A filter assembly for filtering a fluid medium having a housing in which a primary filter is located, the primary filter being disposed in an inlet chamber and receiving fluid medium to be filtered therefrom and directing the filtered fluid medium into an outlet chamber located in the housing for discharge therefrom. A secondary filter is located in the housing and is provided with a by-pass valve that is responsive to an increase pressure in the inlet chamber as a result of obstruction of the primary filter, the fluid medium being directed through the by-pass valve and into the secondary filter for entry thereafter into the outlet chamber for discharge from the housing. A by-pass filter is also provided and filters coarse particles from the fluid medium prior to passing through the by-pass valve and into the secondary filter.