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Stability Investment Solutions Diligence

Federated MDT Mutual Funds

INSTITUTIONAL Sales Material. Not for Distribution to the Public.Federated Securities Corp., Distributor G44848-52 (8/17)

Presented By:

Gregory Sterzel, CFA, CAIAClient Portfolio Manager

MDT Advisers

2Q 2017

1INSTITUTIONAL Sales Material. Not for Distribution to the Public.

Table of Contents

Section PageNumber

About Federated Investors 2

Federated MDT Overview 4

• MDT History

• MDT Investment Team

• MDT Investment Philosophy

• MDT Investment Process

Federated MDT Small Cap Core Fund 16


Federated Investors – Firm Profile

All information is as of 6/30/17 unless stated otherwise. Based on assets under management in open-end funds.*Source: iMoneyNet, Inc. June 30, 2017

Founded: 1955

Headquarters: Pittsburgh

Investment Operations: Pittsburgh, New York, Rochester, Boston and London

AUM: Approximately $360 billion

Ownership: Publicly traded, privately held (NYSE: FII)

15% employee ownership

Representative Clients Corporate/Public Defined Benefit

Defined Contribution

Endowment/Foundation

Financial Intermediaries

Insurance

Local Government Investment Pools (LGIP)

Sub-Advisory

Taft-Hartley

Delivering investment solutions since 1955

F i x e d - I n c o m e M a n a g e m e n t

Experienced, specialized teams with strength across the yield curve

Portfolio managers average 25 years of experience, nearly 20 with Federated

Modular process is portable across fixed-income styles and lends itself to portfolio customization

• Multi-Sector: Active Cash, Short, Intermediate• Sector Specific: Corporate, High-Yield, Emerging Markets, Trade Finance, Municipals

E q u i t y M a n a g e m e n t

Team-based approach with each team organized around a single strategy and research approach

Portfolio managers average 22 years of experience, nearly 12 years servicing a variety of Federated client needs

Centralized risk management and investment oversight

• Value Equity

• Growth Equity

• Quantitative Equity

• Dividend Oriented

• International Equity

L i q u i d i t y M a n a g e m e n t

Pioneer in liquidity management for more than 40 years and one of the largest institutional money market fund managers in the industry*

32 liquidity management professionals with 21 years working together at Federated

Have never bought a security out of or infused capital into a money market fund to maintain a stable $1.00 NAV

Offers a broad spectrum of investment choices:

• Prime Institutional• Municipal Institutional• Government

• Prime Retail• Municipal Retail• Treasury


Global Equity Team

QUANT RESEARCH/RISK MGNTJames Gordon, CFA

Investment Professionals: 17

Portfolio Managers 7Analysts 10

Average yrs:Industry 14Federated 9

Chief Investment Officer, Market Strategists and MDT COO are not included in count

ALTERNATIVES Dana Meissner, CFA, CAIA


Portfolio Managers 5Analysts 5


KAUFMANN Hans Utsch


Portfolio Managers/CPMs 9Analysts 3Traders 3


INTERNATIONAL EQUITYRichard Winkowski


Portfolio Managers 10Analysts/Assoc. PMs 6Traders 2


CLOVER Stephen Gutch, CFA


Portfolio Managers/CPMs 7Analysts 4Traders 2


VALUE / INCOMEJohn Nichol, CFA


Portfolio Managers 2Analysts/Assoc. PMs 6Traders 2


MDTDaniel Maher, CFA

Investment Professionals: 12Portfolio Managers/CPMs 3Other 7Traders 2Average yrs:Industry 11Federated 8

John B. Fisher, President and CEO - Federated Advisory Companies

Stephen F. Auth, CFA, EVP, CIOHead of Global Equity, Senior Portfolio Manager

17 years with Federated - 34 years industry experience

Power of Specialized Teams… Style/approach-focused teamsAlignment of Interests… Compensation tied to performance

Proprietary Research

STRATEGIC VALUEDaniel Peris, Ph.D., CFA


Portfolio Managers 4Analysts/PM Assistants 7Traders 2



MDT Advisers

Memorial Drive

1988

MDT Advisers, Inc.

Managed Memorial Drive Trust pension for Arthur D. Little

1991

All Cap Core

First equity strategy using current discipline

2000

Mid Cap GrowthSmall Cap GrowthSmall Cap Value

First style-specific strategies

2006

Federated purchases MDT Advisers

2017

$3.48 Billion

7 Mutual funds8 SMA strategies

10 Institutional strategies

Active core equity specialists with more than 25 years of heritage

As of 6/30/2017


MDT Investment Strategies

Assets shown in $ MillionsAs of 6/30/2017. Assets include mutual funds, separate accounts and UMAs.

MDT All Cap Core$904.2

MDT Tax Aware/All Cap Core$55.7

MDT Large Cap Growth$98.6

MDT Large Cap Value$729.9

MDT Mid Cap Growth$916.6

MDT Small Cap Core$257.4

MDT Small Cap Growth$225.2

MDT Small Cap Value$151.1

MDT Micro Cap$2.1 MDT Market Neutral

$4.5

MDT Balanced$138.6

Total MDT Assets $3,483.9 m


MDT Investment Team

Education Years with MDT Significant Experience at MDT

Daniel J. Mahr, CFAManaging Director, Research

Harvard College, A.B., Cum Laude, Computer Science Harvard University, S.M., Computer Science 15 Managing Director, Research 2008 - Present

Developed proprietary system for research

Sarah A. Stahl, CIPM Managing Director

Harvard College, A.B., Cum Laude, Applied Mathematics Harvard Graduate School of Business Administration, M.B.A 20 Designed and built trading and investment performance systems

Introduced tax-aware strategy

Brian M. GreenbergResearch Manager

Harvard College, A.B., Computer Science Harvard University, S.M., Computer Science 13 Developed new versions of several stock selection variables

Added new detailed data streams to the research process

Frederick L. Konopka, CFA Portfolio & Trading Manager

Dartmouth College, Mathematics, A.B M.I.T. Sloan School of Management, M.S 20 Introduced mid cap and small cap strategies

Developed trading methodology and built trading team

John Paul LewickeResearch Manager

Dartmouth College, A.B., Cum Laude, Mathematics and Computer Science 10 Improved backtest simulation accuracy

Developed enhanced technology for scoring companies

Damien Zhang, CFAResearch Manager Princeton University, A.B., Summa Cum Laude, Economics 8 Improved portfolio optimization risk management

Made research model more robust

Daniel J. Burnside, Ph.D., CFADirector, Risk Management

Cornell University, B.S., Engineering Cornell University, M.Eng., Engineering Cornell University, Ph.D., Engineering/Mathematics University of Rochester, M.B.A.

8 22 years experience in industry Lecturer in Finance, U. Rochester business school Provides input for risk analysis and model design

Gregory Sterzel, CFA, CAIAClient Portfolio Manager

Rutgers University, B.A., Economics Rutgers University, M.B.A. < 1 15 years industry experience

Client communications, portfolio and market analysis

Research Analysts Traders

Tony NgAnalyst

Years with MDT: 6

Kelly PatelAnalyst

Years with MDT: 7

Kevin Walker Analyst

Years with MDT: 4

Michael G. BertaniAssistant Portfolio

and Trading ManagerYears with MDT: 9

Stacie CostaTrader

Years with MDT: 4


MDT Investment Philosophy

“We believe there are multiple and dynamic combinations of fundamental variables that can identify stocks that are expected to outperform.”


A Differentiated Approach

Traditional Approach to Active Management

One type of company subject to factor volatility

PortfolioOptimization

Pre-TradeReview

Screen

Deep Fundamental Research

Final Portfolio

Different types of

companies

MDT’s Differentiated Approach

Comprehensive Fundamentally-Based Research

Stock Universe

Diversified alpha potential through different types of companies

Stock Universe

We believe that investing simultaneously in different types of companies with strong fundamentals can provide more consistent performance over time


Investment Process – Fundamental Research Model

Intuitive, transparent fundamental process using quantitative toolsFundamentally-based research identifies powerful combinations of value, growth and quality

characteristics across market environments

Proprietary software is used to maximize portfolio alpha, net of trading

costs, while managing risk

Stock alphas are forecasted based on each company’s

characteristics

All trades are reviewed to ensure they are based on

the most recent and accurate information

FundamentallyBased

Research

StockSelection

PortfolioOptimization

Pre-TradeReview


Fundamentally-Based Research

MDT continually researches combinations of stock selection factors to identify those with the most promise and to phase out

those that have become less relevant.

Developed using 30+ years of daily data spanning multiple market cycles More than 18,000 domestic companies included (no survivorship bias) Tested over different market environments

V A L U E G R O W T H Q U A L I T Y

Fundamentally based valuation factors

Forward-looking estimates, price trends

Balance sheet quality, cash flows

MDT has a library of stock selection factors


Current Stock Selection Factors

V A L U E G R O W T H Q U A L I T Y Structural earnings

Measures repeatable components of a company’s earnings

Tangible book to price Excludes goodwill and other

intangibles

Earnings to price trend Measures the change in earnings to

price over the last year

Analyst conviction Measures the consistency of

analysts’ views

Long-term earnings growth Based on analysts’ long-term

earnings growth rate estimates

Price to high Compares the current price to the 52-

week high

Relative price trend Compares short-term price trend to

longer-term price trend

Free cash flow Ratio of free cash flow to net revenue

Share buyback/issuance Measures percentage change in

shares outstanding

Earnings risk Measures dispersion of analysts’

earnings-per-share estimates

External financing Measures the company’s reliance on

external sources of capital

Asset growth Measures the change in the size of

the company’s balance sheet


Our objective investment process aims to capitalize on timely opportunities

Stock Selection

Reduce forecasted alphas by trading costs unique to

each stockForecast gross alpha on each stock in the

universe

Rank stocks by forecasted net alpha

• Bid-ask spreads• Commissions • Market impact

12

3


Portfolio Optimization

Optimization via proprietary tools developed over more than two decades

Diversification subject to the following constraints:

Stock correlation analysis enhances risk controls

Well diversified across a large number of holdings

Maximum company weight 2.5% of portfolio†

Business range ± 5.0%*

Industry range ± 5.0%*

Sector range ± 1.0%*

† Or benchmark index weight, if larger.

* From weight in benchmark index, unless the weight in the MDT buyable universe is lower. Business, industry and sector definitions based on Thomson Reuters I/B/E/S.

Maximize alpha while limiting tracking error through risk management


Pre-trade Review

After-hours earnings releases

Analyst forecast updates

Headlines including litigation, earnings restatements, regulatory changes

Announced acquisitions of material importance

Pre-trade review is a critical component of our disciplined approach

Pre-trade review catches items that could affect the proposed trades


Sell Discipline

Alpha realization – trim or sell

Companies with deteriorating fundamentals or headline risk

Replacement opportunities with greater alpha potential

Announced acquisitions trading on deal premium

We do not become emotionally attached to our positions


Actively-managed, core equity solutions

The MDT Advantage

Objective, unemotional, repeatable investment discipline

Focus on distinct combinations of value, growth, and quality characteristics that have produced excess returns over time

Style-pure investment options

Durable portfolios well-diversified across sectors, industries, and positions

Bottom-up stock selection has resulted in strong relative performance

Past performance is no guarantee of future results.


Federated MDT Small Cap Core Fund



INVESTMENT FOCUS Invests primarily in growth and value stocks of small-cap U.S. companies

INCEPTION 9/15/2005

OBJECTIVE Long-term capital appreciation

BENCHMARK Russell 2000® Index

FUND ASSETS $210.4 million

SHARE CLASSES(Gross/Net Expense Ratio)

IS: QISCX (1.87%/0.89%)A: QASCX (2.11%/1.14%)C: QCSCX (2.87%/1.89%)

R6: QLSCX (1.85%/0.88%)

As of 6/30/17


Fund Statistics (as of 6/30/2017)

Past performance is no guarantee of future results.Holdings are subject to change. Alpha shows how much or how little return is generated, given the risk a portfolio takes. A portfolio with an Alpha greater than 0 has earned more than expected given its Beta—meaning the portfolio has generated excess return without increasing risk. A portfolio with a negative Alpha is producing a lower return than would be expected given its risk.Beta measures a portfolio’s volatility relative to the market. A Beta greater than 1.00 suggests the portfolio has historically been more volatile than the market as measured by the fund’s benchmark. A Beta less than 1.00 suggests the portfolio has historically had less volatility relative to the market.R-Squared indicates what percentage of a portfolio’s movement in performance is explained by movement in performance of the market. R-squared ranges from 0 to 100, and a score of 100 suggests that all movements of a portfolio’s performance are completely explained by movements in the market as measured by the fund’s benchmark.


(IS Shares)

Russell 2000®

IndexNumber of Securities 189 2,010

Weighted Median Market Cap $1.5 b $1.9 b

Weighted Median P/E (NTM) 17.2x 23.1 x

Weighted Median Price/Book 2.0x 2.5x

Active Share (as of 3/31/2017) 88% -

Standard Deviation (5-yr) 14.89 13.88

Sharpe Ratio (5-yr) 1.22 0.98

Beta (5-yr) 1.03 1.00

Tracking Error (5-yr) 4.26 0.00

Alpha (5-yr) 4.05 0.00

R2 (5-yr) 91.90 100.00

Up Capture Ratio (5-yr) 110.90 100.00

Down Capture Ratio (5-yr) 89.51 100.00


Sector Weightings

4.5%6.1%

2.2%

14.6%

5.2%

2.3% 2.5%

26.4%

13.9%15.5%

4.9%

1.9%

5.5%6.9%

0.0%

13.6%

4.8%

3.0% 3.4%

26.7%

15.2% 14.8%

4.0%

2.2%

BasicIndustries

Capital Goods Cash/CashEquivalents

ConsumerCyclicals

ConsumerDurables

ConsumerStaples

Energy FinancialServices

Health Care InformationTechnology

Public Utilities Transportation

Federated MDT Small Cap Core Fund Russell 2000 Index®

As of 6/30/17The Fund is a managed portfolio and portfolio holdings are subject to change. The holdings percentages are based on net assets at the close of business on 6/30/17 and may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement purposes.


Outperforming Combinations of Characteristics

As of 6/30/2017Diversification does not assure a profit nor protect against loss.The holdings percentages are based on net assets as of the close of business on 6/30/17 and may not necessarily reflect adjustments that are routinely made when presenting assets for financial statement purposes. Because this is a managed portfolio, holdings are subject to change.

L E G E N D% of

Portfolio% of

Benchmark Rationale % of Portfolio

% ofBenchmark Rationale

4.9% 1.1% High structural earnings, depressed price 4.8% 6.5% Not low cash flow, high structural

earnings

21.4% 7.3% High structural earnings, high tangible book to price 15.5% 22.5% Not high price trend, not high structural

earnings

18.0% 10.4% High structural earnings, not significantly worsening E/P 3.5% 5.1% Low cash flow, high structural earnings

13.7% 7.6% High price trend, not high structural earnings 1.9% 14.4% Low analyst conviction, not high

structural earnings

10.2% 8.6% High structural earnings, worsening E/P 6.1% 16.4% External financing required

MDT Small Cap Core Weights Russell 2000 Weights


MDT Small Cap Core Fund Representative Holdings

Portfolio Weight

Benchmark Weight

Overweight Rationale

KB Home (KBH) 2.08% 0.10% 1.98% Very high analyst conviction, very high TBP

CNO Financial Group Inc. (CNO) 1.72% 0.18% 1.53% Very high TBP, high cash flow, high structural earnings

ProofPoint Inc. (PFPT) 1.63% 0.19% 1.43% Very high analyst conviction, price very close to 1-yr high

Portfolio Weight

Benchmark Weight

Underweight Rationale

Chambers Street Properties (GPT) 0.00% 0.23% -0.23% Very low structural earnings, level prices

Medidata Solutions Inc. (MDSO) 0.00% 0.23% -0.23% Very low structural earnings, low TBP

Parexel International Corp. (PRXL) 0.00% 0.23% -0.23% Very low E/P trend, very low TBP

The holdings percentages are based on net assets as of the close of business on 6/30/17 and may not necessarily reflect adjustments that are routinely made when presenting assets for financial statement purposes. Because this is a managed portfolio, holdings are subject to change.

Active stock weights drive performance


Federated MDT Small Cap Core Fund Performance

As of 6/30/2017Source: Morningstar, Inc. Rankings are based on total return and do not take sales charges into account. *See page 28 for more information.Total return represents the change in value after reinvesting all income and capital gains.Total return would have been lower in the absence of certain fund expense waivers or reimbursements.Total returns for periods of less than one year are cumulative.Other classes of shares are available whose performance and rankings will differ due to different charges and expenses.Performance quoted represents past performance which is no guarantee of future results. Investment return and principal value fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For performance current to the most recent month-end, and after-tax returns, visit FederatedInvestors.com or call 1-800-341-7400.

Calendar Total Year Returns 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007

Institutional Shares 35.23 -3.20 3.15 46.16 20.35 -1.84 24.97 13.48 -44.14 0.61Benchmark 21.31 -4.41 4.89 38.82 16.35 -4.18 26.85 27.17 -33.79 -1.57

Morningstar Rankings (IS Shares) 1 Year 3 Year 5 Year 10 Year

Morningstar Category/Percentile Rank 1 1 1 68

Morningstar Category Rank/Total Number of Funds 4/776 4/646 1/545 265/389

Before Waivers After Waivers

Expense Ratio* 1.87 0.89

3.095.09

32.30

11.90

18.65

5.542.46

4.99

24.60

7.36

13.70

6.92

1.53 3.24

20.96

5.70

12.75

6.12

0

5

10

15

20

25

30

35

3 Months YTD 1 Year 3 Year 5 Year 10 Year

Average Annual Total Returns (%)

Federated MDT Small Cap Core Fund (IS)Russell 2000® IndexMorningstar Small Blend Category Average



Source: Morningstar, Inc. Performance for 36-month periods (1-month step) from 6/30/2013 – 6/30/2017.Returns are for IS shares. Other classes of shares are available whose performance will vary due to different charges and expenses.Performance quoted represents past performance which is no guarantee of future results. Investment return and principal value fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For performance current to the most recent month-end, and after-tax returns, visit FederatedInvestors.com or call 1-800-341-7400.

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17

Annu

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%)

Rolling 36-Month Performance vs. Russell 2000® Index

Federated MDT Small Cap Core Fund (IS) Moringstar Small Blend Category Average

The fund has outperformed the benchmark 100% of the time by an average of 2.80%

The category has underperformed the benchmark 100% of the time by an average of -0.78%



Average Annual Total Returns (%) as of 6/30/2017

3 Months YTD 1 Year 3 Year 5 Year 10 YearSince

Inception(9/15/05)

Expense Ratios*


R6 Shares 3.09 5.09 32.30 11.65 18.30 3.36 4.57 1.85 0.88IS Shares 3.09 5.09 32.30 11.90 18.65 5.54 7.73 1.87 0.89A Shares (NAV) 3.02 4.96 31.94 11.61 18.33 5.29 7.48 2.11 1.14A Shares (MOP) -2.64 -0.81 24.67 9.53 17.01 4.70 6.96 2.11 1.14Russell 2000® Index 2.46 4.99 24.60 7.36 13.70 6.92 N/A N/A N/A


R6 Shares 34.99 -3.55 3.00 45.73 17.90 -4.92 19.89 8.25 -46.25 -4.87 IS Shares 35.23 -3.20 3.15 46.16 20.35 -1.84 24.97 13.48 -44.14 0.61A Shares (NAV) 34.91 -3.48 2.89 45.68 20.20 -2.18 24.80 13.10 -44.20 0.45 A Shares (MOP) 27.52 -8.81 -2.75 37.63 13.61 -7.53 17.89 6.84 -47.28 -5.04 Russell 2000® Index 21.31 -4.41 4.89 38.82 16.35 -4.18 26.85 27.17 -33.79 -1.57

*See page 28 for more information.Total return represents the change in value after reinvesting all income and capital gains.Total return would have been lower in the absence of certain fund expense waivers or reimbursements.Total returns for periods of less than one year are cumulative.Other classes of shares are available whose performance and rankings will differ due to different charges and expenses.Performance quoted represents past performance which is no guarantee of future results. Investment return and principal value fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For performance current to the most recent month-end, and after-tax returns, visit FederatedInvestors.com or call 1-800-341-7400. Maximum Offering Price figures reflect the maximum sales charge of 5.5% for Class A Shares.


MDT Small Cap Core Fund Disclosures

These materials are intended for use by sophisticated parties as described in Section (c)(1) of the Department of Labor’s Fiduciary Rule, 81 Fed. Reg. 68, at 20999 (April 8, 2016). Federated is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity for purposes of the Employee Retirement Income Security Act of 1974, as amended or section 4975 of the Internal Revenue Code of 1986, as amended or otherwise in connection with the sale or distribution of our products and services to in-scope clients such as ERISA plans and IRAs (“Transaction”). While Federated has a financial interest in a Transaction because Federated earns revenue from the sale of our products and services, Federated does not receive a fee or other compensation directly from you or your in-scope clients for the provision of investment advice (as opposed to other services) in connection with any Transaction.

Investors should carefully consider the fund's investment objectives, risks, charges and expenses before investing. To obtain a summary prospectus or prospectus containing this and other information, contact us or visit FederatedInvestors.com. Please carefully read the summary prospectus or prospectus before investing.Morningstar Category identifies funds based on their actual investment styles as measured by their underlying portfolio holdings over the past three years. If the fund is less than three years old, the category is based on the life of the fund. ©2017 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.The Federated MDT Small Cap Core fund’s expense ratios are from the most recent prospectus. The expense ratios may reflect voluntary fee waivers and/or expense reimbursements determined by the fund’s Adviser and its affiliates. The voluntary waivers and/or reimbursements, if applicable, are in effect up to but not including the later of 11/01/2017 or the date of the fund’s next effective prospectus.The fund’s R6 Shares commenced operations on June 30, 2016. For the period prior to the commencement of operations of the R6 Shares, the performance information shown is for the Institutional Shares adjusted to reflect the expenses of the fund’s R6 for each year for which the fund’s R6 expenses would have exceeded the actual expenses paid by the fund’s Institutional Shares.The Federated MDT Small Cap Core fund is the successor to the MDT Small Cap Core Fund, pursuant to a reorganization that took place on December 8, 2006. Prior to that date, the fund had no investment operations. Accordingly, the performance information shown for periods prior to that date is that of the MDT Small Cap Core Fund.Small company stocks may be less liquid and subject to greater price volatility than large company stocks.The quantitative models and analysis used by the fund may perform differently than expected and negatively affect fund performance.Mutual fund investing involves risk. Principal loss is possible.Federated Securities Corp., Distributor


Federated MDT Small Cap Growth Fund



As of 6/30/17

INVESTMENT FOCUS Invests primarily in growth stocks of small-cap U.S. companies

INCEPTION 9/15/2005

OBJECTIVE Long-term capital appreciation

BENCHMARK Russell 2000® Growth Index



IS: QISGX (1.74%/0.89%)A: QASGX (2.00%/1.14%)C: QCSGX (2.75%/1.89%)

R6: QLSGX (1.54%/0.88%)





(IS Shares)

Russell 2000®

Growth IndexNumber of Securities 170 1171

Weighted Median Market Cap $1.8 b $2.1 b

Weighted Median P/E (NTM) 20.0x 28.7x





Beta (5-yr) 0.94 1.00


Alpha (5-yr) 3.30 0.00

R2 (5-yr) 90.66 100.00




Sector Weightings


6.4%8.2%

17.5%

7.1%

3.4%

0.0%

9.9%

23.5%

21.2%

1.1%0.0%

1.7%

5.8%

8.3%

16.8%

6.2%

2.8%1.1%

10.7%

24.9%

20.5%

1.8% 1.1%0.0%

BasicIndustries

Capital Goods ConsumerCyclicals

ConsumerDurables

ConsumerStaples

Energy Financials Health Care InformationTechnology

Transportation Utilities Cash/CashEquivalents

Federated MDT Small Cap Growth Fund Russell 2000 Growth Index




L E G E N D% of

Portfolio% of



3.3% 0.5% High structural earnings, depressed price 7.7% 10.0% High analyst conviction, low structural

earnings

24.8% 12.2% Price trend up, high analyst conviction 8.7% 8.4% High structural earnings, low cash flow

17.0% 7.8% High analyst conviction, improving E/P 10.9% 26.5% Not high structural earnings, not high analyst conviction

5.8% 8.0% High analyst conviction, worsening E/P 7.1% 17.5% External financing required

14.7% 9.2% High structural earnings, not low cash flow

MDT Small Cap Growth Weights Russell 2000 Growth Weights


Federated MDT Small Cap Growth Fund Representative Holdings

Portfolio Weight

Benchmark Weight


Deluxe Corp. (DLX) 2.35% 0.34% 2.01% Very high structural earnings, very high analyst conviction

National Bank Holdings Corp. (NBHC) 1.60% 0.03% 1.57% Very high TBP, high E/P trend

National Beverage Corp. (FIZZ) 1.62% 0.11% 1.51% Increasing prices, very high LTG, high analyst conviction

Portfolio Weight

Benchmark Weight


Medidata Solutions Inc. (MDSO) 0.00% 0.45% -0.45% Very low structural earnings, low TBP

Parexel International Corp. (PRXL) 0.00% 0.45% -0.45% Very low E/P trend, very low TBP

HealthSouth Corp. (HLS) 0.00% 0.44% -0.44% Low E/P trend, low LTG, level prices




Federated MDT Small Cap Growth Fund Performance


Institutional Shares 20.41 3.50 1.71 42.33 17.40 1.63 29.46 9.94 -41.11 16.03Benchmark 11.32 -1.38 5.60 43.30 14.59 -2.91 29.09 34.47 -38.54 7.05

Morningstar Rankings 1 Year 3 Year 5 Year 10 Year


Morningstar Category Rank/Total Number of Funds 32/678 14/599 19/533 202/398



4.19

11.93

32.94

12.07

16.85

7.174.39

9.97

24.4

7.64

13.98

7.824.33

10.12

23.12

6.67

12.81

7.05

0

5

10

15

20

25

30

35


Federated MDT Small Cap Growth Fund (IS)Russell 2000® Growth IndexMorningstar Small Growth Category Average

As of 6/30/2017Source: Morningstar, Inc. Rankings are based on total return and do not take sales charges into account. *See page 28 for more information.Total return represents the change in value after reinvesting all income and capital gains.Total return would have been lower in the absence of certain fund expense waivers or reimbursements.Total returns for periods of less than one year are cumulative.Other classes of shares are available whose performance and rankings will differ due to different charges and expenses.Performance quoted represents past performance which is no guarantee of future results. Investment return and principal value fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For performance current to the most recent month-end, and after-tax returns, visit FederatedInvestors.com or call 1-800-341-7400.




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Rolling 36-Month Performance vs. Russell 2000® Growth Index

Federated MDT Small Cap Growth Instl Morningstar Small Cap Growth Average

The fund has outperformed the benchmark 65% of the time by an average of 1.11%




3 Months YTD 1 Year 3 Year 5 Year 10 YearSince

Inception(9/15/05)

Expense Ratios*Before

Waivers After Waivers

R6 Shares 4.24 11.99 32.94 11.94 16.76 6.84 6.01 1.54 0.88IS Shares 4.19 11.93 32.94 12.07 16.85 7.17 8.69 1.74 0.89A Shares (NAV) 4.14 11.82 32.60 11.78 16.56 6.91 8.41 2.00 1.14A Shares (MOP) -1.57 5.68 25.33 9.70 15.24 6.31 7.90 2.00 1.14

Russell 2000® Growth Index 4.39 9.97 24.40 7.64 13.98 7.82 N/A N/A N/A


*See page 28 for more information.Total return represents the change in value after reinvesting all income and capital gains.Total return would have been lower in the absence of certain fund expense waivers or reimbursements.Total returns for periods of less than one year are cumulative.Other classes of shares are available whose performance and rankings will differ due to different charges and expenses.Performance quoted represents past performance which is no guarantee of future results. Investment return and principal value fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For performance current to the most recent month-end, and after-tax returns, visit FederatedInvestors.com or call 1-800-341-7400. Maximum Offering Price figure reflect the maximum sales charge of 5.5% for Class A Shares.


R6 Shares 20.25 3.32 1.64 42.33 17.11 1.15 28.75 9.42 -41.37 12.56 IS Shares 20.41 3.50 1.71 42.33 17.40 1.63 29.46 9.94 -41.11 16.03A Shares (NAV) 20.05 3.31 1.42 41.95 17.14 1.38 29.06 9.77 -41.28 15.83 A Shares (MOP) 13.46 -2.36 -4.17 34.16 10.71 -4.17 21.97 3.69 -44.51 9.47 Russell 2000® Growth Index 11.32 -1.38 5.60 43.30 14.59 -2.91 29.09 34.47 -38.54 7.05


MDT Small Cap Growth Fund Disclosures


Investors should carefully consider the fund's investment objectives, risks, charges and expenses before investing. To obtain a summary prospectus or prospectus containing this and other information, contact us or visit FederatedInvestors.com. Please carefully read the summary prospectus or prospectus before investing.Morningstar Category identifies funds based on their actual investment styles as measured by their underlying portfolio holdings over the past three years. If the fund is less than three years old, the category is based on the life of the fund. ©2017 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.Federated MDT Small Cap Growth fund’s expense ratios are from the most recent prospectus. The expense ratios may reflect voluntary fee waivers and/or expense reimbursements determined by the fund’s Adviser and its affiliates. The voluntary waivers and/or reimbursements, if applicable, are in effect up to but not including the later of 11/01/2017 or the date of the fund’s next effective prospectus.The fund’s R6 Shares commenced operations on June 30, 2016. For the period prior to the commencement of operations of the R6 Shares, the performance information shown is for the Institutional Shares adjusted to reflect the expenses of the fund’s R6 for each year for which the fund’s R6 expenses would have exceeded the actual expenses paid by the fund’s Institutional Shares.Federated MDT Small Cap Growth fund is the successor to the MDT Small Cap Growth Fund, pursuant to a reorganization that took place on December 8, 2006. Prior to that date, the fund had no investment operations. Accordingly, the performance information shown for periods prior to that date is that of the MDT Small Cap Growth Fund.Small company stocks may be less liquid and subject to greater price volatility than large company stocks.The quantitative models and analysis used by the fund may perform differently than expected and negatively affect fund performance.Mutual fund investing involves risk. Principal loss is possible.Federated Securities Corp., Distributor


Federated MDT Large Cap Value Fund


Federated MDT Large Cap Value Fund

INVESTMENT FOCUS Invests primarily in value stocks of large-cap U.S. companies

INCEPTION 3/31/1982

OBJECTIVE Growth of income and capital

BENCHMARK Russell 1000® Value Index



IS: FMSTX (0.99%/0.77%)SS: FSTKX (1.01%/0.99%)A: FSTRX (1.01%/0.99%)R6: FSTLX (0.94%/0.70%)

As of 6/30/17



Federated MDT Large Cap Value Fund (IS)

Russell 1000®

Value IndexNumber of Securities 98 719

Weighted Median Market Cap $32.9 b $65.5

Weighted Median P/E (NTM) 14.0x 16.0x





Beta (5-yr) 1.08 1.00


Alpha (5-yr) 0.24 0.00

R2 (5-yr) 91.40 100.00





Sector Allocation

1.6%

8.0%

5.2%

1.8%

10.8%

9.3%

28.4%

13.9%

7.9%

1.4%

9.7%

2.0%2.8%

6.9% 6.6%

2.0%

11.4% 10.6%

28.0%

13.7%

7.6%

1.5%

9.0%

0.0%

BasicIndustries

Capital Goods ConsumerCyclicals

ConsumerDurables

ConsumerStaples

Energy Financials Health Care InformationTechnology

Transportation Utilities Cash/CashEquivalents

Federated MDT Large Cap Value FundRussell 1000 Value Index


®




L E G E N D% of

Portfolio% of



16.0% 7.5% All value factors good 13.7% 9.1% High structural earnings, low cash flow

4.3% 4.3% Price near high, positive analyst conviction, very high TBP 10.6% 14.3% Price near high, not high structural

earnings

20.8% 13.6% High structural earnings, not low cash flow 10.2% 14.1% Worsening E/P, price trend not very

strong

13.1% 14.2% Price near high, positive analyst conviction 4.2% 11.4% Not high structural earnings, price not

near high

3.2% 5.2% Worsening E/P, price trend strong 3.8% 6.3% Low analyst conviction, worsening E/P

MDT Large Cap Value Weights Russell 1000 Value Weights


Federated MDT Large Cap Value Fund Representative Holdings



Portfolio Weight

Benchmark Weight


Roper Technologies Inc. (ROP) 2.55% 0.01% 2.54% Very high analyst conviction, price very close to 1-yr high

Everest Reinsurance Holdings (RE) 2.56% 0.09% 2.47% Very high TBP, high analyst conviction

Prudential Financial Inc. (PRU) 2.72% 0.39% 2.33% Very high structural earnings, high cash flow, very high TBP

Portfolio Weight

Benchmark Weight


Berkshire Hathaway (BRK.B) 0.00% 2.75% -2.75% Low E/P trend, very low structural earnings

General Electric Co. (GE) 0.00% 1.64% -1.64% Very low cash flow, very low TBP, low structural earnings

Wal-Mart Stores Inc. (WMT) 0.00% 0.93% -0.93% Low TBP, very low cash flow, level prices


As of 6/30/2017Source: Morningstar, Inc. The average annual total return for Service Shares (FSTKX) for this fund since inception (3/31/82) is 11.50%; the 3-Month total return is 1.20%; the 1-Year total return is 15.88%; the 3-Year total return is 5.53%; the 5-Year total return is 15.06%; the 10-Year total return is 6.50%; the 15-Year total return is 7.68%; the 20-Year total return is 7.25%. Rankings are based on total return and do not take sales charges into account. *See page 27 for more information.Total return represents the change in value after reinvesting all income and capital gains.Total return would have been lower in the absence of certain fund expense waivers or reimbursements.Total returns for periods of less than one year are cumulative.Performance quoted represents past performance which is no guarantee of future results. Investment return and principal value fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For performance current to the most recent month-end, and after-tax returns, visit FederatedInvestors.com or call 1-800-341-7400.

Federated MDT Large Cap Value Fund Performance

Calendar Total Year Returns 2016 2015 2014 2013 2012 2011 2010 2009 2008

Institutional Shares 15.31 -4.79 14.32 40.03 20.12 2.23 10.06 18.86 -31.87Benchmark 17.34 -3.83 13.45 32.53 17.51 0.39 15.51 19.69 -31.27

Morningstar Rankings 1 Year 3 Year 5 Year 10 Year


Morningstar Category Rank/Total Number of Funds 667/1251 759/1091 41/936 N/A



1.223.57

16.14

5.75

15.31

6.67

0.67

4.66

24.86

7.02

13.39

5.92

1.78

5.55

16.49

6.4

12.64

5.18

0

5

10

15

20

25

30


Federated MDT Large Cap Value Fund (IS)Russell 1000® Value IndexMorningstar Large Value




-3.00

-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00


Annu

alize

d Ex

cess

Retu

rns (

%)

Rolling 36-Month Performance vs. Russell 1000® Value Index

Federated MDT Large Cap Value Fund Morningstar Large Value Category Average

The fund has outperformed the benchmark76% of the time by an average of 1.66%



*See page 27 for more information.Total return represents the change in value after reinvesting all income and capital gains.Total return would have been lower in the absence of certain fund expense waivers or reimbursements.Total returns for periods of less than one year are cumulative.Performance quoted represents past performance which is no guarantee of future results. Investment return and principal value fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For performance current to the most recent month-end, and after-tax returns, visit FederatedInvestors.com or call 1-800-341-7400.



R6 Shares 15.20 -5.00 14.08 39.71 19.85 2.01 9.88 18.87 -31.86 1.27

IS Shares 15.31 -4.79 14.32 40.03 20.12 2.23 10.06 18.86 -31.87 1.26

SS Shares 15.09 -5.00 14.08 39.71 19.85 2.01 9.88 18.87 -31.86 1.27

A Shares (NAV) 15.10 -5.01 14.09 39.71 19.85 2.01 9.87 18.87 -31.86 1.27

A Shares (MOP) 8.76 -10.22 7.82 32.05 13.28 -3.62 3.85 12.35 -35.61 -4.30

Russell 1000® Value Index 17.34 -3.83 13.45 32.53 17.51 0.39 15.51 19.69 -31.27 -0.17


3 Months YTD 1 Year 3 Year 5 Year 10 Year 15 Year 20 YearSince

Inception(3/31/82)

Expense Ratios*

BeforeWaivers

After Waivers

R6 Shares 1.23 3.61 16.15 5.61 15.12 6.53 7.70 7.26 11.51 0.94 0.70

IS Shares 1.22 3.57 16.14 5.75 15.31 6.67 7.79 7.33 11.54 0.99 0.77

SS Shares 1.20 3.46 15.88 5.53 15.06 6.50 7.68 7.25 11.50 1.01 0.99

A Shares (NAV) 1.16 3.46 15.89 5.54 15.07 6.50 7.69 7.25 11.49 1.01 0.99

A Shares (MOP) -4.39 -2.21 9.50 3.57 13.77 5.90 7.28 6.94 11.31 1.01 0.99

Russell 1000® Value Index 0.67 4.66 24.86 7.02 13.39 5.92 8.75 8.98 N/A N/A N/A


Federated MDT Large Cap Value Fund Disclosures

Investors should carefully consider the fund's investment objectives, risks, charges and expenses before investing. To obtain a summary prospectus or prospectus containing this and other information, contact us or visit FederatedInvestors.com. Please carefully read the summary prospectus or prospectus before investing.

*The fund’s expense ratio is from the most recent prospectus. The expense ratio may reflect contractual and/or voluntary fee waivers and/or expense reimbursements determined by the fund’s Adviser and/or its affiliates. Shareholders must approve any changes to a contractual required waiver/reimbursement. Additionally, the voluntary waivers and/or reimbursements, if applicable, are in effect up to but not including the later of 2/1/18 or the date of the fund’s next effective prospectus.

Morningstar Category identifies funds based on their actual investment styles as measured by their underlying portfolio holdings over the past three years. If the fund is less than three years old, the category is based on the life of the fund. ©2017 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

As of January 17, 2017, Federated MDT Stock Trust was renamed Federated MDT Large Cap Value Fund.

The fund’s Institutional Share class commenced operations on January 29, 2010. For the period prior to the commencement of operations for the Institutional Shares, the performance information shown is for the fund’s Service Shares. The performance of the Service Shares has not been adjusted to reflect the expenses of the Institutional Shares since the Institutional Shares is estimated to have a lower expense ratio than the expense ratio of the Service Shares. The performance of the Institutional Shares has been adjusted to remove any voluntary waiver of the fund’s expenses related to the Service Shares that may have occurred during the period prior to the commencement of operations of the Institutional Share class.

Federated MDT Large Cap Value Fund A shares commenced operations on May 1, 2014. For the periods prior to the commencement of operations of the A shares, the A shares performance information shown is the SS class performance adjusted to reflect the expenses of the fund's A shares for each year for which the fund's A shares expenses would have exceeded the actual expenses paid by the fund’s SS class.

The fund’s R6 Shares commenced operations on June 30, 2016. For the period prior to the commencement of operations of the R6 Shares, the performance information shown is for the SS Shares adjusted to reflect the expenses of the fund’s R6 for each year for which the fund’s R6 expenses would have exceeded the actual expenses paid by the fund’s SS Shares.

The quantitative models and analysis used by the fund may perform differently than expected and negatively affect fund performance.

Mutual fund investing involves risk. Principal loss is possible.



Federated is a registered trademark of Federated Investors, Inc.

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