0001363526 fms2:S000012972Member fms2:C000035058Member 2011-10-01 2012-09-30 0001363526 fms2:S000012972Member fms2:C000035059Member 2011-10-01 2012-09-30 0001363526 fms2:S000012972Member 2011-10-01 2012-09-30 0001363526 fms2:S000012972Member fms2:C000035060Member 2011-10-01 2012-09-30 0001363526 fms2:S000012972Member rr:AfterTaxesOnDistributionsMember fms2:C000035060Member 2011-10-01 2012-09-30 0001363526 fms2:S000012972Member rr:AfterTaxesOnDistributionsAndSalesMember fms2:C000035060Member 2011-10-01 2012-09-30 0001363526 2011-10-01 2012-09-30 0001363526 fms2:S000012972Member fms2:RusselTwoThousandIndexMember 2011-10-01 2012-09-30 pure iso4217:USD 3319 3214 Example 2604 2012-06-30 <div style="display:none">~ http://www.FederatedInvestors.com/role/ScheduleShareholderFeesFederatedMDTSmallCapCoreFund column period compact * ~</div> Federated MDT Small Cap Core Fund (the "Fund") 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 200% of the average value of its portfolio. 3319 2604 3214 0.0616 FederatedInvestors.com 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. Shareholder Fees (fees paid directly from your investment) 0.055 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 1115 523 764 The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis. 50000 2005-09-15 2005-09-15 2005-09-15 2005-09-15 2005-09-15 <div style="display:none">~ http://www.FederatedInvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedMDTSmallCapCoreFund column period compact * ~</div> Other Federated MDT Series 2012-09-28 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 0 0 -0.043 -0.0425 -0.0378 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? 2228 1962 1566 1115 665 523 5951 6163 5178 -0.0184 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). 0.1775 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) 1-800-341-7400 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. <div style="display:none">~ http://www.FederatedInvestors.com/role/ScheduleAnnualTotalReturnsFederatedMDTSmallCapCoreFundBarChart column period compact * ~</div> 0 0.01 0 2012-07-31 0001363526 false 2012-09-28 2012-09-30 RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE The Fund's investment objective is long-term capital appreciation. RISK/RETURN SUMMARY: FEES AND EXPENSES 0 0 0 0.0115 0.0005 0.0075 0 0.048 0.048 0.0408 0.0601 0.0671 0.0524 0.0171 0.0246 0.0146 October 1, 2013 Portfolio Turnover What are the Main Risks of Investing in the Fund? 2228 1962 1566 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>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>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>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>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>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>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>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 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. Performance: Bar Chart and Table Risk/Return Bar Chart 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. 0.0061 -0.4414 0.1348 0.2497 Federated MDT Small Cap Core Fund - IS Class highest quarterly return 2011-12-31 lowest quarterly return 2008-12-31 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. 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 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. -0.0753 -0.0381 -0.0184 -0.0119 -0.0184 -0.0418 -0.0153 -0.0058 -0.0169 -0.0087 -0.0061 0.0307 <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> <div style="display:none">~ http://www.FederatedInvestors.com/role/ScheduleAverageAnnualTotalReturnsTransposedFederatedMDTSmallCapCoreFund column period compact * ~</div> 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 0 0 0.0115 0.0115 0.0001 0.0001 0.0001 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 5951 5178 6163 0.1733 -0.3075 -0.0606 -0.0571 -0.0479 -0.0513 -0.0415 0.0015 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 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.