0001623632-18-000849.txt : 20180710 0001623632-18-000849.hdr.sgml : 20180710 20180710093241 ACCESSION NUMBER: 0001623632-18-000849 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 15 FILED AS OF DATE: 20180710 DATE AS OF CHANGE: 20180710 EFFECTIVENESS DATE: 20180710 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: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-134468 FILM NUMBER: 18946129 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 S000012972 Federated MDT Small Cap Core Fund C000035058 Class A Shares QASCX C000035059 Class C Shares QCSCX C000035060 Institutional Shares QISCX C000170839 Class R6 Shares C000188308 Class T Shares QTSCX 0001363526 S000012973 Federated MDT Small Cap Growth Fund C000035061 Class A Shares QASGX C000035062 Class C Shares QCSGX C000035063 Institutional Shares QISGX C000170840 Class R6 Shares QLSGX C000188309 Class T Shares QTSGX 497 1 form.htm

 

 

Federated MDT Small Cap Core Fund

Class A Shares

Class C Shares

Institutional Shares

Class R6 Shares

Class T Shares

Federated MDT Small Cap Growth Fund

Class A Shares

Class C Shares

Institutional Shares

Class R6 Shares

Class T Shares

Portfolio of Federated MDT Series

 

This Rule 497(e) filing is submitted for the sole purpose of submitting the XBRL Interactive Data File exhibits for the revised Risk/Return Summary of the above-named Funds and Classes.  This Interactive Data File relates to, and incorporates by reference, the supplement to the Prospectus for the Funds and Classes filed pursuant to Rule 497(e) on June 28, 2018, Accession No. 0001623632-18-000808. The exhibits filed herewith do not constitute the complete publicly filed disclosure for the Funds and their Classes, and should be used in conjunction with the complete prospectuses for the Funds and their Classes, as revised.

 

Exhibit List for Interactive Data File Submissions.

 

 

EX-101.INS INSTANCE
EX-101.SCH SCHEMA
EX-101.DEF DEFINITION LINKBASE
EX-101.LAB LABEL LINKBASE
EX-101.PRE PRESENTATION LINKBASE

 

 

 

 

EX-101.INS 2 fms-20180628.xml XBRL INSTANCE FILE 0001363526 2017-09-30 2017-09-30 0001363526 fms:ClassCISR6SharesMember fms:S000012972Member 2017-09-30 2017-09-30 0001363526 fms:ClassTSharesMember fms:S000012972Member 2017-09-30 2017-09-30 0001363526 fms:ClassCISR6SharesMember fms:S000012973Member 2017-09-30 2017-09-30 0001363526 fms:ClassTSharesMember fms:S000012973Member 2017-09-30 2017-09-30 2017-09-30 497 2017-07-31 Federated MDT Series 0001363526 false 2018-06-28 2018-06-28 <div>Federated MDT Small Cap Core Fund</div> <p>A Portfolio of Federated MDT Series</p> <p>CLASS A SHARES (TICKER QASCX)<br/>CLASS C SHARES (TICKER QCSCX)<br/>INSTITUTIONAL SHARES (TICKER QISCX)<br/>CLASS R6 SHARES (TICKER QLSCX)</p> <p>SUPPLEMENT TO PROSPECTUS DATED SEPTEMBER 30, 2017 </p> <p>The Board of Trustees of Federated MDT Small Cap Core Fund (the "Fund") has approved a reduction in the Fund's management fee from 0.99% to 0.85% of the Fund's average daily net assets effective June 28, 2018:</p> <p>1. Under the section entitled "<b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b>," please replace the "<b>Fee Table</b>" and "<b>Example</b>" in their entirety with the following:</p> <p>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), Institutional Shares (IS) and Class R6 Shares (R6). 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, in the "What Do Shares Cost?" section of the Prospectus on page 9 and in "Appendix B" to this Prospectus. If you purchase the Fund's IS or R6 Shares through a broker acting as an agent on behalf of its customers, you may be required to pay a commission to such broker; such commissions, if any, are not reflected in the Example below.</p> <table> <tr> <td valign="top" align="left"> <b>Shareholder Fees (fees paid directly from your investment)</b> <br/> </td> <td valign="top" align="left"> <b>A</b> </td> <td valign="top" align="left"> <b>C</b> </td> <td valign="top" align="left"> <b>IS</b> </td> <td valign="top" align="left"> <b>R6</b> </td> </tr> <tr> <td valign="top" align="left">Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)</td> <td valign="top" align="left">5.50%</td> <td valign="top" align="left">None</td> <td valign="top" align="left">None</td> <td valign="top" align="left">None</td> </tr> <tr> <td valign="top" align="left">Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable)</td> <td valign="top" align="left">0.00%</td> <td valign="top" align="left">1.00%</td> <td valign="top" align="left">None</td> <td valign="top" align="left">None</td> </tr> <tr> <td valign="top" align="left">Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price)</td> <td valign="top" align="left">None</td> <td valign="top" align="left">None</td> <td valign="top" align="left">None</td> <td valign="top" align="left">None</td> </tr> <tr> <td valign="top" align="left">Redemption Fee (as a percentage of amount redeemed, if applicable)</td> <td valign="top" align="left">None</td> <td valign="top" align="left">None</td> <td valign="top" align="left">None</td> <td valign="top" align="left">None</td> </tr> <tr> <td valign="top" align="left">Exchange Fee</td> <td valign="top" align="left">None</td> <td valign="top" align="left">None</td> <td valign="top" align="left">None</td> <td valign="top" align="left">None</td> </tr> <tr> <td valign="top" align="left"> <b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b> <br/> </td> <td valign="top" align="left"> </td><td valign="top" align="left"> </td><td valign="top" align="left"> </td><td valign="top" align="left"> </td></tr> <tr> <td valign="top" align="left">Management Fee<sup>1</sup></td> <td valign="top" align="left">0.85%</td> <td valign="top" align="left">0.85%</td> <td valign="top" align="left">0.85%</td> <td valign="top" align="left">0.85%</td> </tr> <tr> <td valign="top" align="left">Distribution (12b-1) Fee</td> <td valign="top" align="left">0.00%<sup>2</sup></td> <td valign="top" align="left">0.75%</td> <td valign="top" align="left">None</td> <td valign="top" align="left">0.00%</td> </tr> <tr> <td valign="top" align="left">Other Expenses</td> <td valign="top" align="left">0.70%</td> <td valign="top" align="left">0.72%</td> <td valign="top" align="left">0.43%</td> <td valign="top" align="left">0.30%</td> </tr> <tr> <td valign="top" align="left">Acquired Fund Fees and Expenses</td> <td valign="top" align="left">0.01%</td> <td valign="top" align="left">0.01%</td> <td valign="top" align="left">0.01%</td> <td valign="top" align="left">0.01%</td> </tr> <tr> <td valign="top" align="left">Total Annual Fund Operating Expenses<sup>1</sup></td> <td valign="top" align="left">1.56%</td> <td valign="top" align="left">2.33%</td> <td valign="top" align="left">1.29%</td> <td valign="top" align="left">1.16%</td> </tr> <tr> <td valign="top" align="left">Fee Waivers and/or Expense Reimbursements<sup>1,3</sup></td> <td valign="top" align="left">(0.41)%</td> <td valign="top" align="left">(0.43)%</td> <td valign="top" align="left">(0.39)%</td> <td valign="top" align="left">(0.27)%</td> </tr> <tr> <td valign="top" align="left">Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements</td> <td valign="top" align="left">1.15%</td> <td valign="top" align="left">1.90%</td> <td valign="top" align="left">0.90%</td> <td valign="top" align="left">0.89%</td> </tr> </table> <p>1The Management Fee, Total Annual Fund Operating Expenses and Fee Waivers and/or Expense Reimbursements have been restated to reflect current fees due to a reduction in the stated, gross Management Fee for the Fund.</p> <p>2The Fund has adopted a Distribution (12b-1) Plan for its Class A Shares pursuant to which the A class of the Fund may incur or charge a Distribution (12b-1) fee of up to a maximum amount of 0.05%. No such fee is currently incurred or charged by the A class of the Fund. The A class of the Fund will not incur or charge such a Distribution (12b-1) fee until such time as approved by the Fund's Board of Trustees (the "Trustees").</p> <p>3The Adviser and certain of its affiliates, on their own initiative, have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding Acquired Fund Fees and Expenses, interest expense, extraordinary expenses, line of credit expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's A, C, IS and R6 classes (after the voluntary waivers and/or reimbursements) will not exceed 1.13%,1.88%, 0.88% and 0.87% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) October 1, 2018; 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 Trustees.</p> <p></p> <h3>Example</h3> <p>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p>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:</p> <table> <tr> <td valign="top" align="left">Share Class</td> <td valign="top" align="left">1 Year</td> <td valign="top" align="left">3 Years</td> <td valign="top" align="left">5 Years</td> <td valign="top" align="left">10 Years</td> </tr> <tr> <td valign="top" align="left"> <b>A:</b> </td> <td valign="top" align="left"></td> <td valign="top" align="left"></td> <td valign="top" align="left"></td> <td valign="top" align="left"></td> </tr> <tr> <td valign="top" align="left">Expenses assuming redemption</td> <td valign="top" align="left">$700</td> <td valign="top" align="left">$1,016</td> <td valign="top" align="left">$1,353</td> <td valign="top" align="left">$2,304</td> </tr> <tr> <td valign="top" align="left">Expenses assuming no redemption</td> <td valign="top" align="left">$700</td> <td valign="top" align="left">$1,016</td> <td valign="top" align="left">$1,353</td> <td valign="top" align="left">$2,304</td> </tr> <tr> <td valign="top" align="left"> <b>C:</b> </td> <td valign="top" align="left"></td> <td valign="top" align="left"></td> <td valign="top" align="left"></td> <td valign="top" align="left"></td> </tr> <tr> <td valign="top" align="left">Expenses assuming redemption</td> <td valign="top" align="left">$336</td> <td valign="top" align="left">$727</td> <td valign="top" align="left">$1,245</td> <td valign="top" align="left">$2,666</td> </tr> <tr> <td valign="top" align="left">Expenses assuming no redemption</td> <td valign="top" align="left">$236</td> <td valign="top" align="left">$727</td> <td valign="top" align="left">$1,245</td> <td valign="top" align="left">$2,666</td> </tr> <tr> <td valign="top" align="left"> <b>IS:</b> </td> <td valign="top" align="left"> </td><td valign="top" align="left"> </td><td valign="top" align="left"> </td><td valign="top" align="left"> </td></tr> <tr> <td valign="top" align="left">Expenses assuming redemption</td> <td valign="top" align="left">$131</td> <td valign="top" align="left">$409</td> <td valign="top" align="left">$708</td> <td valign="top" align="left">$1,556</td> </tr> <tr> <td valign="top" align="left">Expenses assuming no redemption</td> <td valign="top" align="left">$131</td> <td valign="top" align="left">$409</td> <td valign="top" align="left">$708</td> <td valign="top" align="left">$1,556</td> </tr> <tr> <td valign="top" align="left"> <b>R6</b> </td> <td valign="top" align="left"> </td><td valign="top" align="left"> </td><td valign="top" align="left"> </td><td valign="top" align="left"> </td></tr> <tr> <td valign="top" align="left">Expenses assuming redemption</td> <td valign="top" align="left">$118</td> <td valign="top" align="left">$368</td> <td valign="top" align="left">$638</td> <td valign="top" align="left">$1,409</td> </tr> <tr> <td valign="top" align="left">Expenses assuming no redemption</td> <td valign="top" align="left">$118</td> <td valign="top" align="left">$368</td> <td valign="top" align="left">$638</td> <td valign="top" align="left">$1,409</td> </tr> </table> <br/> <p>Federated MDT Small Cap Core Fund</p> <p>A Portfolio of Federated MDT Series</p> <p>CLASS T SHARES (TICKER QTSCX)</p> <p>SUPPLEMENT TO PROSPECTUS DATED SEPTEMBER 30, 2017 </p> <p>The Board of Trustees of Federated MDT Small Cap Core Fund (the "Fund") has approved a reduction in the Fund's management fee from 0.99% to 0.85% of the Fund's average daily net assets effective June 28, 2018:</p> <p>1. Under the section entitled "<b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b>," please replace the "<b>Fee Table</b>" and "<b>Example</b>" in their entirety with the following:</p> <p>This table describes the fees and expenses that you may pay if you buy and hold the Fund's Class T Shares (T).</p> <table> <tr> <td valign="top" align="left"> <b>Shareholder Fees (fees paid directly from your investment)</b> <br/> </td> <td valign="top" align="left"> <b>T</b> </td> </tr> <tr> <td valign="top" align="left">Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)</td> <td valign="top" align="left">2.50%</td> </tr> <tr> <td valign="top" align="left">Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable)</td> <td valign="top" align="left">None</td> </tr> <tr> <td valign="top" align="left">Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions)(as a percentage of offering price)</td> <td valign="top" align="left">None</td> </tr> <tr> <td valign="top" align="left">Redemption Fee (as a percentage of amount redeemed, if applicable)</td> <td valign="top" align="left">None</td> </tr> <tr> <td valign="top" align="left">Exchange Fee</td> <td valign="top" align="left">None</td> </tr> <tr> <td valign="top" align="left"> <b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b> <br/> </td> <td valign="top" align="left"> </td></tr> <tr> <td valign="top" align="left">Management Fee<sup>1</sup></td> <td valign="top" align="left">0.85%</td> </tr> <tr> <td valign="top" align="left">Distribution (12b-1) Fee</td> <td valign="top" align="left">None</td> </tr> <tr> <td valign="top" align="left">Other Expenses<sup>2</sup></td> <td valign="top" align="left">0.70%</td> </tr> <tr> <td valign="top" align="left">Acquired Fund Fees and Expenses</td> <td valign="top" align="left">0.01%</td> </tr> <tr> <td valign="top" align="left">Total Annual Fund Operating Expenses<sup>1</sup></td> <td valign="top" align="left">1.56%</td> </tr> <tr> <td valign="top" align="left">Fee Waivers and/or Expense Reimbursements<sup>1,3</sup></td> <td valign="top" align="left">(0.41)%</td> </tr> <tr> <td valign="top" align="left">Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements</td> <td valign="top" align="left">1.15%</td> </tr> </table><br/> <p>1The Management Fee, Total Annual Fund Operating Expenses and Fee Waivers and/or Expense Reimbursements have been restated to reflect current fees due to a reduction in the stated, gross Management Fee for the Fund.</p> <p>2Because the Fund's T Shares are new, "Other Expenses" are based on estimated amounts for the current fiscal year.</p> <p>3The Adviser and certain of its affiliates, on their own initiative, have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding Acquired Fund Fees and Expenses, interest expense, extraordinary expenses, line of credit expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's T class (after the voluntary waivers and/or reimbursements) will not exceed 1.13% (the "Fee Limit"), up to but not including the later of (the "Termination Date"): (a) October 1, 2018;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.</p> <h3>Example</h3> <p>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p>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. 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:</p> <table> <tr> <td valign="top" align="left">1 Year</td> <td valign="top" align="left">$405</td> </tr> <tr> <td valign="top" align="left">3 Years</td> <td valign="top" align="left">$730</td> </tr> <tr> <td valign="top" align="left">5 Years</td> <td valign="top" align="left">$1,079</td> </tr> <tr> <td valign="top" align="left">10 Years</td> <td valign="top" align="left">$2,060</td> </tr> </table> <br/><p>Federated MDT Small Cap Growth Fund</p> <p>A Portfolio of Federated MDT Series</p> <p>CLASS A SHARES (TICKER QASGX)<br/>CLASS C SHARES (TICKER QCSGX)<br/>INSTITUTIONAL SHARES (TICKER QISGX)<br/>CLASS R6 SHARES (TICKER QLSGX)</p> <p>SUPPLEMENT TO PROSPECTUS DATED SEPTEMBER 30, 2017 </p> <p>The Board of Trustees of Federated MDT Small Cap Growth Fund (the "Fund") has approved a reduction in the Fund's management fee from 0.99% to 0.85% of the Fund's average daily net assets effective June 28, 2018:</p> <p>1. Under the section entitled "<b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b>," please replace the "<b>Fee Table</b>" and "<b>Example</b>" in their entirety with the following:</p> <p>This table describes the fees and expenses that you may pay if you buy and hold Class A Shares (A), Class C Shares (C), Institutional Shares (IS) and Class R6 Shares (R6) 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, in the "What Do Shares Cost?" section of the Prospectus on page 8 and in "Appendix B" to this Prospectus. If you purchase the Fund's IS or R6 Shares through a broker acting as an agent on behalf of its customers, you may be required to pay a commission to such broker; such commissions, if any, are not reflected in the Example below.</p> <table> <tr> <td valign="top" align="left"> <b>Shareholder Fees (fees paid directly from your investment)</b> <br/> </td> <td valign="top" align="left"> <b>A</b> </td> <td valign="top" align="left"> <b>C</b> </td> <td valign="top" align="left"> <b>IS</b> </td> <td valign="top" align="left"> <b>R6</b> </td> </tr> <tr> <td valign="top" align="left">Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of&nbsp;offering price)</td> <td valign="top" align="left">5.50%</td> <td valign="top" align="left"> None</td> <td valign="top" align="left"> None</td> <td valign="top" align="left"> None</td> </tr> <tr> <td valign="top" align="left">Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable)</td> <td valign="top" align="left">0.00%</td> <td valign="top" align="left"> 1.00%</td> <td valign="top" align="left"> None</td> <td valign="top" align="left"> None</td> </tr> <tr> <td valign="top" align="left">Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and&nbsp;other&nbsp;Distributions) (as a percentage of offering price)</td> <td valign="top" align="left">None</td> <td valign="top" align="left"> None</td> <td valign="top" align="left"> None</td> <td valign="top" align="left"> None</td> </tr> <tr> <td valign="top" align="left">Redemption Fee (as a percentage of amount redeemed, if applicable)</td> <td valign="top" align="left">None</td> <td valign="top" align="left"> None</td> <td valign="top" align="left"> None</td> <td valign="top" align="left"> None</td> </tr> <tr> <td valign="top" align="left">Exchange Fee</td> <td valign="top" align="left">None</td> <td valign="top" align="left"> None</td> <td valign="top" align="left"> None</td> <td valign="top" align="left"> None</td> </tr> <tr> <td valign="top" align="left"> <b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b> <br/> </td> <td valign="top" align="left"></td> <td valign="top" align="left"></td> <td valign="top" align="left"></td> <td valign="top" align="left"> </td></tr> <tr> <td valign="top" align="left">Management Fee<sup>1</sup></td> <td valign="top" align="left">0.85%</td> <td valign="top" align="left">0.85%</td> <td valign="top" align="left">0.85%</td> <td valign="top" align="left">0.85%</td> </tr> <tr> <td valign="top" align="left">Distribution (12b-1) Fee</td> <td valign="top" align="left">0.00%<sup>2</sup></td> <td valign="top" align="left">0.75%</td> <td valign="top" align="left">None</td> <td valign="top" align="left">None</td> </tr> <tr> <td valign="top" align="left">Other Expenses</td> <td valign="top" align="left">0.86%</td> <td valign="top" align="left">0.82%</td> <td valign="top" align="left">0.54%</td> <td valign="top" align="left">0.31%</td> </tr> <tr> <td valign="top" align="left">Acquired Fund Fees and Expenses</td> <td valign="top" align="left">0.01%</td> <td valign="top" align="left">0.01%</td> <td valign="top" align="left">0.01%</td> <td valign="top" align="left">0.01%</td> </tr> <tr> <td valign="top" align="left">Total Annual Fund Operating Expenses<sup>1</sup></td> <td valign="top" align="left">1.72%</td> <td valign="top" align="left">2.43%</td> <td valign="top" align="left">1.40%</td> <td valign="top" align="left">1.17%</td> </tr> <tr> <td valign="top" align="left">Fee Waivers and/or Expense Reimbursements<sup>1,3</sup></td> <td valign="top" align="left">(0.56)%</td> <td valign="top" align="left">(0.52)%</td> <td valign="top" align="left">(0.49)%</td> <td valign="top" align="left">(0.28)%</td> </tr> <tr> <td valign="top" align="left">Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements<sup></sup></td> <td valign="top" align="left">1.16%</td> <td valign="top" align="left">1.91%</td> <td valign="top" align="left">0.91%</td> <td valign="top" align="left">0.89%</td> </tr> </table> <p>1The Management Fee, Total Annual Fund Operating Expenses and Fee Waivers and/or Expense Reimbursements have been restated to reflect current fees due to a reduction in the stated, gross Management Fee for the Fund.</p> <p>2The Fund has adopted a Distribution (12b-1) Plan for its Class A Shares pursuant to which the A class of the Fund may incur or charge a Distribution (12b-1) fee of up to a maximum amount of 0.05%. No such fee is currently incurred or charged by the A class of the Fund. The A class of the Fund will not incur or charge such a Distribution (12b-1) fee until such time as approved by the Fund's Board of Trustees (the "Trustees").</p> <p>3The Adviser and certain of its affiliates on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding Acquired Fund Fees and Expenses, interest expense, extraordinary expenses, line of credit expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's A, C, IS and R6 classes (after the voluntary waivers and/or reimbursements) will not exceed 1.13%, 1.88%, 0.88% and 0.87% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) October 1, 2018; 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 Trustees.</p> <h3>Example</h3> <p>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual&nbsp;funds.</p> <p>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: </p> <table> <tr> <td valign="top" align="left"> </td><td valign="top" align="left">1 Year</td> <td valign="top" align="left">3 Years</td> <td valign="top" align="left">5 Years</td> <td valign="top" align="left">10 Years</td> </tr> <tr> <td valign="top" align="left"> <b>A:</b> </td> <td valign="top" align="left"> </td><td valign="top" align="left"> </td><td valign="top" align="left"> </td><td valign="top" align="left"> </td></tr> <tr> <td valign="top" align="left">Expenses assuming redemption</td> <td valign="top" align="left">$715</td> <td valign="top" align="left">$1,062 </td> <td valign="top" align="left">$1,432 </td> <td valign="top" align="left">$2,469 </td> </tr> <tr> <td valign="top" align="left">Expenses assuming no redemption</td> <td valign="top" align="left">$715 </td> <td valign="top" align="left">$1,062 </td> <td valign="top" align="left">$1,432 </td> <td valign="top" align="left">$2,469 </td> </tr> <tr> <td valign="top" align="left"> <b>C:</b> </td> <td valign="top" align="left"> </td><td valign="top" align="left"> </td><td valign="top" align="left"> </td><td valign="top" align="left"> </td></tr> <tr> <td valign="top" align="left">Expenses assuming redemption</td> <td valign="top" align="left">$346</td> <td valign="top" align="left">$758</td> <td valign="top" align="left">$1,296</td> <td valign="top" align="left">$2,766</td> </tr> <tr> <td valign="top" align="left">Expenses assuming no redemption</td> <td valign="top" align="left">$246</td> <td valign="top" align="left">$758</td> <td valign="top" align="left">$1,296</td> <td valign="top" align="left">$2,766</td> </tr> <tr> <td valign="top" align="left"> <b>IS:</b> </td> <td valign="top" align="left"> </td><td valign="top" align="left"> </td><td valign="top" align="left"> </td><td valign="top" align="left"> </td></tr> <tr> <td valign="top" align="left">Expenses assuming redemption</td> <td valign="top" align="left">$143</td> <td valign="top" align="left">$443</td> <td valign="top" align="left">$766</td> <td valign="top" align="left">$1,680</td> </tr> <tr> <td valign="top" align="left">Expenses assuming no redemption</td> <td valign="top" align="left">$143</td> <td valign="top" align="left">$443</td> <td valign="top" align="left">$766</td> <td valign="top" align="left">$1,680</td> </tr> <tr> <td valign="top" align="left"> <b>R6:</b> </td> <td valign="top" align="left"> </td><td valign="top" align="left"> </td><td valign="top" align="left"> </td><td valign="top" align="left"> </td></tr> <tr> <td valign="top" align="left">Expenses assuming redemption</td> <td valign="top" align="left">$119</td> <td valign="top" align="left">$372</td> <td valign="top" align="left">$644</td> <td valign="top" align="left">$1,420</td> </tr> <tr> <td valign="top" align="left">Expenses assuming no redemption</td> <td valign="top" align="left">$119</td> <td valign="top" align="left">$372</td> <td valign="top" align="left">$644</td> <td valign="top" align="left">$1,420</td> </tr> </table><br/> <p>Federated MDT Small Cap Growth Fund</p> <p>A Portfolio of Federated MDT Series</p> <p>CLASS T SHARES (TICKER QTSGX)</p> <p>SUPPLEMENT TO PROSPECTUS DATED SEPTEMBER 30, 2017 </p> <p>The Board of Trustees of Federated MDT Small Cap Growth Fund (the "Fund") has approved a reduction in the Fund's management fee from 0.99% to 0.85% of the Fund's average daily net assets effective June 28, 2018:</p> <p>1. Under the section entitled "<b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b>," please replace the "<b>Fee Table</b>" and "<b>Example</b>" in their entirety with the following:</p> <p>This table describes the fees and expenses that you may pay if you buy and hold Class T Shares (T) of the Fund.</p> <table> <tr> <td valign="top" align="left"> <b>Shareholder Fees (fees paid directly from your investment)</b> <br/> </td> <td valign="top" align="left"> <b>T</b> </td> </tr> <tr> <td valign="top" align="left">Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of&nbsp;offering price)</td> <td valign="top" align="left">2.50%</td> </tr> <tr> <td valign="top" align="left">Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable)</td> <td valign="top" align="left">None</td> </tr> <tr> <td valign="top" align="left">Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and&nbsp;other&nbsp;Distributions) (as a percentage of offering price)</td> <td valign="top" align="left">None</td> </tr> <tr> <td valign="top" align="left">Redemption Fee (as a percentage of amount redeemed, if applicable)</td> <td valign="top" align="left">None</td> </tr> <tr> <td valign="top" align="left">Exchange Fee</td> <td valign="top" align="left">None</td> </tr> <tr> <td valign="top" align="left"> <b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b> <br/> </td> <td valign="top" align="left"></td> </tr> <tr> <td valign="top" align="left">Management Fee<sup>1</sup></td> <td valign="top" align="left">0.85%</td> </tr> <tr> <td valign="top" align="left">Distribution (12b-1) Fee</td> <td valign="top" align="left">None</td> </tr> <tr> <td valign="top" align="left">Other Expenses<sup>2</sup></td> <td valign="top" align="left">0.86%</td> </tr> <tr> <td valign="top" align="left">Acquired Fund Fees and Expenses</td> <td valign="top" align="left">0.01%</td> </tr> <tr> <td valign="top" align="left">Total Annual Fund Operating Expenses<sup>1</sup></td> <td valign="top" align="left">1.72%</td> </tr> <tr> <td valign="top" align="left">Fee Waivers and/or Expense Reimbursements<sup>1,3</sup></td> <td valign="top" align="left">(0.56)%</td> </tr> <tr> <td valign="top" align="left">Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements<sup></sup></td> <td valign="top" align="left">1.16%</td> </tr> </table><br/><p>1The Management Fee, Total Annual Fund Operating Expenses and Fee Waivers and/or Expense Reimbursements have been restated to reflect current fees due to a reduction in the stated, gross Management Fee for the Fund.</p> <p>2Because the Fund's T Shares are new, "Other Expenses" are based on estimated amounts for the current fiscal year.</p> <p>3The Adviser and certain of its affiliates, on their own initiative, have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding Acquired Fund Fees and Expenses, interest expense, extraordinary expenses, line of credit expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's T class (after the voluntary waivers and/or reimbursements) will not exceed 1.13% (the "Fee Limit") up to but not including the later of (the "Termination Date"): (a) October 1, 2018; 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 Trustees.</p> <h3>Example</h3> <p>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual&nbsp;funds.</p> <p>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. 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: </p> <table> <tr> <td valign="top" align="left">1 Year</td> <td valign="top" align="left">$420</td> </tr> <tr> <td valign="top" align="left">3 Years</td> <td valign="top" align="left">$778</td> </tr> <tr> <td valign="top" align="left">5 Years</td> <td valign="top" align="left">$1,160</td> </tr> <tr> <td valign="top" align="left">10 Years</td> <td valign="top" align="left">$2,229</td> </tr> </table> <div>Federated MDT Small Cap Core Fund</div> <p>A Portfolio of Federated MDT Series</p> <p>CLASS A SHARES (TICKER QASCX)<br/>CLASS C SHARES (TICKER QCSCX)<br/>INSTITUTIONAL SHARES (TICKER QISCX)<br/>CLASS R6 SHARES (TICKER QLSCX)</p> <p>SUPPLEMENT TO PROSPECTUS DATED SEPTEMBER 30, 2017 </p> <p>The Board of Trustees of Federated MDT Small Cap Core Fund (the "Fund") has approved a reduction in the Fund's management fee from 0.99% to 0.85% of the Fund's average daily net assets effective June 28, 2018:</p> <p>1. Under the section entitled "<b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b>," please replace the "<b>Fee Table</b>" and "<b>Example</b>" in their entirety with the following:</p> <p>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), Institutional Shares (IS) and Class R6 Shares (R6). 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, in the "What Do Shares Cost?" section of the Prospectus on page 9 and in "Appendix B" to this Prospectus. If you purchase the Fund's IS or R6 Shares through a broker acting as an agent on behalf of its customers, you may be required to pay a commission to such broker; such commissions, if any, are not reflected in the Example below.</p> <table> <tr> <td valign="top" align="left"> <b>Shareholder Fees (fees paid directly from your investment)</b> <br/> </td> <td valign="top" align="left"> <b>A</b> </td> <td valign="top" align="left"> <b>C</b> </td> <td valign="top" align="left"> <b>IS</b> </td> <td valign="top" align="left"> <b>R6</b> </td> </tr> <tr> <td valign="top" align="left">Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)</td> <td valign="top" align="left">5.50%</td> <td valign="top" align="left">None</td> <td valign="top" align="left">None</td> <td valign="top" align="left">None</td> </tr> <tr> <td valign="top" align="left">Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable)</td> <td valign="top" align="left">0.00%</td> <td valign="top" align="left">1.00%</td> <td valign="top" align="left">None</td> <td valign="top" align="left">None</td> </tr> <tr> <td valign="top" align="left">Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price)</td> <td valign="top" align="left">None</td> <td valign="top" align="left">None</td> <td valign="top" align="left">None</td> <td valign="top" align="left">None</td> </tr> <tr> <td valign="top" align="left">Redemption Fee (as a percentage of amount redeemed, if applicable)</td> <td valign="top" align="left">None</td> <td valign="top" align="left">None</td> <td valign="top" align="left">None</td> <td valign="top" align="left">None</td> </tr> <tr> <td valign="top" align="left">Exchange Fee</td> <td valign="top" align="left">None</td> <td valign="top" align="left">None</td> <td valign="top" align="left">None</td> <td valign="top" align="left">None</td> </tr> <tr> <td valign="top" align="left"> <b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b> <br/> </td> <td valign="top" align="left"> </td><td valign="top" align="left"> </td><td valign="top" align="left"> </td><td valign="top" align="left"> </td></tr> <tr> <td valign="top" align="left">Management Fee<sup>1</sup></td> <td valign="top" align="left">0.85%</td> <td valign="top" align="left">0.85%</td> <td valign="top" align="left">0.85%</td> <td valign="top" align="left">0.85%</td> </tr> <tr> <td valign="top" align="left">Distribution (12b-1) Fee</td> <td valign="top" align="left">0.00%<sup>2</sup></td> <td valign="top" align="left">0.75%</td> <td valign="top" align="left">None</td> <td valign="top" align="left">0.00%</td> </tr> <tr> <td valign="top" align="left">Other Expenses</td> <td valign="top" align="left">0.70%</td> <td valign="top" align="left">0.72%</td> <td valign="top" align="left">0.43%</td> <td valign="top" align="left">0.30%</td> </tr> <tr> <td valign="top" align="left">Acquired Fund Fees and Expenses</td> <td valign="top" align="left">0.01%</td> <td valign="top" align="left">0.01%</td> <td valign="top" align="left">0.01%</td> <td valign="top" align="left">0.01%</td> </tr> <tr> <td valign="top" align="left">Total Annual Fund Operating Expenses<sup>1</sup></td> <td valign="top" align="left">1.56%</td> <td valign="top" align="left">2.33%</td> <td valign="top" align="left">1.29%</td> <td valign="top" align="left">1.16%</td> </tr> <tr> <td valign="top" align="left">Fee Waivers and/or Expense Reimbursements<sup>1,3</sup></td> <td valign="top" align="left">(0.41)%</td> <td valign="top" align="left">(0.43)%</td> <td valign="top" align="left">(0.39)%</td> <td valign="top" align="left">(0.27)%</td> </tr> <tr> <td valign="top" align="left">Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements</td> <td valign="top" align="left">1.15%</td> <td valign="top" align="left">1.90%</td> <td valign="top" align="left">0.90%</td> <td valign="top" align="left">0.89%</td> </tr> </table> <p>1The Management Fee, Total Annual Fund Operating Expenses and Fee Waivers and/or Expense Reimbursements have been restated to reflect current fees due to a reduction in the stated, gross Management Fee for the Fund.</p> <p>2The Fund has adopted a Distribution (12b-1) Plan for its Class A Shares pursuant to which the A class of the Fund may incur or charge a Distribution (12b-1) fee of up to a maximum amount of 0.05%. No such fee is currently incurred or charged by the A class of the Fund. The A class of the Fund will not incur or charge such a Distribution (12b-1) fee until such time as approved by the Fund's Board of Trustees (the "Trustees").</p> <p>3The Adviser and certain of its affiliates, on their own initiative, have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding Acquired Fund Fees and Expenses, interest expense, extraordinary expenses, line of credit expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's A, C, IS and R6 classes (after the voluntary waivers and/or reimbursements) will not exceed 1.13%,1.88%, 0.88% and 0.87% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) October 1, 2018; 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 Trustees.</p> <p></p> <h3>Example</h3> <p>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p>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:</p> <table> <tr> <td valign="top" align="left">Share Class</td> <td valign="top" align="left">1 Year</td> <td valign="top" align="left">3 Years</td> <td valign="top" align="left">5 Years</td> <td valign="top" align="left">10 Years</td> </tr> <tr> <td valign="top" align="left"> <b>A:</b> </td> <td valign="top" align="left"></td> <td valign="top" align="left"></td> <td valign="top" align="left"></td> <td valign="top" align="left"></td> </tr> <tr> <td valign="top" align="left">Expenses assuming redemption</td> <td valign="top" align="left">$700</td> <td valign="top" align="left">$1,016</td> <td valign="top" align="left">$1,353</td> <td valign="top" align="left">$2,304</td> </tr> <tr> <td valign="top" align="left">Expenses assuming no redemption</td> <td valign="top" align="left">$700</td> <td valign="top" align="left">$1,016</td> <td valign="top" align="left">$1,353</td> <td valign="top" align="left">$2,304</td> </tr> <tr> <td valign="top" align="left"> <b>C:</b> </td> <td valign="top" align="left"></td> <td valign="top" align="left"></td> <td valign="top" align="left"></td> <td valign="top" align="left"></td> </tr> <tr> <td valign="top" align="left">Expenses assuming redemption</td> <td valign="top" align="left">$336</td> <td valign="top" align="left">$727</td> <td valign="top" align="left">$1,245</td> <td valign="top" align="left">$2,666</td> </tr> <tr> <td valign="top" align="left">Expenses assuming no redemption</td> <td valign="top" align="left">$236</td> <td valign="top" align="left">$727</td> <td valign="top" align="left">$1,245</td> <td valign="top" align="left">$2,666</td> </tr> <tr> <td valign="top" align="left"> <b>IS:</b> </td> <td valign="top" align="left"> </td><td valign="top" align="left"> </td><td valign="top" align="left"> </td><td valign="top" align="left"> </td></tr> <tr> <td valign="top" align="left">Expenses assuming redemption</td> <td valign="top" align="left">$131</td> <td valign="top" align="left">$409</td> <td valign="top" align="left">$708</td> <td valign="top" align="left">$1,556</td> </tr> <tr> <td valign="top" align="left">Expenses assuming no redemption</td> <td valign="top" align="left">$131</td> <td valign="top" align="left">$409</td> <td valign="top" align="left">$708</td> <td valign="top" align="left">$1,556</td> </tr> <tr> <td valign="top" align="left"> <b>R6</b> </td> <td valign="top" align="left"> </td><td valign="top" align="left"> </td><td valign="top" align="left"> </td><td valign="top" align="left"> </td></tr> <tr> <td valign="top" align="left">Expenses assuming redemption</td> <td valign="top" align="left">$118</td> <td valign="top" align="left">$368</td> <td valign="top" align="left">$638</td> <td valign="top" align="left">$1,409</td> </tr> <tr> <td valign="top" align="left">Expenses assuming no redemption</td> <td valign="top" align="left">$118</td> <td valign="top" align="left">$368</td> <td valign="top" align="left">$638</td> <td valign="top" align="left">$1,409</td> </tr> </table> <div>Federated MDT Small Cap Core Fund</div> <p>A Portfolio of Federated MDT Series</p> <p>CLASS T SHARES (TICKER QTSCX)</p> <p>SUPPLEMENT TO PROSPECTUS DATED SEPTEMBER 30, 2017 </p> <p>The Board of Trustees of Federated MDT Small Cap Core Fund (the "Fund") has approved a reduction in the Fund's management fee from 0.99% to 0.85% of the Fund's average daily net assets effective June 28, 2018:</p> <p>1. Under the section entitled "<b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b>," please replace the "<b>Fee Table</b>" and "<b>Example</b>" in their entirety with the following:</p> <p>This table describes the fees and expenses that you may pay if you buy and hold the Fund's Class T Shares (T).</p> <table> <tr> <td valign="top" align="left"> <b>Shareholder Fees (fees paid directly from your investment)</b> <br/> </td> <td valign="top" align="left"> <b>T</b> </td> </tr> <tr> <td valign="top" align="left">Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)</td> <td valign="top" align="left">2.50%</td> </tr> <tr> <td valign="top" align="left">Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable)</td> <td valign="top" align="left">None</td> </tr> <tr> <td valign="top" align="left">Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions)(as a percentage of offering price)</td> <td valign="top" align="left">None</td> </tr> <tr> <td valign="top" align="left">Redemption Fee (as a percentage of amount redeemed, if applicable)</td> <td valign="top" align="left">None</td> </tr> <tr> <td valign="top" align="left">Exchange Fee</td> <td valign="top" align="left">None</td> </tr> <tr> <td valign="top" align="left"> <b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b> <br/> </td> <td valign="top" align="left"> </td></tr> <tr> <td valign="top" align="left">Management Fee<sup>1</sup></td> <td valign="top" align="left">0.85%</td> </tr> <tr> <td valign="top" align="left">Distribution (12b-1) Fee</td> <td valign="top" align="left">None</td> </tr> <tr> <td valign="top" align="left">Other Expenses<sup>2</sup></td> <td valign="top" align="left">0.70%</td> </tr> <tr> <td valign="top" align="left">Acquired Fund Fees and Expenses</td> <td valign="top" align="left">0.01%</td> </tr> <tr> <td valign="top" align="left">Total Annual Fund Operating Expenses<sup>1</sup></td> <td valign="top" align="left">1.56%</td> </tr> <tr> <td valign="top" align="left">Fee Waivers and/or Expense Reimbursements<sup>1,3</sup></td> <td valign="top" align="left">(0.41)%</td> </tr> <tr> <td valign="top" align="left">Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements</td> <td valign="top" align="left">1.15%</td> </tr> </table> <p>1The Management Fee, Total Annual Fund Operating Expenses and Fee Waivers and/or Expense Reimbursements have been restated to reflect current fees due to a reduction in the stated, gross Management Fee for the Fund.</p> <p>2Because the Fund's T Shares are new, "Other Expenses" are based on estimated amounts for the current fiscal year.</p> <p>3The Adviser and certain of its affiliates, on their own initiative, have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding Acquired Fund Fees and Expenses, interest expense, extraordinary expenses, line of credit expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's T class (after the voluntary waivers and/or reimbursements) will not exceed 1.13% (the "Fee Limit"), up to but not including the later of (the "Termination Date"): (a) October 1, 2018;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.</p> <h3>Example</h3> <p>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p>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. 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:</p> <table> <tr> <td valign="top" align="left">1 Year</td> <td valign="top" align="left">$405</td> </tr> <tr> <td valign="top" align="left">3 Years</td> <td valign="top" align="left">$730</td> </tr> <tr> <td valign="top" align="left">5 Years</td> <td valign="top" align="left">$1,079</td> </tr> <tr> <td valign="top" align="left">10 Years</td> <td valign="top" align="left">$2,060</td> </tr> </table> <div>Federated MDT Small Cap Growth Fund</div> <p>A Portfolio of Federated MDT Series</p> <p>CLASS A SHARES (TICKER QASGX)<br/>CLASS C SHARES (TICKER QCSGX)<br/>INSTITUTIONAL SHARES (TICKER QISGX)<br/>CLASS R6 SHARES (TICKER QLSGX)</p> <p>SUPPLEMENT TO PROSPECTUS DATED SEPTEMBER 30, 2017 </p> <p>The Board of Trustees of Federated MDT Small Cap Growth Fund (the "Fund") has approved a reduction in the Fund's management fee from 0.99% to 0.85% of the Fund's average daily net assets effective June 28, 2018:</p> <p>1. Under the section entitled "<b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b>," please replace the "<b>Fee Table</b>" and "<b>Example</b>" in their entirety with the following:</p> <p>This table describes the fees and expenses that you may pay if you buy and hold Class A Shares (A), Class C Shares (C), Institutional Shares (IS) and Class R6 Shares (R6) 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, in the "What Do Shares Cost?" section of the Prospectus on page 8 and in "Appendix B" to this Prospectus. If you purchase the Fund's IS or R6 Shares through a broker acting as an agent on behalf of its customers, you may be required to pay a commission to such broker; such commissions, if any, are not reflected in the Example below.</p> <table> <tr> <td valign="top" align="left"> <b>Shareholder Fees (fees paid directly from your investment)</b> <br/> </td> <td valign="top" align="left"> <b>A</b> </td> <td valign="top" align="left"> <b>C</b> </td> <td valign="top" align="left"> <b>IS</b> </td> <td valign="top" align="left"> <b>R6</b> </td> </tr> <tr> <td valign="top" align="left">Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of&nbsp;offering price)</td> <td valign="top" align="left">5.50%</td> <td valign="top" align="left"> None</td> <td valign="top" align="left"> None</td> <td valign="top" align="left"> None</td> </tr> <tr> <td valign="top" align="left">Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable)</td> <td valign="top" align="left">0.00%</td> <td valign="top" align="left"> 1.00%</td> <td valign="top" align="left"> None</td> <td valign="top" align="left"> None</td> </tr> <tr> <td valign="top" align="left">Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and&nbsp;other&nbsp;Distributions) (as a percentage of offering price)</td> <td valign="top" align="left">None</td> <td valign="top" align="left"> None</td> <td valign="top" align="left"> None</td> <td valign="top" align="left"> None</td> </tr> <tr> <td valign="top" align="left">Redemption Fee (as a percentage of amount redeemed, if applicable)</td> <td valign="top" align="left">None</td> <td valign="top" align="left"> None</td> <td valign="top" align="left"> None</td> <td valign="top" align="left"> None</td> </tr> <tr> <td valign="top" align="left">Exchange Fee</td> <td valign="top" align="left">None</td> <td valign="top" align="left"> None</td> <td valign="top" align="left"> None</td> <td valign="top" align="left"> None</td> </tr> <tr> <td valign="top" align="left"> <b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b> <br/> </td> <td valign="top" align="left"></td> <td valign="top" align="left"></td> <td valign="top" align="left"></td> <td valign="top" align="left"> </td></tr> <tr> <td valign="top" align="left">Management Fee<sup>1</sup></td> <td valign="top" align="left">0.85%</td> <td valign="top" align="left">0.85%</td> <td valign="top" align="left">0.85%</td> <td valign="top" align="left">0.85%</td> </tr> <tr> <td valign="top" align="left">Distribution (12b-1) Fee</td> <td valign="top" align="left">0.00%<sup>2</sup></td> <td valign="top" align="left">0.75%</td> <td valign="top" align="left">None</td> <td valign="top" align="left">None</td> </tr> <tr> <td valign="top" align="left">Other Expenses</td> <td valign="top" align="left">0.86%</td> <td valign="top" align="left">0.82%</td> <td valign="top" align="left">0.54%</td> <td valign="top" align="left">0.31%</td> </tr> <tr> <td valign="top" align="left">Acquired Fund Fees and Expenses</td> <td valign="top" align="left">0.01%</td> <td valign="top" align="left">0.01%</td> <td valign="top" align="left">0.01%</td> <td valign="top" align="left">0.01%</td> </tr> <tr> <td valign="top" align="left">Total Annual Fund Operating Expenses<sup>1</sup></td> <td valign="top" align="left">1.72%</td> <td valign="top" align="left">2.43%</td> <td valign="top" align="left">1.40%</td> <td valign="top" align="left">1.17%</td> </tr> <tr> <td valign="top" align="left">Fee Waivers and/or Expense Reimbursements<sup>1,3</sup></td> <td valign="top" align="left">(0.56)%</td> <td valign="top" align="left">(0.52)%</td> <td valign="top" align="left">(0.49)%</td> <td valign="top" align="left">(0.28)%</td> </tr> <tr> <td valign="top" align="left">Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements<sup></sup></td> <td valign="top" align="left">1.16%</td> <td valign="top" align="left">1.91%</td> <td valign="top" align="left">0.91%</td> <td valign="top" align="left">0.89%</td> </tr> </table> <p>1The Management Fee, Total Annual Fund Operating Expenses and Fee Waivers and/or Expense Reimbursements have been restated to reflect current fees due to a reduction in the stated, gross Management Fee for the Fund.</p> <p>2The Fund has adopted a Distribution (12b-1) Plan for its Class A Shares pursuant to which the A class of the Fund may incur or charge a Distribution (12b-1) fee of up to a maximum amount of 0.05%. No such fee is currently incurred or charged by the A class of the Fund. The A class of the Fund will not incur or charge such a Distribution (12b-1) fee until such time as approved by the Fund's Board of Trustees (the "Trustees").</p> <p>3The Adviser and certain of its affiliates on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding Acquired Fund Fees and Expenses, interest expense, extraordinary expenses, line of credit expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's A, C, IS and R6 classes (after the voluntary waivers and/or reimbursements) will not exceed 1.13%, 1.88%, 0.88% and 0.87% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) October 1, 2018; 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 Trustees.</p> <h3>Example</h3> <p>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual&nbsp;funds.</p> <p>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: </p> <table> <tr> <td valign="top" align="left"> </td><td valign="top" align="left">1 Year</td> <td valign="top" align="left">3 Years</td> <td valign="top" align="left">5 Years</td> <td valign="top" align="left">10 Years</td> </tr> <tr> <td valign="top" align="left"> <b>A:</b> </td> <td valign="top" align="left"> </td><td valign="top" align="left"> </td><td valign="top" align="left"> </td><td valign="top" align="left"> </td></tr> <tr> <td valign="top" align="left">Expenses assuming redemption</td> <td valign="top" align="left">$715</td> <td valign="top" align="left">$1,062 </td> <td valign="top" align="left">$1,432 </td> <td valign="top" align="left">$2,469 </td> </tr> <tr> <td valign="top" align="left">Expenses assuming no redemption</td> <td valign="top" align="left">$715 </td> <td valign="top" align="left">$1,062 </td> <td valign="top" align="left">$1,432 </td> <td valign="top" align="left">$2,469 </td> </tr> <tr> <td valign="top" align="left"> <b>C:</b> </td> <td valign="top" align="left"> </td><td valign="top" align="left"> </td><td valign="top" align="left"> </td><td valign="top" align="left"> </td></tr> <tr> <td valign="top" align="left">Expenses assuming redemption</td> <td valign="top" align="left">$346</td> <td valign="top" align="left">$758</td> <td valign="top" align="left">$1,296</td> <td valign="top" align="left">$2,766</td> </tr> <tr> <td valign="top" align="left">Expenses assuming no redemption</td> <td valign="top" align="left">$246</td> <td valign="top" align="left">$758</td> <td valign="top" align="left">$1,296</td> <td valign="top" align="left">$2,766</td> </tr> <tr> <td valign="top" align="left"> <b>IS:</b> </td> <td valign="top" align="left"> </td><td valign="top" align="left"> </td><td valign="top" align="left"> </td><td valign="top" align="left"> </td></tr> <tr> <td valign="top" align="left">Expenses assuming redemption</td> <td valign="top" align="left">$143</td> <td valign="top" align="left">$443</td> <td valign="top" align="left">$766</td> <td valign="top" align="left">$1,680</td> </tr> <tr> <td valign="top" align="left">Expenses assuming no redemption</td> <td valign="top" align="left">$143</td> <td valign="top" align="left">$443</td> <td valign="top" align="left">$766</td> <td valign="top" align="left">$1,680</td> </tr> <tr> <td valign="top" align="left"> <b>R6:</b> </td> <td valign="top" align="left"> </td><td valign="top" align="left"> </td><td valign="top" align="left"> </td><td valign="top" align="left"> </td></tr> <tr> <td valign="top" align="left">Expenses assuming redemption</td> <td valign="top" align="left">$119</td> <td valign="top" align="left">$372</td> <td valign="top" align="left">$644</td> <td valign="top" align="left">$1,420</td> </tr> <tr> <td valign="top" align="left">Expenses assuming no redemption</td> <td valign="top" align="left">$119</td> <td valign="top" align="left">$372</td> <td valign="top" align="left">$644</td> <td valign="top" align="left">$1,420</td> </tr> </table> <div>Federated MDT Small Cap Growth Fund</div> <p>A Portfolio of Federated MDT Series</p> <p>CLASS T SHARES (TICKER QTSGX)</p> <p>SUPPLEMENT TO PROSPECTUS DATED SEPTEMBER 30, 2017 </p> <p>The Board of Trustees of Federated MDT Small Cap Growth Fund (the "Fund") has approved a reduction in the Fund's management fee from 0.99% to 0.85% of the Fund's average daily net assets effective June 28, 2018:</p> <p>1. Under the section entitled "<b>RISK/RETURN SUMMARY: FEES AND EXPENSES</b>," please replace the "<b>Fee Table</b>" and "<b>Example</b>" in their entirety with the following:</p> <p>This table describes the fees and expenses that you may pay if you buy and hold Class T Shares (T) of the Fund.</p> <table> <tr> <td valign="top" align="left"> <b>Shareholder Fees (fees paid directly from your investment)</b> <br/> </td> <td valign="top" align="left"> <b>T</b> </td> </tr> <tr> <td valign="top" align="left">Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of&nbsp;offering price)</td> <td valign="top" align="left">2.50%</td> </tr> <tr> <td valign="top" align="left">Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable)</td> <td valign="top" align="left">None</td> </tr> <tr> <td valign="top" align="left">Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and&nbsp;other&nbsp;Distributions) (as a percentage of offering price)</td> <td valign="top" align="left">None</td> </tr> <tr> <td valign="top" align="left">Redemption Fee (as a percentage of amount redeemed, if applicable)</td> <td valign="top" align="left">None</td> </tr> <tr> <td valign="top" align="left">Exchange Fee</td> <td valign="top" align="left">None</td> </tr> <tr> <td valign="top" align="left"> <b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</b> <br/> </td> <td valign="top" align="left"></td> </tr> <tr> <td valign="top" align="left">Management Fee<sup>1</sup></td> <td valign="top" align="left">0.85%</td> </tr> <tr> <td valign="top" align="left">Distribution (12b-1) Fee</td> <td valign="top" align="left">None</td> </tr> <tr> <td valign="top" align="left">Other Expenses<sup>2</sup></td> <td valign="top" align="left">0.86%</td> </tr> <tr> <td valign="top" align="left">Acquired Fund Fees and Expenses</td> <td valign="top" align="left">0.01%</td> </tr> <tr> <td valign="top" align="left">Total Annual Fund Operating Expenses<sup>1</sup></td> <td valign="top" align="left">1.72%</td> </tr> <tr> <td valign="top" align="left">Fee Waivers and/or Expense Reimbursements<sup>1,3</sup></td> <td valign="top" align="left">(0.56)%</td> </tr> <tr> <td valign="top" align="left">Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements<sup></sup></td> <td valign="top" align="left">1.16%</td> </tr> </table> <p>1The Management Fee, Total Annual Fund Operating Expenses and Fee Waivers and/or Expense Reimbursements have been restated to reflect current fees due to a reduction in the stated, gross Management Fee for the Fund.</p> <p>2Because the Fund's T Shares are new, "Other Expenses" are based on estimated amounts for the current fiscal year.</p> <p>3The Adviser and certain of its affiliates, on their own initiative, have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding Acquired Fund Fees and Expenses, interest expense, extraordinary expenses, line of credit expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's T class (after the voluntary waivers and/or reimbursements) will not exceed 1.13% (the "Fee Limit") up to but not including the later of (the "Termination Date"): (a) October 1, 2018; 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 Trustees.</p> <h3>Example</h3> <p>This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual&nbsp;funds.</p> <p>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. 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: </p> <table> <tr> <td valign="top" align="left">1 Year</td> <td valign="top" align="left">$420</td> </tr> <tr> <td valign="top" align="left">3 Years</td> <td valign="top" align="left">$778</td> </tr> <tr> <td valign="top" align="left">5 Years</td> <td valign="top" align="left">$1,160</td> </tr> <tr> <td valign="top" align="left">10 Years</td> <td valign="top" align="left">$2,229</td> </tr> </table> EX-101.SCH 3 fms-20180628.xsd XBRL SCHEMA FILE 000000 - Document - Document and Entity Information {Elements} link:presentationLink link:calculationLink link:definitionLink 000011 - Document - Risk/Return Supplement {Unlabeled} - Federated MDT Series link:presentationLink link:calculationLink link:definitionLink 000019 - Disclosure - Risk/Return Detail Data {Elements} - Federated MDT Series link:presentationLink link:calculationLink link:definitionLink EX-101.DEF 4 fms-20180628_def.xml XBRL DEFINITION FILE EX-101.LAB 5 fms-20180628_lab.xml XBRL LABEL FILE EX-101.PRE 6 fms-20180628_pre.xml XBRL PRESENTATION FILE XML 8 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
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Central Index Key dei_EntityCentralIndexKey 0001363526
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Prospectus Date rr_ProspectusDate Sep. 30, 2017
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Sep. 30, 2017
Federated MDT Small Cap Core Fund

A Portfolio of Federated MDT Series

CLASS A SHARES (TICKER QASCX)
CLASS C SHARES (TICKER QCSCX)
INSTITUTIONAL SHARES (TICKER QISCX)
CLASS R6 SHARES (TICKER QLSCX)

SUPPLEMENT TO PROSPECTUS DATED SEPTEMBER 30, 2017

The Board of Trustees of Federated MDT Small Cap Core Fund (the "Fund") has approved a reduction in the Fund's management fee from 0.99% to 0.85% of the Fund's average daily net assets effective June 28, 2018:

1. Under the section entitled "RISK/RETURN SUMMARY: FEES AND EXPENSES," please replace the "Fee Table" and "Example" in their entirety with the following:

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), Institutional Shares (IS) and Class R6 Shares (R6). 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, in the "What Do Shares Cost?" section of the Prospectus on page 9 and in "Appendix B" to this Prospectus. If you purchase the Fund's IS or R6 Shares through a broker acting as an agent on behalf of its customers, you may be required to pay a commission to such broker; such commissions, if any, are not reflected in the Example below.

Shareholder Fees (fees paid directly from your investment)
A C IS R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.50% None None None
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) 0.00% 1.00% None None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) None None None None
Redemption Fee (as a percentage of amount redeemed, if applicable) None None None None
Exchange Fee None None None None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fee1 0.85% 0.85% 0.85% 0.85%
Distribution (12b-1) Fee 0.00%2 0.75% None 0.00%
Other Expenses 0.70% 0.72% 0.43% 0.30%
Acquired Fund Fees and Expenses 0.01% 0.01% 0.01% 0.01%
Total Annual Fund Operating Expenses1 1.56% 2.33% 1.29% 1.16%
Fee Waivers and/or Expense Reimbursements1,3 (0.41)% (0.43)% (0.39)% (0.27)%
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 1.15% 1.90% 0.90% 0.89%

1The Management Fee, Total Annual Fund Operating Expenses and Fee Waivers and/or Expense Reimbursements have been restated to reflect current fees due to a reduction in the stated, gross Management Fee for the Fund.

2The Fund has adopted a Distribution (12b-1) Plan for its Class A Shares pursuant to which the A class of the Fund may incur or charge a Distribution (12b-1) fee of up to a maximum amount of 0.05%. No such fee is currently incurred or charged by the A class of the Fund. The A class of the Fund will not incur or charge such a Distribution (12b-1) fee until such time as approved by the Fund's Board of Trustees (the "Trustees").

3The Adviser and certain of its affiliates, on their own initiative, have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding Acquired Fund Fees and Expenses, interest expense, extraordinary expenses, line of credit expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's A, C, IS and R6 classes (after the voluntary waivers and/or reimbursements) will not exceed 1.13%,1.88%, 0.88% and 0.87% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) October 1, 2018; 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 Trustees.

Example

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:

Share Class 1 Year 3 Years 5 Years 10 Years
A:
Expenses assuming redemption $700 $1,016 $1,353 $2,304
Expenses assuming no redemption $700 $1,016 $1,353 $2,304
C:
Expenses assuming redemption $336 $727 $1,245 $2,666
Expenses assuming no redemption $236 $727 $1,245 $2,666
IS:
Expenses assuming redemption $131 $409 $708 $1,556
Expenses assuming no redemption $131 $409 $708 $1,556
R6
Expenses assuming redemption $118 $368 $638 $1,409
Expenses assuming no redemption $118 $368 $638 $1,409

Federated MDT Small Cap Core Fund

A Portfolio of Federated MDT Series

CLASS T SHARES (TICKER QTSCX)

SUPPLEMENT TO PROSPECTUS DATED SEPTEMBER 30, 2017

The Board of Trustees of Federated MDT Small Cap Core Fund (the "Fund") has approved a reduction in the Fund's management fee from 0.99% to 0.85% of the Fund's average daily net assets effective June 28, 2018:

1. Under the section entitled "RISK/RETURN SUMMARY: FEES AND EXPENSES," please replace the "Fee Table" and "Example" in their entirety with the following:

This table describes the fees and expenses that you may pay if you buy and hold the Fund's Class T Shares (T).

Shareholder Fees (fees paid directly from your investment)
T
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 2.50%
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions)(as a percentage of offering price) None
Redemption Fee (as a percentage of amount redeemed, if applicable) None
Exchange Fee None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fee1 0.85%
Distribution (12b-1) Fee None
Other Expenses2 0.70%
Acquired Fund Fees and Expenses 0.01%
Total Annual Fund Operating Expenses1 1.56%
Fee Waivers and/or Expense Reimbursements1,3 (0.41)%
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 1.15%

1The Management Fee, Total Annual Fund Operating Expenses and Fee Waivers and/or Expense Reimbursements have been restated to reflect current fees due to a reduction in the stated, gross Management Fee for the Fund.

2Because the Fund's T Shares are new, "Other Expenses" are based on estimated amounts for the current fiscal year.

3The Adviser and certain of its affiliates, on their own initiative, have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding Acquired Fund Fees and Expenses, interest expense, extraordinary expenses, line of credit expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's T class (after the voluntary waivers and/or reimbursements) will not exceed 1.13% (the "Fee Limit"), up to but not including the later of (the "Termination Date"): (a) October 1, 2018;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.

Example

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. 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:

1 Year $405
3 Years $730
5 Years $1,079
10 Years $2,060

Federated MDT Small Cap Growth Fund

A Portfolio of Federated MDT Series

CLASS A SHARES (TICKER QASGX)
CLASS C SHARES (TICKER QCSGX)
INSTITUTIONAL SHARES (TICKER QISGX)
CLASS R6 SHARES (TICKER QLSGX)

SUPPLEMENT TO PROSPECTUS DATED SEPTEMBER 30, 2017

The Board of Trustees of Federated MDT Small Cap Growth Fund (the "Fund") has approved a reduction in the Fund's management fee from 0.99% to 0.85% of the Fund's average daily net assets effective June 28, 2018:

1. Under the section entitled "RISK/RETURN SUMMARY: FEES AND EXPENSES," please replace the "Fee Table" and "Example" in their entirety with the following:

This table describes the fees and expenses that you may pay if you buy and hold Class A Shares (A), Class C Shares (C), Institutional Shares (IS) and Class R6 Shares (R6) 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, in the "What Do Shares Cost?" section of the Prospectus on page 8 and in "Appendix B" to this Prospectus. If you purchase the Fund's IS or R6 Shares through a broker acting as an agent on behalf of its customers, you may be required to pay a commission to such broker; such commissions, if any, are not reflected in the Example below.

Shareholder Fees (fees paid directly from your investment)
A C IS R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.50% None None None
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) 0.00% 1.00% None None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) None None None None
Redemption Fee (as a percentage of amount redeemed, if applicable) None None None None
Exchange Fee None None None None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fee1 0.85% 0.85% 0.85% 0.85%
Distribution (12b-1) Fee 0.00%2 0.75% None None
Other Expenses 0.86% 0.82% 0.54% 0.31%
Acquired Fund Fees and Expenses 0.01% 0.01% 0.01% 0.01%
Total Annual Fund Operating Expenses1 1.72% 2.43% 1.40% 1.17%
Fee Waivers and/or Expense Reimbursements1,3 (0.56)% (0.52)% (0.49)% (0.28)%
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 1.16% 1.91% 0.91% 0.89%

1The Management Fee, Total Annual Fund Operating Expenses and Fee Waivers and/or Expense Reimbursements have been restated to reflect current fees due to a reduction in the stated, gross Management Fee for the Fund.

2The Fund has adopted a Distribution (12b-1) Plan for its Class A Shares pursuant to which the A class of the Fund may incur or charge a Distribution (12b-1) fee of up to a maximum amount of 0.05%. No such fee is currently incurred or charged by the A class of the Fund. The A class of the Fund will not incur or charge such a Distribution (12b-1) fee until such time as approved by the Fund's Board of Trustees (the "Trustees").

3The Adviser and certain of its affiliates on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding Acquired Fund Fees and Expenses, interest expense, extraordinary expenses, line of credit expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's A, C, IS and R6 classes (after the voluntary waivers and/or reimbursements) will not exceed 1.13%, 1.88%, 0.88% and 0.87% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) October 1, 2018; 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 Trustees.

Example

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:

1 Year 3 Years 5 Years 10 Years
A:
Expenses assuming redemption $715 $1,062 $1,432 $2,469
Expenses assuming no redemption $715 $1,062 $1,432 $2,469
C:
Expenses assuming redemption $346 $758 $1,296 $2,766
Expenses assuming no redemption $246 $758 $1,296 $2,766
IS:
Expenses assuming redemption $143 $443 $766 $1,680
Expenses assuming no redemption $143 $443 $766 $1,680
R6:
Expenses assuming redemption $119 $372 $644 $1,420
Expenses assuming no redemption $119 $372 $644 $1,420

Federated MDT Small Cap Growth Fund

A Portfolio of Federated MDT Series

CLASS T SHARES (TICKER QTSGX)

SUPPLEMENT TO PROSPECTUS DATED SEPTEMBER 30, 2017

The Board of Trustees of Federated MDT Small Cap Growth Fund (the "Fund") has approved a reduction in the Fund's management fee from 0.99% to 0.85% of the Fund's average daily net assets effective June 28, 2018:

1. Under the section entitled "RISK/RETURN SUMMARY: FEES AND EXPENSES," please replace the "Fee Table" and "Example" in their entirety with the following:

This table describes the fees and expenses that you may pay if you buy and hold Class T Shares (T) of the Fund.

Shareholder Fees (fees paid directly from your investment)
T
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 2.50%
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) None
Redemption Fee (as a percentage of amount redeemed, if applicable) None
Exchange Fee None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fee1 0.85%
Distribution (12b-1) Fee None
Other Expenses2 0.86%
Acquired Fund Fees and Expenses 0.01%
Total Annual Fund Operating Expenses1 1.72%
Fee Waivers and/or Expense Reimbursements1,3 (0.56)%
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 1.16%

1The Management Fee, Total Annual Fund Operating Expenses and Fee Waivers and/or Expense Reimbursements have been restated to reflect current fees due to a reduction in the stated, gross Management Fee for the Fund.

2Because the Fund's T Shares are new, "Other Expenses" are based on estimated amounts for the current fiscal year.

3The Adviser and certain of its affiliates, on their own initiative, have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding Acquired Fund Fees and Expenses, interest expense, extraordinary expenses, line of credit expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's T class (after the voluntary waivers and/or reimbursements) will not exceed 1.13% (the "Fee Limit") up to but not including the later of (the "Termination Date"): (a) October 1, 2018; 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 Trustees.

Example

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. 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:

1 Year $420
3 Years $778
5 Years $1,160
10 Years $2,229
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Prospectus Date rr_ProspectusDate Sep. 30, 2017
Supplement [Text Block] fms_SupplementTextBlock
Federated MDT Small Cap Core Fund

A Portfolio of Federated MDT Series

CLASS A SHARES (TICKER QASCX)
CLASS C SHARES (TICKER QCSCX)
INSTITUTIONAL SHARES (TICKER QISCX)
CLASS R6 SHARES (TICKER QLSCX)

SUPPLEMENT TO PROSPECTUS DATED SEPTEMBER 30, 2017

The Board of Trustees of Federated MDT Small Cap Core Fund (the "Fund") has approved a reduction in the Fund's management fee from 0.99% to 0.85% of the Fund's average daily net assets effective June 28, 2018:

1. Under the section entitled "RISK/RETURN SUMMARY: FEES AND EXPENSES," please replace the "Fee Table" and "Example" in their entirety with the following:

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), Institutional Shares (IS) and Class R6 Shares (R6). 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, in the "What Do Shares Cost?" section of the Prospectus on page 9 and in "Appendix B" to this Prospectus. If you purchase the Fund's IS or R6 Shares through a broker acting as an agent on behalf of its customers, you may be required to pay a commission to such broker; such commissions, if any, are not reflected in the Example below.

Shareholder Fees (fees paid directly from your investment)
A C IS R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.50% None None None
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) 0.00% 1.00% None None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) None None None None
Redemption Fee (as a percentage of amount redeemed, if applicable) None None None None
Exchange Fee None None None None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fee1 0.85% 0.85% 0.85% 0.85%
Distribution (12b-1) Fee 0.00%2 0.75% None 0.00%
Other Expenses 0.70% 0.72% 0.43% 0.30%
Acquired Fund Fees and Expenses 0.01% 0.01% 0.01% 0.01%
Total Annual Fund Operating Expenses1 1.56% 2.33% 1.29% 1.16%
Fee Waivers and/or Expense Reimbursements1,3 (0.41)% (0.43)% (0.39)% (0.27)%
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 1.15% 1.90% 0.90% 0.89%

1The Management Fee, Total Annual Fund Operating Expenses and Fee Waivers and/or Expense Reimbursements have been restated to reflect current fees due to a reduction in the stated, gross Management Fee for the Fund.

2The Fund has adopted a Distribution (12b-1) Plan for its Class A Shares pursuant to which the A class of the Fund may incur or charge a Distribution (12b-1) fee of up to a maximum amount of 0.05%. No such fee is currently incurred or charged by the A class of the Fund. The A class of the Fund will not incur or charge such a Distribution (12b-1) fee until such time as approved by the Fund's Board of Trustees (the "Trustees").

3The Adviser and certain of its affiliates, on their own initiative, have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding Acquired Fund Fees and Expenses, interest expense, extraordinary expenses, line of credit expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's A, C, IS and R6 classes (after the voluntary waivers and/or reimbursements) will not exceed 1.13%,1.88%, 0.88% and 0.87% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) October 1, 2018; 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 Trustees.

Example

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:

Share Class 1 Year 3 Years 5 Years 10 Years
A:
Expenses assuming redemption $700 $1,016 $1,353 $2,304
Expenses assuming no redemption $700 $1,016 $1,353 $2,304
C:
Expenses assuming redemption $336 $727 $1,245 $2,666
Expenses assuming no redemption $236 $727 $1,245 $2,666
IS:
Expenses assuming redemption $131 $409 $708 $1,556
Expenses assuming no redemption $131 $409 $708 $1,556
R6
Expenses assuming redemption $118 $368 $638 $1,409
Expenses assuming no redemption $118 $368 $638 $1,409

Federated MDT Small Cap Core Fund

A Portfolio of Federated MDT Series

CLASS T SHARES (TICKER QTSCX)

SUPPLEMENT TO PROSPECTUS DATED SEPTEMBER 30, 2017

The Board of Trustees of Federated MDT Small Cap Core Fund (the "Fund") has approved a reduction in the Fund's management fee from 0.99% to 0.85% of the Fund's average daily net assets effective June 28, 2018:

1. Under the section entitled "RISK/RETURN SUMMARY: FEES AND EXPENSES," please replace the "Fee Table" and "Example" in their entirety with the following:

This table describes the fees and expenses that you may pay if you buy and hold the Fund's Class T Shares (T).

Shareholder Fees (fees paid directly from your investment)
T
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 2.50%
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions)(as a percentage of offering price) None
Redemption Fee (as a percentage of amount redeemed, if applicable) None
Exchange Fee None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fee1 0.85%
Distribution (12b-1) Fee None
Other Expenses2 0.70%
Acquired Fund Fees and Expenses 0.01%
Total Annual Fund Operating Expenses1 1.56%
Fee Waivers and/or Expense Reimbursements1,3 (0.41)%
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 1.15%

1The Management Fee, Total Annual Fund Operating Expenses and Fee Waivers and/or Expense Reimbursements have been restated to reflect current fees due to a reduction in the stated, gross Management Fee for the Fund.

2Because the Fund's T Shares are new, "Other Expenses" are based on estimated amounts for the current fiscal year.

3The Adviser and certain of its affiliates, on their own initiative, have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding Acquired Fund Fees and Expenses, interest expense, extraordinary expenses, line of credit expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's T class (after the voluntary waivers and/or reimbursements) will not exceed 1.13% (the "Fee Limit"), up to but not including the later of (the "Termination Date"): (a) October 1, 2018;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.

Example

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. 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:

1 Year $405
3 Years $730
5 Years $1,079
10 Years $2,060

Federated MDT Small Cap Growth Fund

A Portfolio of Federated MDT Series

CLASS A SHARES (TICKER QASGX)
CLASS C SHARES (TICKER QCSGX)
INSTITUTIONAL SHARES (TICKER QISGX)
CLASS R6 SHARES (TICKER QLSGX)

SUPPLEMENT TO PROSPECTUS DATED SEPTEMBER 30, 2017

The Board of Trustees of Federated MDT Small Cap Growth Fund (the "Fund") has approved a reduction in the Fund's management fee from 0.99% to 0.85% of the Fund's average daily net assets effective June 28, 2018:

1. Under the section entitled "RISK/RETURN SUMMARY: FEES AND EXPENSES," please replace the "Fee Table" and "Example" in their entirety with the following:

This table describes the fees and expenses that you may pay if you buy and hold Class A Shares (A), Class C Shares (C), Institutional Shares (IS) and Class R6 Shares (R6) 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, in the "What Do Shares Cost?" section of the Prospectus on page 8 and in "Appendix B" to this Prospectus. If you purchase the Fund's IS or R6 Shares through a broker acting as an agent on behalf of its customers, you may be required to pay a commission to such broker; such commissions, if any, are not reflected in the Example below.

Shareholder Fees (fees paid directly from your investment)
A C IS R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.50% None None None
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) 0.00% 1.00% None None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) None None None None
Redemption Fee (as a percentage of amount redeemed, if applicable) None None None None
Exchange Fee None None None None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fee1 0.85% 0.85% 0.85% 0.85%
Distribution (12b-1) Fee 0.00%2 0.75% None None
Other Expenses 0.86% 0.82% 0.54% 0.31%
Acquired Fund Fees and Expenses 0.01% 0.01% 0.01% 0.01%
Total Annual Fund Operating Expenses1 1.72% 2.43% 1.40% 1.17%
Fee Waivers and/or Expense Reimbursements1,3 (0.56)% (0.52)% (0.49)% (0.28)%
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 1.16% 1.91% 0.91% 0.89%

1The Management Fee, Total Annual Fund Operating Expenses and Fee Waivers and/or Expense Reimbursements have been restated to reflect current fees due to a reduction in the stated, gross Management Fee for the Fund.

2The Fund has adopted a Distribution (12b-1) Plan for its Class A Shares pursuant to which the A class of the Fund may incur or charge a Distribution (12b-1) fee of up to a maximum amount of 0.05%. No such fee is currently incurred or charged by the A class of the Fund. The A class of the Fund will not incur or charge such a Distribution (12b-1) fee until such time as approved by the Fund's Board of Trustees (the "Trustees").

3The Adviser and certain of its affiliates on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding Acquired Fund Fees and Expenses, interest expense, extraordinary expenses, line of credit expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's A, C, IS and R6 classes (after the voluntary waivers and/or reimbursements) will not exceed 1.13%, 1.88%, 0.88% and 0.87% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) October 1, 2018; 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 Trustees.

Example

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:

1 Year 3 Years 5 Years 10 Years
A:
Expenses assuming redemption $715 $1,062 $1,432 $2,469
Expenses assuming no redemption $715 $1,062 $1,432 $2,469
C:
Expenses assuming redemption $346 $758 $1,296 $2,766
Expenses assuming no redemption $246 $758 $1,296 $2,766
IS:
Expenses assuming redemption $143 $443 $766 $1,680
Expenses assuming no redemption $143 $443 $766 $1,680
R6:
Expenses assuming redemption $119 $372 $644 $1,420
Expenses assuming no redemption $119 $372 $644 $1,420

Federated MDT Small Cap Growth Fund

A Portfolio of Federated MDT Series

CLASS T SHARES (TICKER QTSGX)

SUPPLEMENT TO PROSPECTUS DATED SEPTEMBER 30, 2017

The Board of Trustees of Federated MDT Small Cap Growth Fund (the "Fund") has approved a reduction in the Fund's management fee from 0.99% to 0.85% of the Fund's average daily net assets effective June 28, 2018:

1. Under the section entitled "RISK/RETURN SUMMARY: FEES AND EXPENSES," please replace the "Fee Table" and "Example" in their entirety with the following:

This table describes the fees and expenses that you may pay if you buy and hold Class T Shares (T) of the Fund.

Shareholder Fees (fees paid directly from your investment)
T
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 2.50%
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) None
Redemption Fee (as a percentage of amount redeemed, if applicable) None
Exchange Fee None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fee1 0.85%
Distribution (12b-1) Fee None
Other Expenses2 0.86%
Acquired Fund Fees and Expenses 0.01%
Total Annual Fund Operating Expenses1 1.72%
Fee Waivers and/or Expense Reimbursements1,3 (0.56)%
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 1.16%

1The Management Fee, Total Annual Fund Operating Expenses and Fee Waivers and/or Expense Reimbursements have been restated to reflect current fees due to a reduction in the stated, gross Management Fee for the Fund.

2Because the Fund's T Shares are new, "Other Expenses" are based on estimated amounts for the current fiscal year.

3The Adviser and certain of its affiliates, on their own initiative, have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding Acquired Fund Fees and Expenses, interest expense, extraordinary expenses, line of credit expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's T class (after the voluntary waivers and/or reimbursements) will not exceed 1.13% (the "Fee Limit") up to but not including the later of (the "Termination Date"): (a) October 1, 2018; 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 Trustees.

Example

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. 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:

1 Year $420
3 Years $778
5 Years $1,160
10 Years $2,229
Class A C IS and R6 Shares | Federated MDT Small Cap Core Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] fms_SupplementTextBlock
Federated MDT Small Cap Core Fund

A Portfolio of Federated MDT Series

CLASS A SHARES (TICKER QASCX)
CLASS C SHARES (TICKER QCSCX)
INSTITUTIONAL SHARES (TICKER QISCX)
CLASS R6 SHARES (TICKER QLSCX)

SUPPLEMENT TO PROSPECTUS DATED SEPTEMBER 30, 2017

The Board of Trustees of Federated MDT Small Cap Core Fund (the "Fund") has approved a reduction in the Fund's management fee from 0.99% to 0.85% of the Fund's average daily net assets effective June 28, 2018:

1. Under the section entitled "RISK/RETURN SUMMARY: FEES AND EXPENSES," please replace the "Fee Table" and "Example" in their entirety with the following:

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), Institutional Shares (IS) and Class R6 Shares (R6). 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, in the "What Do Shares Cost?" section of the Prospectus on page 9 and in "Appendix B" to this Prospectus. If you purchase the Fund's IS or R6 Shares through a broker acting as an agent on behalf of its customers, you may be required to pay a commission to such broker; such commissions, if any, are not reflected in the Example below.

Shareholder Fees (fees paid directly from your investment)
A C IS R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.50% None None None
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) 0.00% 1.00% None None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) None None None None
Redemption Fee (as a percentage of amount redeemed, if applicable) None None None None
Exchange Fee None None None None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fee1 0.85% 0.85% 0.85% 0.85%
Distribution (12b-1) Fee 0.00%2 0.75% None 0.00%
Other Expenses 0.70% 0.72% 0.43% 0.30%
Acquired Fund Fees and Expenses 0.01% 0.01% 0.01% 0.01%
Total Annual Fund Operating Expenses1 1.56% 2.33% 1.29% 1.16%
Fee Waivers and/or Expense Reimbursements1,3 (0.41)% (0.43)% (0.39)% (0.27)%
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 1.15% 1.90% 0.90% 0.89%

1The Management Fee, Total Annual Fund Operating Expenses and Fee Waivers and/or Expense Reimbursements have been restated to reflect current fees due to a reduction in the stated, gross Management Fee for the Fund.

2The Fund has adopted a Distribution (12b-1) Plan for its Class A Shares pursuant to which the A class of the Fund may incur or charge a Distribution (12b-1) fee of up to a maximum amount of 0.05%. No such fee is currently incurred or charged by the A class of the Fund. The A class of the Fund will not incur or charge such a Distribution (12b-1) fee until such time as approved by the Fund's Board of Trustees (the "Trustees").

3The Adviser and certain of its affiliates, on their own initiative, have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding Acquired Fund Fees and Expenses, interest expense, extraordinary expenses, line of credit expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's A, C, IS and R6 classes (after the voluntary waivers and/or reimbursements) will not exceed 1.13%,1.88%, 0.88% and 0.87% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) October 1, 2018; 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 Trustees.

Example

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:

Share Class 1 Year 3 Years 5 Years 10 Years
A:
Expenses assuming redemption $700 $1,016 $1,353 $2,304
Expenses assuming no redemption $700 $1,016 $1,353 $2,304
C:
Expenses assuming redemption $336 $727 $1,245 $2,666
Expenses assuming no redemption $236 $727 $1,245 $2,666
IS:
Expenses assuming redemption $131 $409 $708 $1,556
Expenses assuming no redemption $131 $409 $708 $1,556
R6
Expenses assuming redemption $118 $368 $638 $1,409
Expenses assuming no redemption $118 $368 $638 $1,409
Class A C IS and R6 Shares | Federated MDT Small Cap Growth Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] fms_SupplementTextBlock
Federated MDT Small Cap Growth Fund

A Portfolio of Federated MDT Series

CLASS A SHARES (TICKER QASGX)
CLASS C SHARES (TICKER QCSGX)
INSTITUTIONAL SHARES (TICKER QISGX)
CLASS R6 SHARES (TICKER QLSGX)

SUPPLEMENT TO PROSPECTUS DATED SEPTEMBER 30, 2017

The Board of Trustees of Federated MDT Small Cap Growth Fund (the "Fund") has approved a reduction in the Fund's management fee from 0.99% to 0.85% of the Fund's average daily net assets effective June 28, 2018:

1. Under the section entitled "RISK/RETURN SUMMARY: FEES AND EXPENSES," please replace the "Fee Table" and "Example" in their entirety with the following:

This table describes the fees and expenses that you may pay if you buy and hold Class A Shares (A), Class C Shares (C), Institutional Shares (IS) and Class R6 Shares (R6) 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, in the "What Do Shares Cost?" section of the Prospectus on page 8 and in "Appendix B" to this Prospectus. If you purchase the Fund's IS or R6 Shares through a broker acting as an agent on behalf of its customers, you may be required to pay a commission to such broker; such commissions, if any, are not reflected in the Example below.

Shareholder Fees (fees paid directly from your investment)
A C IS R6
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 5.50% None None None
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) 0.00% 1.00% None None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) None None None None
Redemption Fee (as a percentage of amount redeemed, if applicable) None None None None
Exchange Fee None None None None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fee1 0.85% 0.85% 0.85% 0.85%
Distribution (12b-1) Fee 0.00%2 0.75% None None
Other Expenses 0.86% 0.82% 0.54% 0.31%
Acquired Fund Fees and Expenses 0.01% 0.01% 0.01% 0.01%
Total Annual Fund Operating Expenses1 1.72% 2.43% 1.40% 1.17%
Fee Waivers and/or Expense Reimbursements1,3 (0.56)% (0.52)% (0.49)% (0.28)%
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 1.16% 1.91% 0.91% 0.89%

1The Management Fee, Total Annual Fund Operating Expenses and Fee Waivers and/or Expense Reimbursements have been restated to reflect current fees due to a reduction in the stated, gross Management Fee for the Fund.

2The Fund has adopted a Distribution (12b-1) Plan for its Class A Shares pursuant to which the A class of the Fund may incur or charge a Distribution (12b-1) fee of up to a maximum amount of 0.05%. No such fee is currently incurred or charged by the A class of the Fund. The A class of the Fund will not incur or charge such a Distribution (12b-1) fee until such time as approved by the Fund's Board of Trustees (the "Trustees").

3The Adviser and certain of its affiliates on their own initiative have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding Acquired Fund Fees and Expenses, interest expense, extraordinary expenses, line of credit expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's A, C, IS and R6 classes (after the voluntary waivers and/or reimbursements) will not exceed 1.13%, 1.88%, 0.88% and 0.87% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) October 1, 2018; 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 Trustees.

Example

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:

1 Year 3 Years 5 Years 10 Years
A:
Expenses assuming redemption $715 $1,062 $1,432 $2,469
Expenses assuming no redemption $715 $1,062 $1,432 $2,469
C:
Expenses assuming redemption $346 $758 $1,296 $2,766
Expenses assuming no redemption $246 $758 $1,296 $2,766
IS:
Expenses assuming redemption $143 $443 $766 $1,680
Expenses assuming no redemption $143 $443 $766 $1,680
R6:
Expenses assuming redemption $119 $372 $644 $1,420
Expenses assuming no redemption $119 $372 $644 $1,420
Class T Shares | Federated MDT Small Cap Core Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] fms_SupplementTextBlock
Federated MDT Small Cap Core Fund

A Portfolio of Federated MDT Series

CLASS T SHARES (TICKER QTSCX)

SUPPLEMENT TO PROSPECTUS DATED SEPTEMBER 30, 2017

The Board of Trustees of Federated MDT Small Cap Core Fund (the "Fund") has approved a reduction in the Fund's management fee from 0.99% to 0.85% of the Fund's average daily net assets effective June 28, 2018:

1. Under the section entitled "RISK/RETURN SUMMARY: FEES AND EXPENSES," please replace the "Fee Table" and "Example" in their entirety with the following:

This table describes the fees and expenses that you may pay if you buy and hold the Fund's Class T Shares (T).

Shareholder Fees (fees paid directly from your investment)
T
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 2.50%
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions)(as a percentage of offering price) None
Redemption Fee (as a percentage of amount redeemed, if applicable) None
Exchange Fee None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fee1 0.85%
Distribution (12b-1) Fee None
Other Expenses2 0.70%
Acquired Fund Fees and Expenses 0.01%
Total Annual Fund Operating Expenses1 1.56%
Fee Waivers and/or Expense Reimbursements1,3 (0.41)%
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 1.15%

1The Management Fee, Total Annual Fund Operating Expenses and Fee Waivers and/or Expense Reimbursements have been restated to reflect current fees due to a reduction in the stated, gross Management Fee for the Fund.

2Because the Fund's T Shares are new, "Other Expenses" are based on estimated amounts for the current fiscal year.

3The Adviser and certain of its affiliates, on their own initiative, have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding Acquired Fund Fees and Expenses, interest expense, extraordinary expenses, line of credit expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's T class (after the voluntary waivers and/or reimbursements) will not exceed 1.13% (the "Fee Limit"), up to but not including the later of (the "Termination Date"): (a) October 1, 2018;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.

Example

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. 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:

1 Year $405
3 Years $730
5 Years $1,079
10 Years $2,060
Class T Shares | Federated MDT Small Cap Growth Fund  
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] fms_SupplementTextBlock
Federated MDT Small Cap Growth Fund

A Portfolio of Federated MDT Series

CLASS T SHARES (TICKER QTSGX)

SUPPLEMENT TO PROSPECTUS DATED SEPTEMBER 30, 2017

The Board of Trustees of Federated MDT Small Cap Growth Fund (the "Fund") has approved a reduction in the Fund's management fee from 0.99% to 0.85% of the Fund's average daily net assets effective June 28, 2018:

1. Under the section entitled "RISK/RETURN SUMMARY: FEES AND EXPENSES," please replace the "Fee Table" and "Example" in their entirety with the following:

This table describes the fees and expenses that you may pay if you buy and hold Class T Shares (T) of the Fund.

Shareholder Fees (fees paid directly from your investment)
T
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) 2.50%
Maximum Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds, as applicable) None
Maximum Sales Charge (Load) Imposed on Reinvested Dividends (and other Distributions) (as a percentage of offering price) None
Redemption Fee (as a percentage of amount redeemed, if applicable) None
Exchange Fee None
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fee1 0.85%
Distribution (12b-1) Fee None
Other Expenses2 0.86%
Acquired Fund Fees and Expenses 0.01%
Total Annual Fund Operating Expenses1 1.72%
Fee Waivers and/or Expense Reimbursements1,3 (0.56)%
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements 1.16%

1The Management Fee, Total Annual Fund Operating Expenses and Fee Waivers and/or Expense Reimbursements have been restated to reflect current fees due to a reduction in the stated, gross Management Fee for the Fund.

2Because the Fund's T Shares are new, "Other Expenses" are based on estimated amounts for the current fiscal year.

3The Adviser and certain of its affiliates, on their own initiative, have agreed to waive certain amounts of their respective fees and/or reimburse expenses. Total annual fund operating expenses (excluding Acquired Fund Fees and Expenses, interest expense, extraordinary expenses, line of credit expenses and proxy-related expenses paid by the Fund, if any) paid by the Fund's T class (after the voluntary waivers and/or reimbursements) will not exceed 1.13% (the "Fee Limit") up to but not including the later of (the "Termination Date"): (a) October 1, 2018; 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 Trustees.

Example

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. 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:

1 Year $420
3 Years $778
5 Years $1,160
10 Years $2,229
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Risk/Return: rr_RiskReturnAbstract  
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