0001318148-12-001684.txt : 20121016 0001318148-12-001684.hdr.sgml : 20121016 20121016103910 ACCESSION NUMBER: 0001318148-12-001684 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121016 DATE AS OF CHANGE: 20121016 EFFECTIVENESS DATE: 20121016 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Federated MDT Series CENTRAL INDEX KEY: 0001363526 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-134468 FILM NUMBER: 121145520 BUSINESS ADDRESS: STREET 1: FEDERATED INVESTORS FUNDS STREET 2: 4000 ERICSSON DRIVE CITY: WARRENDALE STATE: PA ZIP: 15086-7561 BUSINESS PHONE: 412-288-1900 MAIL ADDRESS: STREET 1: FEDERATED INVESTORS FUNDS STREET 2: 4000 ERICSSON DRIVE CITY: WARRENDALE STATE: PA ZIP: 15086-7561 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Federated MDT Series CENTRAL INDEX KEY: 0001363526 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21904 FILM NUMBER: 121145521 BUSINESS ADDRESS: STREET 1: FEDERATED INVESTORS FUNDS STREET 2: 4000 ERICSSON DRIVE CITY: WARRENDALE STATE: PA ZIP: 15086-7561 BUSINESS PHONE: 412-288-1900 MAIL ADDRESS: STREET 1: FEDERATED INVESTORS FUNDS STREET 2: 4000 ERICSSON DRIVE CITY: WARRENDALE STATE: PA ZIP: 15086-7561

0001363526 S000012967 Federated MDT All Cap Core Fund

C000035043 Class A Shares QAACX

C000035044 Class C Shares QCACX

C000035045 Institutional Shares QIACX

C000043497 Class R Shares QKACX

0001363526 S000012969 Federated MDT Large Cap Growth Fund

C000035049 Class A Shares QALGX

C000035050 Class C Shares QCLGX

C000035051 Institutional Shares QILGX

C000049171 Class B Shares QBLGX

0001363526 S000012971 Federated MDT Balanced Fund

C000035055 Class A Shares QABGX

C000035056 Class C Shares QCBGX

C000035057 Institutional Shares QIBGX

C000043498 Class R Shares QKBGX

0001363526 S000012972 Federated MDT Small Cap Core Fund

C000035058 Class A Shares QASCX

C000035059 Class C Shares QCSCX

C000035060 Institutional Shares QISCX

0001363526 S000012973 Federated MDT Small Cap Growth Fund

C000035061 Class A Shares QASGX

C000035062 Class C Shares QCSGX

C000035063 Institutional Shares QISGX

C000058510 Class B Shares QBSGX

485BPOS 1 form.htm

1933 Act File No.	333-134468
1940 Act File No.	811-21904

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.	15

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

	Amendment No.	15

FEDERATED MDT SERIES

(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)
	on	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, Federated MDT Series, 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 16^th day of October, 2012.

FEDERATED MDT SERIES

BY: /s/ Alicia G. Powell

Alicia G. Powell, 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/ Alicia G. Powell Alicia G. Powell, Assistant Secretary	Attorney In Fact For the Persons Listed Below	October 16, 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 E. 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 MDT All-Cap Core Fund

Federated MDT Balanced Fund

Federated MDT Large Cap Growth Fund

Federated MDT Small Cap Core Fund

Federated MDT Small Cap Growth Fund

Portfolios of Federated MDT Series

Post-Effective Amendment No. 15

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 Funds filed as part of Post-Effective Amendment No. 14 on September 26, 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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A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 164% of the average value of its portfolio. 1412 1245 1103 718 Example The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 258% of the average value of its portfolio. 0.2972 FederatedInvestors.com 0.2417 Example FederatedInvestors.com FederatedInvestors.com 1971 2050 1845 1360 Example 3319 3214 2604 1732 1796 1596 1098 FederatedInvestors.com FederatedInvestors.com Federated MDT Balanced Fund (the “Fund”) Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Federated MDT All Cap Core Fund (the “Fund”) 0.055 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.055 0 0 0 724 355 Shareholder Fees (fees paid directly from your investment) Federated MDT Large Cap Growth Fund (the “Fund”) Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 139% of the average value of its portfolio. You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes (e.g., A class) of Federated Funds. 50000 Federated MDT Small Cap Growth Fund (the “Fund”) The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis. Shareholder Fees (fees paid directly from your investment) 0.055 0 0 0 Federated MDT Small Cap Core Fund (the “Fund”) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0591 Shareholder Fees (fees paid directly from your investment) You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes (e.g., A class) of Federated Funds. 50000 The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis. The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0732 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 69% of the average value of its portfolio. 0.055 0 0 0 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 222% of the average value of its portfolio. <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedMDTAllCapCoreFund column period compact * ~</div> 0.0883 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedMDTLargeCapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedMDTBalancedFund column period compact * ~</div> 0.0616 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedMDTSmallCapGrowthFund column period compact * ~</div> You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes (e.g., A class) of Federated Funds. 50000 The bar chart shows the variability of the Fund’s IS class total returns on a calendar year-by-year basis. 0.0901 You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes of Federated Funds. 50000 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedMDTSmallCapCoreFund column period compact * ~</div> 0.055 0 0 You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes (e.g., Class A Shares) of Federated funds. 50000 The bar chart shows the variability of the Fund’s IS class total returns on a calendar year-by-year basis. 485BPOS Federated MDT Series This table describes the fees and expenses that you may pay if you buy and hold the Fund's Class A Shares (A), Class C Shares (C), Class R Shares (R) and Institutional Shares (IS). You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes (e.g., A class) of Federated Funds. More information about these and other discounts is available from your financial professional and in the “What Do Shares Cost?” section of the Prospectus on page 18. RISK/RETURN SUMMARY: INVESTMENTS, RISKS AND PERFORMANCE What are the Fund’s Main Investment Strategies? 0 0.01 -0.0045 -0.0036 -0.0025 -0.0027 This table describes the fees and expenses that you may pay if you buy and hold Fund's Class A Shares (A), Class C Shares (C), Class R Shares (R) and Institutional Shares (IS). You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes (e.g., A class) of Federated Funds. More information about these and other discounts is available from your financial professional and in the “What Do Shares Cost?” section of the Prospectus on page 7. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. 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: 214 141 -0.0035 -0.0025 -0.0022 -0.0023 2560 2856 2441 1657 This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. 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: RISK/RETURN SUMMARY: INVESTMENTS, RISKS AND PERFORMANCE What are the Fund’s Main Investment Strategies? 711 336 208 133 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 Institutional Shares (IS) of the Fund. You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes of Federated Funds. More information about these and other discounts is available from your financial professional and in the "What Do Shares Cost?" section of the Prospectus on page 6. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. 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 remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: RISK/RETURN SUMMARY: INVESTMENTS, RISKS AND PERFORMANCE What are the Fund's Main Investment Strategies? 2428 2666 2379 1579 The Fund's IS class total return for the six-month period from January 1, 2012 to June 30, 2012, was 7.32%. Within the periods shown in the bar chart, the Fund's IS class highest quarterly return was 14.03% (quarter ended June 30, 2009). Its lowest quarterly return was (26.33)% (quarter ended December 31, 2008). In addition to Return Before Taxes, Return After Taxes is shown for the Fund's IS class to illustrate the effect of federal taxes on Fund returns. After-tax returns are shown only for IS class, and after-tax returns for A, C and R classes will differ from those shown for IS class. Actual after-tax returns depend on each investor's personal tax situation, and are likely to differ from those shown. After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal income and capital gains tax rates. These after-tax returns do not reflect the effect of any applicable state and local taxes. After-tax returns are not relevant to investors holding shares through a 401(k) plan, an Individual Retirement Account or other tax-advantaged investment plans. (For the Period Ended December 31, 2011) Average Annual Total Return Table 2003-02-12 2005-09-15 2006-12-12 2002-10-01 2002-10-01 2002-10-01 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 Institutional Shares (IS) of the Fund. You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes (e.g., Class A Shares) of Federated funds. More information about these and other discounts is available from your financial professional and in the “What Do Shares Cost?” section of the Prospectus on page 7. 1-800-341-7400 The Fund's IS class total return for the six-month period from January 1, 2012 to June 30, 2012, was 5.91%. Within the periods shown in the bar chart, the Fund's IS class highest quarterly return was 11.41% (quarter ended September 30, 2009). Its lowest quarterly return was (16.26)% (quarter ended December 31, 2008). Average Annual Total Return Table A class, C class and R class commenced operations on September 15, 2005, September 15, 2005 and December 12, 2006, respectively. Performance results shown before those dates are for the IS class (since inception October 1, 2002), but are adjusted to reflect sales charges and contingent deferred sales charges, if any, and expenses applicable to each respective class. In addition to Return Before Taxes, Return After Taxes is shown for the Fund's IS class to illustrate the effect of federal taxes on Fund returns. After-tax returns are shown only for IS class, and after-tax returns for the A, C and R classes will differ from those shown for the IS class. Actual after-tax returns depend on each investor's personal tax situation, and are likely to differ from those shown. After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal income and capital gains tax rates. These after-tax returns do not reflect the effect of any applicable state and local taxes. After-tax returns are not relevant to investors holding shares through a 401(k) plan, an Individual Retirement Account or other tax-advantaged investment plan. (For the Period Ended December 31, 2011) This table describes the fees and expenses that you may pay if you buy and hold the Fund’s Class A Shares (A), Class C Shares (C) and Institutional Shares (IS). You may qualify for certain sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes (e.g., A class) of Federated Funds. More information about these and other discounts is available from your financial professional and in the “What Do Shares Cost?” section of this Prospectus on page 6. -0.0109 -0.0106 -0.0105 -0.0105 The Fund's IS class total return for the six-month period from January 1, 2012 to June 30, 2012, was 9.01%. Within the periods shown in the bar chart, the Fund's IS class highest quarterly return was 12.91% (quarter ended June 30, 2009). Its lowest quarterly return was (21.28)% (quarter ended December 31, 2008). Average Annual Total Return Table B class commenced operations on March 13, 2008. Performance results shown before that date are for the Fund's IS class (since inception date September 15, 2005) but are adjusted to reflect the CDSC and expenses applicable to B class. In addition to Return Before Taxes, Return After Taxes is shown for the Fund's IS class to illustrate the effect of federal taxes on Fund returns. After-tax returns are shown only for the IS class, and after-tax returns for the A, B and C classes will differ from those shown for the IS class. Actual after-tax returns depend on each investor's personal tax situation, and are likely to differ from those shown. After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal income and capital gains tax rates. These after-tax returns do not reflect the effect of any applicable state and local taxes. After-tax returns are not relevant through a 401(K) plan, an Individual Retirement Account or other tax-advantaged investment plan. (For the Period Ended December 31, 2011) 1-800-341-7400 1-800-341-7400 This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. 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: 822 910 459 259 -0.043 -0.0425 -0.0378 3551 3677 3827 2895 This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. 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: RISK/RETURN SUMMARY: INVESTMENTS, RISKS AND PERFORMANCE What are the Fund’s Main Investment Strategies? 1115 764 523 2002-10-01 2002-10-01 2002-10-01 2002-10-01 2002-10-01 2002-10-01 5951 6163 5178 RISK/RETURN SUMMARY: INVESTMENTS, RISKS AND PERFORMANCE What are the Fund’s Main Investment Strategies? -0.0083 -0.0078 -0.0078 -0.0078 The Fund's IS class total return for the six-month period from January 1, 2012 to June 30, 2012, was 8.83%. Within the periods shown in the bar chart, the Fund's IS class highest quarterly return was 16.84% (quarter ended December 31, 2010). Its lowest quarterly return was (25.06)% (quarter ended September 30, 2011). <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedMDTAllCapCoreFundBarChart column period compact * ~</div> 774 857 407 207 Average Annual Total Return Table 3079 3192 3355 2369 B class commenced operations on March 13, 2008. Performance results shown before that date are for the Fund's IS class (since inception date September 15, 2005), but are adjusted to reflect the CDSC and expenses applicable to B class. In addition to Return Before Taxes, Return After Taxes is shown for the Fund's IS class to illustrate the effect of federal taxes on Fund returns. After-tax returns are shown only for IS class, and after-tax returns for A, B and C classes will differ from those shown for IS class. Actual after-tax returns depend on each investor's personal tax situation, and are likely to differ from those shown. After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal income and capital gains tax rates. These after-tax returns do not reflect the effect of any applicable state and local taxes. After-tax returns are not relevant through a 401(k) plan, an Individual Retirement Account (IRA) or other tax-advantaged investment plan. (For the Period Ended December 31, 2011) 2005-09-15 2005-09-15 2005-09-15 2005-09-15 2005-09-15 2005-09-15 2005-09-15 2005-09-15 2005-09-15 2005-09-15 2005-09-15 2005-09-15 Average Annual Total Return Table In addition to Return Before Taxes, Return After Taxes is shown for the Fund’s IS class to illustrate the effect of federal taxes on Fund returns. After-tax returns are shown only for IS class, and after-tax returns for the A and C classes will differ from those shown below for the IS class. Actual after-tax returns depend on each investor’s personal tax situation, and are likely to differ from those shown. After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal income and capital gains tax rates. These after-tax returns do not reflect the effect of any applicable state and local taxes. After-tax returns are not relevant to investors holding shares through a 401(k) plan, an Individual Retirement Account or other tax-advantaged investment plans. (For the Period Ended December 31, 2011) The Fund’s IS class total return for the six-month period from January 1, 2012 to June 30, 2012, was 6.16%. Within the periods shown in the bar chart, the Fund’s IS class highest quarterly return was 17.75% (quarter ended December 31, 2011). Its lowest quarterly return was (30.75)% (quarter ended December 31, 2008). <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedMDTLargeCapGrowthFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedMDTBalancedFundBarChart column period compact * ~</div> 2005-09-15 2005-09-15 2005-09-15 2005-09-15 2005-09-15 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedMDTSmallCapGrowthFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAnnualTotalReturnsFederatedMDTSmallCapCoreFundBarChart column period compact * ~</div> 1-800-341-7400 1-800-341-7400 0001363526 2012-09-26 false 2012-09-28 2012-07-31 RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE RISK/RETURN SUMMARY: FEES AND EXPENSES Portfolio Turnover RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE RISK/RETURN SUMMARY: FEES AND EXPENSES 0 0 0 0 0 0 0.0005 0.0075 0.005 0 0.0181 0.0252 0.0211 0.0138 0 0.01 0 0 0 0 0 0 785 661 437 1088 0.0005 0.0075 0.005 0 0.0168 0.0233 0.0205 0.0131 724 255 214 141 1088 785 661 437 Portfolio Turnover The Fund seeks to achieve its objective by investing primarily in the common stock of U.S. companies. The Fund's investment adviser's investment strategy utilizes a whole market, all-cap/all-style approach by selecting most of its investments from companies listed in the Russell 3000® Index, an index that measures the performance of the 3,000 largest U.S. companies by market capitalization representing approximately 98% of the investable domestic equity market. As of July 31, 2012, companies in the Russell 3000® Index ranged in market capitalization from $46 million to $571 billion. As more fully described in this Prospectus, the Fund's investments may include, but are not limited to, equity securities of domestic issuers. The Adviser implements its strategy using a quantitative computer model driven by fundamental stock selection variables, including company valuations, profit trends and earnings risks. This process, called the Optimum Q process, seeks to impose strict discipline over stock selection, unimpeded by market or manager psychology. It seeks to maximize compound annual return while controlling risk. The Fund actively trades its portfolio securities in an attempt to achieve its investment objective. Active trading will cause the Fund to have an increased portfolio turnover rate, which may generate shorter-term gains (losses) for its shareholders, which are taxed at a higher rate than longer-term gains (losses). Actively trading portfolio securities increases the Fund's trading costs and may have an adverse impact on the Fund's performance. 1050 727 643 415 RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE RISK/RETURN SUMMARY: FEES AND EXPENSES Portfolio Turnover The Fund seeks to achieve its objective by investing primarily in the common stock of large-sized U.S. companies. The investment adviser's investment strategy utilizes a large-cap growth approach by selecting most of its investments from companies listed in the Russell 1000® Growth Index, an index that measures the performance of those companies with higher price-to-book ratios and higher forecasted growth values within the large-cap segment of the U.S. equity universe, which includes the 1,000 largest U.S. companies by market capitalization. The Fund normally invests 80% of its assets in stocks of large-cap companies. The Fund considers large-cap companies to be those of a size similar to companies listed in the Russell 1000® Growth Index. As of July 31, 2012, companies in the Russell 1000® Growth Index ranged in market capitalization from $0.94 billion to $571 billion. As more fully described in this Prospectus, the Fund's investments may include, but are not limited to, equity securities of domestic issuers. The Adviser implements its strategy using a quantitative computer model driven by fundamental stock selection variables, including company valuations, profit trends and earnings risks. This process, called the Optimum Q process, seeks to impose strict discipline over stock selection, unimpeded by market or manager psychology. It seeks to maximize compound annual return while controlling risk. Because the Fund refers to large-capitalization investments in its name, it will notify shareholders in advance of any change in its investment policies that would enable the Fund to normally invest less than 80% of its net assets (plus any borrowings for investment purposes) in large-capitalization investments. For purposes of this policy the Fund considers large-capitalization companies to be those with a market capitalization similar to those companies included in the Russell 1000® Growth Index. The Fund actively trades its portfolio securities in an attempt to achieve its investment objective. Active trading will cause the Fund to have an increased portfolio turnover rate, which may generate shorter-term gains (losses) for its shareholders, which are taxed at a higher rate than longer-term gains (losses). Actively trading portfolio securities increases the Fund's trading costs and may have an adverse impact on the Fund's performance. 711 236 208 133 1050 727 643 415 All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. The primary factors that may reduce the Fund's returns include: <ul type="square"><li style="margin-left:-20px">Stock Market Risk. The value of equity securities in the Fund's portfolio will fluctuate and, as a result, the Fund's Share price may decline suddenly or over a sustained period of time.</li></ul><ul type="square"><li style="margin-left:-20px">Large Sized Companies Risk. The Fund will principally invest in large-size companies. Although diminished in larger cap companies, the risks of investing in all companies include business failure and reliance on erroneous reports. Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors.</li></ul><ul type="square"><li style="margin-left:-20px">Risk Related to Investing for Growth. Due to their relatively high valuations, growth stocks are typically more volatile than value stocks. Additionally, growth stocks may not pay dividends or may pay lower dividends than value stocks.</li></ul><ul type="square"><li style="margin-left:-20px">Sector Risk. Because the Fund may allocate relatively more assets to certain industry sectors than others, the Fund's performance may be more susceptible to any developments which affect those sectors emphasized by the Fund. </li></ul><ul type="square"><li style="margin-left:-20px">Quantitative Modeling Risk. The Fund employs quantitative models as a management technique. These models examine multiple economic factors using various proprietary and third-party data. The results generated by quantitative analysis may perform differently than expected and may negatively affect Fund performance for various reasons (for example, human judgment, data imprecision, software or other technology malfunctions, or programming inaccuracies). </li></ul>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. All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. The primary factors that may reduce the Fund's returns include:<ul type="square"><li style="margin-left:-20px">Stock Market Risk. The value of equity securities in the Fund's portfolio will fluctuate and, as a result, the Fund's Share price may decline suddenly or over a sustained period of time. </li></ul><ul type="square"><li style="margin-left:-20px">Small, Medium and Large Sized Companies Risk. The Fund may invest in any size company including small and mid-size companies. Although diminished in larger cap companies, the risks of investing in all companies include business failure and reliance on erroneous reports. You should expect that the value of the Fund's shares will be more volatile than a fund that invests exclusively in large-capitalization companies. </li></ul><ul type="square"><li style="margin-left:-20px">Risk Related to Investing for Growth. Due to their relatively high valuations, growth stocks are typically more volatile than value stocks. Additionally, growth stocks may not pay dividends or may pay lower dividends than value stocks. </li></ul><ul type="square"><li style="margin-left:-20px">Risk Related to Investing for Value. Due to their relatively low valuations, value stocks are typically less volatile than growth stocks. Additionally, value stocks tend to have higher dividends than growth stocks. This means they depend less on price changes for returns and may lag behind growth stocks in an up market. </li></ul><ul type="square"><li style="margin-left:-20px">Sector Risk. Because the Fund may allocate relatively more assets to certain industry sectors than others, the Fund's performance may be more susceptible to any developments which affect those sectors emphasized by the Fund. </li></ul><ul type="square"><li style="margin-left:-20px">Liquidity Risk. Trading opportunities are more limited for equity securities that are not widely held. This may make it more difficult to sell or buy a security at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash or give up an investment opportunity, any of which could have a negative effect on the Fund's performance. Infrequent trading of securities may also lead to an increase in their price volatility. </li></ul><ul type="square"><li style="margin-left:-20px">Quantitative Modeling Risk. The Fund employs quantitative models as a management technique. These models examine multiple economic factors using various proprietary and third-party data. The results generated by quantitative analysis may perform differently than expected and may negatively affect Fund performance for various reasons (for example, human judgment, data imprecision, software or other technology malfunctions, or programming inaccuracies).</li></ul>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. 0.1229 -0.4278 -0.0033 In seeking to achieve its investment objective, the Fund may invest in a wide variety of investments such as equity securities, fixed-income securities, foreign securities, exchange-traded funds (ETFs) and derivative and hybrid instruments. Under normal conditions, the Fund's investment adviser ("Adviser") anticipates investing approximately 60% of the Fund's assets in equity securities and 40% of the Fund's assets in fixed-income securities and other investments. The Adviser may vary this allocation +/-20% depending upon its economic and market outlook as well as a result of the identification of favorable investment opportunities. The Adviser's investment strategy for the domestic equity portion of the Fund's portfolio (other than REITs) utilizes a whole market, all-cap/all-style approach by selecting most of its investments from companies listed in the Russell 3000® Index, an index that measures the performance of the 3,000 largest U.S. companies by market capitalization representing approximately 98% of the investable domestic equity market. As of July 31, 2012, companies in the Russell 3000® Index ranged in market capitalization from $46 million to $571 billion. In managing the Fund's allocation to foreign equities, the Adviser attempts to diversify the portfolio across countries, in companies of all sizes with both growth and value characteristics. The Fund's equity allocation may include investments in REITs. The Fund may obtain exposure to commodities by investing in instruments (including ETFs) whose performance is linked to the price of an underlying commodity or commodity index. With respect to the fixed-income securities allocation, the Fund invests primarily in domestic investment-grade debt securities, including corporate debt securities, U.S. government obligations and mortgage-backed securities. The Adviser selects fixed-income securities by using fundamental credit research to identify relative value in the market. The Adviser seeks to enhance the performance of the Fund's fixed-income portfolio by allocating more assets to the security type that the Adviser expects to offer the best balance between total return and risk. The Fund intends to invest in government securities which are issued or guaranteed by a federal agency or instrumentality acting under federal authority, including government securities that are not backed by the full faith and credit of the U.S. government. The Fund may also invest a portion of its portfolio in noninvestment-grade, fixed-income securities, when the Adviser considers the risk return prospects of those sectors to be attractive. The Fund may also invest a portion of its portfolio in non-U.S. dollar and emerging market fixed-income securities issued by entities such as foreign governments or foreign corporations when the Adviser considers the risk return prospects of those sectors to be attractive. The Fund may buy or sell foreign currencies in lieu of or in addition to non-dollar denominated fixed-income securities in order to increase or decrease its exposure to foreign interest and/or currency markets. The Adviser selects securities with longer or shorter durations based on its interest rate outlook, but does not target any specific duration for the fixed-income portion of the Fund. The Fund may invest in exchange-traded and over-the-counter derivatives, such as options or futures and hybrid instruments, for any purpose consistent with its investment strategy. The Adviser also may attempt to reach its goals by investing in exchange-traded funds and shares of other investment companies. For the domestic equity portion of the Fund, other than investments in real estate investment trusts (REITs), the Adviser implements its strategy using a quantitative computer model driven by fundamental stock selection variables, including company valuations, profit trends and earnings risks. This process, called the Optimum Q process, seeks to impose strict discipline over stock selection, unimpeded by market or manager psychology. It seeks to maximize compound annual return while controlling risk. The Fund actively trades its portfolio securities in an attempt to achieve its investment objective. Active trading will cause the Fund to have an increased portfolio turnover rate, which may generate shorter-term gains (losses) for its shareholders, which are taxed at a higher rate than longer-term gains (losses). Actively trading portfolio securities increases the Fund's trading costs and may have an adverse impact on the Fund's performance. All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. The primary factors that may reduce the Fund's returns include:<ul type="square"><li style="margin-left:-20px">Stock Market Risk. The value of equity securities in the Fund's portfolio will fluctuate and, as a result, the Fund's Share price may decline suddenly or over a sustained period of time. </li></ul><ul type="square"><li style="margin-left:-20px">Small, Medium and Large-Sized Companies Risk. The Fund may invest in any size company including small- and mid-size companies. Although diminished in larger-cap companies, the risks of investing in all companies include business failure and reliance on erroneous reports. You should expect that the value of the Fund's Shares will be more volatile than a fund that invests exclusively in large-capitalization companies. </li></ul><ul type="square"><li style="margin-left:-20px">Risk Related to Investing for Growth. Due to their relatively high valuations, growth stocks are typically more volatile than value stocks. Additionally, growth stocks may not pay dividends or may pay lower dividends than value stocks. </li></ul><ul type="square"><li style="margin-left:-20px">Risk Related to Investing for Value. Due to their relatively low valuations, value stocks are typically less volatile than growth stocks. Additionally, value stocks tend to have higher dividends than growth stocks. This means they depend less on price changes for returns and may lag behind growth stocks in an up market. </li></ul><ul type="square"><li style="margin-left:-20px">Risk of Foreign Investing. Because the Fund may invest in securities issued by foreign companies, the Fund's Share price may be more affected by foreign economic and political conditions, taxation policies and accounting and auditing standards than would otherwise be the case. </li></ul><ul type="square"><li style="margin-left:-20px">Risk of Investing in American Depositary Receipts and Domestically Traded Securities of Foreign Issuers. Because the Fund may invest in American Depositary Receipts (ADRs) and other domestically traded securities of foreign companies, the Fund's Share price may be more affected by risks of foreign investing than would otherwise be the case.</li></ul><ul type="square"><li style="margin-left:-20px">Risk of Investing in Emerging Market Countries. Securities issued or traded in emerging markets generally entail greater risks than securities issued or traded in developed markets. Emerging market countries may have relatively unstable governments and may present the risk of nationalization of businesses, expropriation, confiscatory taxation or, in certain instances, reversion to closed market, centrally planned economies. </li></ul><ul type="square"><li style="margin-left:-20px">Currency Risk. Exchange rates for currencies fluctuate daily. The Fund may use both spot trades and currency derivatives to increase or decrease its exposure to foreign interest rate and/or currency markets. </li></ul><ul type="square"><li style="margin-left:-20px">Interest Rate Risk. 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 durations.</li></ul> <ul type="square"><li style="margin-left:-20px">Credit Risk. Credit risk is the possibility that an issuer will default on a security by failing to pay interest or principal when due. If an issuer defaults, the Fund will lose money. Credit risk includes the possibility that a party to a transaction (such as a derivative transaction) involving the Fund will fail to meet its obligations. This could cause the Fund to lose the benefit of the transaction or prevent the Fund from selling or buying other securities to implement its investment strategy. </li></ul><ul type="square"><li style="margin-left:-20px">Call Risk. There is a possibility that an issuer of fixed-income securities in which the Fund may invest may redeem a security before maturity (a call) at a price below its current market price. An increase in the likelihood of a call may reduce the security's price.</li></ul><ul type="square"><li style="margin-left:-20px">Prepayment Risk. When homeowners prepay their mortgages in response to lower interest rates, the Fund will be required to reinvest the proceeds at the lower interest rates then available. Also, when interest rates fall, the price of mortgage-backed securities may not rise to as great an extent as that of other fixed-income securities. </li></ul><ul type="square"><li style="margin-left:-20px">Risk Associated with Noninvestment-Grade Securities. Securities rated below investment grade may be subject to greater interest rate, credit and liquidity risks than investment-grade securities.</li></ul> <ul type="square"><li style="margin-left:-20px">Exchange-Traded Funds Risk. An investment in an exchange-traded fund (ETF) generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded). As with traditional mutual funds, ETFs charge asset-based fees. The change in value of the ETFs are due to the change in price of the securities in which the ETFs invest. Therefore, the Fund's net asset value will be indirectly effected by the change in value of the securities in which the ETF invests. </li></ul><ul type="square"><li style="margin-left:-20px">Risk of Investing in Derivative Contracts and Hybrid Instruments. Derivative contracts and hybrid instruments involve risks different from, or possibly greater than, risks associated with investing directly in securities and other traditional investments. Specific risk issues related to the use of such contracts and instruments include valuation and tax issues, increased potential for losses and/or costs to the Fund, and a potential reduction in gains to the Fund. Each of these issues is described in greater detail in this Prospectus. Derivative contracts and hybrid instruments may also involve other risks described in this Prospectus or the Fund's Statement of Additional Information (SAI) such as stock market, interest rate, credit, currency, liquidity and leverage risks. </li></ul><ul type="square"><li style="margin-left:-20px">Leverage Risk. Leverage risk is created when an investment (such as a derivative transaction) exposes the Fund to a level of risk that exceeds the amount invested. Changes in the value of such an investment magnify the Fund's risk of loss and potential for gain. </li></ul><ul type="square"><li style="margin-left:-20px">Risk of Investing in Commodities. Because the Fund may invest in instruments (including ETFs) whose performance is linked to the price of an underlying commodity or commodity index, the Fund may be subject to the risks of investing in physical commodities. These types of risks include regulatory, economic and political developments, weather events and natural disasters, pestilence, market disruptions and the fact that commodity prices may have greater volatility than investments in traditional securities. </li></ul><ul type="square"><li style="margin-left:-20px">Risk Related to the Economy. Lower-grade bond returns are sensitive to changes in the economy. The value of the Fund's portfolio may decline in tandem with a drop in the overall value of the stock market based on negative developments in the U.S. and global economies. </li></ul><ul type="square"><li style="margin-left:-20px">Liquidity Risk. The securities in which the Fund invests may be less readily marketable and may be subject to greater fluctuation in price than other securities. Liquidity risk also refers to the possibility that the Fund may not be able to sell a security or close out a derivative contract when it wants to. </li></ul><ul type="square"><li style="margin-left:-20px">Quantitative Modeling Risk. The Fund employs quantitative models as a management technique. These models examine multiple economic factors using various proprietary and third-party data. The results generated by quantitative analysis may perform differently than expected and may negatively affect Fund performance for various reasons (for example, human judgment, data imprecision, software or other technology malfunctions, or programming inaccuracies). </li></ul>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. All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. -0.0607 -0.0244 -0.0109 -0.0033 -0.0039 -0.0021 0.0103 RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE RISK/RETURN SUMMARY: FEES AND EXPENSES Federated MDT Balanced Fund - IS Class After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal income and capital gains tax rates. After-tax returns are not relevant to investors holding shares through a 401(k) plan, an Individual Retirement Account or other tax-advantaged investment plan. 0 0.055 0.01 0 October 1, 2013 0 0 0 0 0.0891 -0.2875 -0.0063 RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE RISK/RETURN SUMMARY: FEES AND EXPENSES 2009-09-30 0.1141 lowest quarterly return 2008-12-31 0.0005 0.0075 0.0075 0 0.0285 0.0357 0.0356 0.0256 All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. 0 0.01 0 0 0 0 Federated MDT All Cap Core Fund - IS Class After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal income and capital gains tax rates. After-tax returns are not relevant to investors holding shares through a 401(k) plan, an Individual Retirement Account or other tax-advantaged investment plans. 0.0005 0.0075 0 1384 1494 1091 796 0.0601 0.0671 0.0524 822 360 359 259 1384 1094 1091 796 -0.4089 -0.004 Portfolio Turnover 2009-06-30 0.1403 lowest quarterly return 2008-12-31 -0.0626 -0.0255 -0.0129 -0.0063 -0.0121 -0.0041 0.0211 0.0784 After-tax returns are not relevant through a 401(K) plan, an Individual Retirement Account or other tax-advantaged investment plan. The Fund seeks to achieve its objective by investing primarily in the common stock of small U.S. companies. The Fund's investment adviser's (“Adviser”) investment strategy utilizes a small cap growth approach by selecting most of its investments from companies listed in the Russell 2000® Growth Index, an index that measures the performance of those companies with higher price-to-book ratios and higher forecasted growth values within the small-cap segment of the U.S. equity universe, which includes the 2,000 smallest companies by market capitalization within the Russell 3000® Index (an index that includes the 3,000 largest U.S. companies by market capitalization representing approximately 98% of the investable domestic equity market). As of July 31, 2012, companies in the Russell 2000® Growth Index ranged in market capitalization from $46 million to $3.7 billion. As more fully described in this Prospectus, the Fund's investments may include, but are not limited to, equity securities of domestic issuers. The Adviser implements its strategy using a quantitative computer model driven by fundamental stock selection variables, including company valuations, capital structure and profit earnings. This process, called the Optimum Q process, seeks to impose strict discipline over stock selection, unimpeded by market or manager psychology. It seeks to maximize compound annual return while controlling risk. Under normal market conditions, the Fund invests at least 80% of its net assets in stocks of small-cap companies. The Fund considers small-cap companies to be those companies of a size similar to companies listed in the Russell 2000® Growth Index. Because the Fund refers to small capitalization investments in its name, the Fund will notify shareholders at least 60 days in advance of any change in its investment policies that would permit the Fund to normally invest less than 80% of its assets (plus any borrowings for investment purposes) in investments in small companies. For purposes of this policy the Fund considers a small company to be a company of a size similar to companies listed on the Russell 2000® Growth Index. The Fund actively trades its portfolio securities in an attempt to achieve its investment objective. Active trading will cause the Fund to have an increased portfolio turnover rate, which may generate shorter-term gains (losses) for its shareholders, which are taxed at a higher rate than longer-term gains (losses). Actively trading portfolio securities increases the Fund's trading costs and may have an adverse impact on the Fund's performance. After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal income and capital gains tax rates. 2228 1962 1566 1115 665 523 2228 1962 1566 0 0.055 0.01 0 0 0 0 0 Portfolio Turnover All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. The primary factors that may reduce the Fund's returns include: <ul type="square"><li style="margin-left:-20px">Stock Market Risk. The value of equity securities in the Fund's portfolio will fluctuate and, as a result, the Fund's Share price may decline suddenly or over a sustained period of time. </li></ul><ul type="square"><li style="margin-left:-20px">Risk Related to Company Size. Because the smaller companies in which the Fund may invest may have unproven track records, a limited product or service base and limited access to capital, they may be more likely to fail than larger companies. </li></ul><ul type="square"><li style="margin-left:-20px">Risk Related to Investing for Growth. Due to their relatively high valuations, growth stocks are typically more volatile than value stocks. Additionally, growth stocks may not pay dividends or may pay lower dividends than value stocks. </li></ul><ul type="square"><li style="margin-left:-20px">Sector Risk. Because the Fund may allocate relatively more assets to certain industry sectors than others, the Fund's performance may be more susceptible to any developments which affect those sectors emphasized by the Fund. </li></ul><ul type="square"><li style="margin-left:-20px">Liquidity Risk. Trading opportunities are more limited for equity securities that are not widely held. This may make it more difficult to sell or buy a security at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash or give up an investment opportunity, any of which could have a negative effect on the Fund's performance. Infrequent trading of securities may also lead to an increase in their price volatility. </li></ul><ul type="square"><li style="margin-left:-20px">Quantitative Modeling Risk. The Fund employs quantitative models as a management technique. These models examine multiple economic factors using various proprietary and third-party data. The results generated by quantitative analysis may perform differently than expected and may negatively affect Fund performance for various reasons (for example, human judgment, data imprecision, software or other technology malfunctions, or programming inaccuracies). </li></ul>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. The Fund seeks to achieve its objective by investing primarily in the common stock of small U.S. companies. Under normal market conditions, the Fund invests at least 80% of its net assets in stocks of small-cap companies. The Fund considers small-cap companies to be those companies of a size similar to companies listed in the Russell 2000® Index. The investment adviser’s investment strategy utilizes a small-cap approach by selecting most of its investments from companies listed in the Russell 2000® Index, an index that measures the performance of the 2,000 smallest companies by market capitalization within the Russell 3000® Index (an index that includes the 3,000 largest U.S. companies by market capitalization, representing approximately 98% of the investable domestic equity market). As of July 31, 2012, companies in the Russell 2000® Index ranged in market capitalization from $46 million to $3.67 billion. As more fully described in this Prospectus, the Fund’s investments may include, but are not limited to, equity securities of domestic issuers. The Fund’s investment adviser implements its strategy using a quantitative computer model driven by fundamental stock selection variables, including company valuations, profit trends and earnings risks. This process, called the Optimum Q process, seeks to impose strict discipline over stock selection, unimpeded by market or manager psychology. It seeks to maximize compound annual return while controlling risk. Because the Fund refers to small-capitalization investments in its name, the Fund will notify shareholders at least 60 days in advance of any change in its investment policies that would permit the Fund to normally invest less than 80% of its net assets (plus any borrowings for investment purposes) in investments in small companies. For purposes of this limitation, small companies will be defined as companies with market capitalizations similar to companies in the Russell 2000® Index. The Fund actively trades its portfolio securities in an attempt to achieve its investment objective. Active trading will cause the Fund to have an increased portfolio turnover rate, which may generate shorter-term gains (losses) for its shareholders, which are taxed at a higher rate than longer-term gains (losses). Actively trading portfolio securities increases the Fund’s trading costs and may have an adverse impact on the Fund’s performance. 0.0005 0.0075 0.0234 0.0304 0.0304 0.0204 -0.4111 0.0163 All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. The primary factors that may reduce the Fund’s returns include:<ul type="square"><li style="margin-left:-20px">Stock Market Risk. The value of equity securities in the Fund's portfolio will fluctuate and, as a result, the Fund’s Share price may decline suddenly or over a sustained period of time.</li></ul><ul type="square"><li style="margin-left:-20px">Risk Related to Company Size. Because the smaller companies in which the Fund may invest may have unproven track records, a limited product or service base and limited access to capital, they may be more likely to fail than larger companies.</li></ul><ul type="square"><li style="margin-left:-20px">Risk Related to Investing for Growth. Due to their relatively high valuations, growth stocks are typically more volatile than value stocks. Additionally, growth stocks may not pay dividends or may pay lower dividends than value stocks. </li></ul><ul type="square"><li style="margin-left:-20px">Risk Related to Investing for Value. Due to their relatively low valuations, value stocks are typically less volatile than growth stocks. Additionally, value stocks tend to have higher dividends than growth stocks. This means they depend less on price changes for returns and may lag behind growth stocks in an up market.</li></ul><ul type="square"><li style="margin-left:-20px">Sector Risk. Because the Fund may allocate relatively more assets to certain industry sectors than others, the Fund’s performance may be more susceptible to any developments which affect those sectors emphasized by the Fund.</li></ul><ul type="square"><li style="margin-left:-20px">Liquidity Risk. Trading opportunities are more limited for equity securities that are not widely held. This may make it more difficult to sell or buy a security at a favorable price or time. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. Infrequent trading of securities may also lead to an increase in their price volatility. </li></ul><ul type="square"><li style="margin-left:-20px">Quantitative Modeling Risk. The Fund employs quantitative models as a management technique. These models examine multiple economic factors using various proprietary and third-party data. The results generated by quantitative analysis may perform differently than expected and may negatively affect Fund performance for various reasons (for example, human judgment, data imprecision, software or other technology malfunctions, or programming inaccuracies).</li></ul>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. <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsTransposedFederatedMDTAllCapCoreFund column period compact * ~</div> 2010-12-31 0.1684 lowest quarterly return 2011-09-30 1240 1339 939 640 774 307 307 207 1240 939 939 640 -0.4414 -0.0184 -0.0609 -0.0678 -0.0237 -0.004 -0.004 -0.0026 0.0264 -0.0417 -0.0494 -0.0043 0.0163 0.0163 0.0106 -0.0291 2011-12-31 0.1775 lowest quarterly return 2008-12-31 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsTransposedFederatedMDTLargeCapGrowthFund column period compact * ~</div> -0.0753 -0.0381 -0.0184 -0.0184 -0.0119 -0.0418 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsTransposedFederatedMDTBalancedFund column period compact * ~</div> October 1, 2013 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsTransposedFederatedMDTSmallCapGrowthFund column period compact * ~</div> Federated MDT Small Cap Core Fund - IS Class 2009-06-30 0.1291 lowest quarterly return 2008-12-31 After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal income and capital gains tax rates. After-tax returns are not relevant to investors holding shares through a 401(k) plan, an Individual Retirement Account or other tax-advantaged investment plans. October 1, 2013 All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleAverageAnnualTotalReturnsTransposedFederatedMDTSmallCapCoreFund column period compact * ~</div> All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. October 1, 2013 All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical federal income and capital gains tax rates. After-tax returns are not relevant through a 401(k) plan, an Individual Retirement Account (IRA) or other tax-advantaged investment plan. Federated MDT Large Cap Growth Fund - IS Class Federated MDT Small Cap Growth Fund - IS Class October 1, 2013 The Fund's investment objective is the possibility of long-term growth of capital and income. What are the Main Risks of Investing in the Fund? PERFORMANCE: BAR CHART AND TABLE Risk/Return Bar Chart The Fund's investment objective is long-term capital appreciation. 0 0 0 0 0 0 0 0 0.0075 0.0075 0.0075 0.0075 0.01 0.0101 0.0085 0.0062 0.0001 0.0001 0.0001 0.0001 0.0136 0.0216 0.0186 0.0111 0 0 0 0 0 0 0 0 2560 2856 2441 1657 0.0075 0.0075 0.0075 0.0075 0.0085 0.008 0.0077 0.0053 0.0003 0.0003 0.0003 0.0003 0.0133 0.0208 0.0183 0.0108 What are the Main Risks of Investing in the Fund? The Fund's investment objective is long-term capital appreciation. 2428 2666 2379 1579 What are the Main Risks of Investing in the Fund? 1.39 PERFORMANCE: BAR CHART AND TABLE Risk/Return Bar Chart The Fund is the successor to the MDT All Cap Core Fund pursuant to a reorganization that was completed on or about the close of business on December 8, 2006. Prior to that date, the Fund had no investment operations. Accordingly, the performance information, including information on fees and expenses, and financial information provided in this Prospectus for periods prior to December 11, 2006, is historical information for the MDT All Cap Core Fund. The MDT All Cap Core Fund was managed by MDT Advisers and had similar investment objectives and strategies as the Fund. 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, and includes comparative performance information. The Fund’s performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. Updated performance information for the Fund is available under the “Products” section at FederatedInvestors.com or by calling 1-800-341-7400. 0.1385 0.129 0.0856 0.1944 0.1009 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. The Fund is the successor to the MDT Balanced Fund pursuant to a reorganization that was completed on the close of business on December 8, 2006. Prior to that date, the Fund had no investment operations. Accordingly, the performance information and financial information, including information on fees and expenses, provided in this Prospectus for periods prior to December 11, 2006, is historical information for the MDT Balanced Fund. The MDT Balanced Fund was managed by MDT Advisers and had similar investment objectives and strategies as the Fund. 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, and includes comparative performance information. The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. Updated performance information for the Fund is available under the “Products” section at FederatedInvestors.com or by calling 1-800-341-7400. -0.0538 -0.0506 -0.047 -0.0403 -0.0447 -0.035 -0.0001 0.045 0.0433 0.0417 0.0525 0.0449 0.0433 0.0745 The Fund's investment objective is to provide long-term capital appreciation. The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. After-tax returns are shown only for IS class, and after-tax returns for the A, C and R classes will differ from those shown for the IS class. 0.1239 0.1057 0.0696 0.1778 0.0878 0 0 0 0 0 0 0 0 The Fund’s investment objective is long-term capital appreciation. The Fund's IS class total return for the six-month period highest quarterly return PERFORMANCE: BAR CHART AND TABLE Risk/Return Bar Chart -0.1626 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. 0.0115 0.0115 0.0115 0.0115 The Fund is the successor to the MDT Large Cap Growth Fund pursuant to a reorganization that was completed on the close of business on December 8, 2006. Prior to that date, the Fund had no investment operations. Accordingly, the performance information and financial information provided in this Prospectus for periods prior to December 11, 2006, is historical information for the MDT Large Cap Growth Fund. The MDT Large Cap Growth Fund was managed by MDT Advisers and had similar investment objectives and strategies as the Fund. The bar chart and performance table below reflect historical 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, and includes comparative performance information. The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400. 1.64 0.0164 0.0166 0.0165 0.014 0.0001 0.0001 0.0001 0.0001 0.0176 0.0251 0.0251 0.0151 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. The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. 0.0115 0.0115 0.0115 0.048 0.048 0.0408 3551 0.0001 0.0001 3677 0.0001 3827 2895 After-tax returns are shown only for IS class, and after-tax returns for A, C and R classes will differ from those shown for IS class. 0.0171 0.0246 0.0146 0.071 0.174 0.2805 0.126 The Fund's IS class total return for the six-month period highest quarterly return -0.2633 0.69 -0.0196 -0.0157 -0.0126 -0.006 -0.0119 -0.0075 -0.0025 0.065 0.0498 0.0482 0.0514 0.0588 0.0483 0.047 0.0691 0.0535 What are the Main Risks of Investing in the Fund? After-tax returns are shown only for the IS class, and after-tax returns for the A, B and C classes will differ from those shown for the IS class. 5951 6163 5178 0 0 0 0 0 0 0 0 PERFORMANCE: BAR CHART AND TABLE Risk/Return Bar Chart 0.0075 0.0075 0.0075 0.0075 0.0075 0 0.0153 0.0153 0.0153 0.0128 0.0001 0.0001 0.0001 0.0001 The Fund is the successor to the MDT Small Cap Growth Fund pursuant to a reorganization that was completed on the close of business on December 8, 2006. Prior to that date, the Fund had no investment operations. Accordingly, the performance information and financial information provided in this Prospectus for periods prior to December 11, 2006, is historical information for the MDT Small Cap Growth Fund. The MDT Small Cap Growth Fund was managed by MDT Advisers and had similar investment objectives and strategies as the Fund. 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, and includes comparative performance information. The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. Updated performance information for the Fund is available under the “Products” section at FederatedInvestors.com or by calling 1-800-341-7400. 0.0151 0.0226 0.0226 0.0126 0.0993 0.1603 0.0994 0.2946 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleNoRedemptionTransposedFederatedMDTAllCapCoreFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleTransposedFederatedMDTAllCapCoreFund column period compact * ~</div> What are the Main Risks of Investing in the Fund? PERFORMANCE: BAR CHART AND TABLE Risk/Return Bar Chart The Fund's IS class total return for the six-month period highest quarterly return -0.2506 3079 3192 3355 2369 The Fund is the successor to the MDT Small Cap Core Fund pursuant to a reorganization that was completed on the close of business on December 8, 2006. Prior to that date, the Fund had no investment operations. Accordingly, the performance information and financial information, including information on fees and expenses, provided in this Prospectus for periods prior to December 11, 2006, is historical information for the MDT Small Cap Core Fund. The MDT Small Cap Core Fund was managed by MDT Advisers and had similar investment objectives and strategies as the Fund. 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, and includes comparative performance information. The Fund’s performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. Updated performance information for the Fund is available under the “Products” section at FederatedInvestors.com or by calling 1-800-341-7400. 0.1733 0.0061 0.1348 0.2497 -0.0143 -0.0137 -0.0103 -0.0007 -0.0053 -0.0016 0.025 0.0055 0.0074 0.0069 0.0172 0.013 0.0136 0.0391 -0.0159 -0.0163 -0.0023 -0.0123 -0.0026 -0.0021 0.0209 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. 0.0075 0.009 0.0089 0.0191 0.0189 0.0163 0.0406 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleTransposedFederatedMDTBalancedFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleTransposedFederatedMDTLargeCapGrowthFund column period compact * ~</div> highest quarterly return -0.3075 The Fund’s IS class total return for the six-month period <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleNoRedemptionTransposedFederatedMDTLargeCapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleNoRedemptionTransposedFederatedMDTBalancedFund column period compact * ~</div> -0.0606 -0.0571 -0.0479 -0.0513 -0.0415 0.0015 -0.0169 -0.0153 -0.0058 -0.0087 -0.0061 0.0307 <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleTransposedFederatedMDTSmallCapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleNoRedemptionTransposedFederatedMDTSmallCapGrowthFund column period compact * ~</div> The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. 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. The Fund's IS class total return for the six-month period The Fund’s performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. highest quarterly return -0.2128 After-tax returns are shown only for IS class, and after-tax returns for the A and C classes will differ from those shown below for the IS class. 0 0 0 0 0 0 2.58 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. <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleTransposedFederatedMDTSmallCapCoreFund column period compact * ~</div> <div style="display:none">~ http://www.federatedinvestors.com/role/ScheduleExpenseExampleNoRedemptionTransposedFederatedMDTSmallCapCoreFund column period compact * ~</div> 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. The Fund’s performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. After-tax returns are shown only for IS class, and after-tax returns for A, B and C classes will differ from those shown for IS class. 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. 2012-09-30 up to but not including the the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus. 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. 2.22 The Adviser and its affiliates have voluntarily agreed to waive their fees and/or reimburse expenses so that the total annual fund operating expenses (excluding Acquired Fund Fees and Expenses) paid by the Fund's A, C, R and IS classes (after the voluntary waivers and/or reimbursements) will not exceed 1.35%, 2.15%, 1.85% and 1.10% (the "Fee Limit"), respectively, 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. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Fund's Board of Trustees. The Adviser and its affiliates have voluntarily agreed to waive their fees and/or reimburse expenses so that the total annual fund operating expenses (excluding Acquired Fund Fees and Expenses) paid by the Fund's A, C, R and IS classes (after the voluntary waivers and/or reimbursements) will not exceed 1.30%, 2.05%, 1.80% and 1.05% (the "Fee Limit"), respectively, 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. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Fund's Board of Trustees. The start of performance date was October 1, 2002. A class, C class and R class commenced operations on February 12, 2003, September 15, 2005 and December 12, 2006, respectively. Performance results shown before that date are for the IS class, but adjusted to reflect sales charges or the contingent deferred sales charge and expense applicable to each respective class. The returns for A class have been restated to reflect the imposition of a front-end sales charge on purchases as of November 28, 2005. The Russell 3000 Index offers investors access to the broad U.S. equity universe representing approximately 98% of the U.S. market. The Russell 3000 is constructed to provide a comprehensive, unbiased and stable barometer of the broad market, and is completely reconstituted annually to ensure that new and growing equities are reflected. The index is unmanaged, and unlike the Fund, is not affected by cash flows. The Russell 3000 is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission (SEC) requires to be reflected in the Fund's performance. It is not possible to invest directly in an index. The Adviser and its affiliates have voluntarily agreed to waive their fees and/or reimburse expenses so that the total annual fund operating expenses (excluding Acquired Fund Fees and Expenses) paid by the Fund's A, B, C and IS classes (after the voluntary waivers and/or reimbursements) will not exceed 1.75%, 2.50%, 2.50% and 1.50% (the "Fee Limit"), respectively, 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. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Fund's Board of Trustees. The Adviser and its affiliates have voluntarily agreed to waive their fees and/or reimburse expenses so that the total annual fund operating expenses (excluding Acquired Fund Fees and Expenses) paid by the Fund's A, C and IS classes (after the voluntary waivers and/or reimbursements) will not exceed 1.70%, 2.45% and 1.45% (the "Fee Limit"), respectively, 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. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Board of Trustees. The Adviser and its affiliates have voluntarily agreed to waive their fees and/or reimburse expenses so that the total annual fund operating expenses (excluding Acquired Fund Fees and Expenses) paid by the A, B, C and IS classes (after the voluntary waivers and/or reimbursements) will not exceed 1.50%, 2.25%, 2.25% and 1.25% (the "Fee Limit"), respectively, up to but not including the the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Fund's Board of Trustees. The Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The S&P 500 Index is an unmanaged, capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Barclays Capital changed the name of the Barclays U.S. Aggregate Bond Index (BAB) from "Barclays Capital U.S. Aggregate Bond Index" to "Barclays U.S. Aggregate Bond Index." The BAB is an unmanaged index composed of securities from the Barclay's Government/Corporate Bond Index, Mortgage-Backed Securities Index and the Asset-Backed Securities Index. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. Indices are rebalanced monthly by market capitalization. The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 10% of the total market capitalization of the Russell 3000 Index. The Russell 2000 Growth measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000 Growth is unmanaged and, unlike the Fund, is not affected by cash flows. The index is not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission (SEC) requires to be reflected in the Fund's performance. It is not possible to invest directly in an index. 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