fund,                 Riggs Small Cap Fund

a portfolio of Federated Equity Fund


Federated Total Return Government        Riggs U.S. Government Securities Fund
Bond Fund (a Massachusetts business
trust)


Federated Total Return Bond Fund,        Riggs Bond Fund

a portfolio of Federated Total
Return Series, Inc. (a Maryland
corporation)


Federated Short-Term Municipal Trust     Riggs Short Term Tax Free Bond Fund

(a Massachusetts business trust)


Federated Intermediate Municipal         Riggs Intermediate Tax Free Bond Fund
Trust,

A portfolio of Intermediate
Municipal Trust (a Massachusetts
business trust)


Automated Cash Management Trust,         Riggs Prime Money Market Fund

A portfolio of Money Market
Obligations Trust (a Massachusetts
business trust)


Automated Government Money Trust,        Riggs U.S. Treasury Money Market Fund

a portfolio of Money Market
Obligations Trust