Strategy. The Fund normally invests its assets primarily in common stocks included in the S&P MidCap 400 Index (Index). The Index is a broad-based market capitalization-weighted index of common stocks representing all major industries in the mid-range of the U.S. stock market. Under normal circumstances, Federated Equity Management Company of Pennsylvania (the Manager or Adviser) will also use enhanced management techniques as further described in the Prospectus in an attempt to improve the performance of the Funds portfolio relative to the Index to compensate for Fund expenses and tracking error. The Managers principal enhanced management technique will be to over or underweight positions in securities within the Index based upon the Managers quantitative analysis of the securities. The Fund may invest … Show more… The Fund normally invests its assets primarily in common stocks included in the S&P MidCap 400 Index (Index). The Index is a broad-based market capitalization-weighted index of common stocks representing all major industries in the mid-range of the U.S. stock market. Under normal circumstances, Federated Equity Management Company of Pennsylvania (the Manager or Adviser) will also use enhanced management techniques as further described in the Prospectus in an attempt to improve the performance of the Funds portfolio relative to the Index to compensate for Fund expenses and tracking error. The Managers principal enhanced management technique will be to over or underweight positions in securities within the Index based upon the Managers quantitative analysis of the securities. The Fund may invest in derivative contracts (such as, for example, futures contracts) to implement its investment strategies. The Fund may use derivative contracts to increase or decrease the portfolios exposure to the investment(s) underlying the derivative contracts in an attempt to benefit from changes in the value of the underlying investment(s), to realize gains from trading a derivative contract or to hedge against potential losses. There can be no assurances that the Funds use of derivative contracts will work as intended. Derivative investments made by the Fund are included within the Funds 80% policy (as described below) and are calculated at market value. Consistent with the Funds benchmark, the Fund may, from time to time, have larger allocations to certain broad market sectors in attempting to achieve its investment objective. The Fund will invest its net assets so that at least 80% of its net assets (plus any borrowings for investment purposes) are invested in Index investments. The Fund will notify shareholders at least 60 days in advance of any change in this investment policy. The Funds Manager has received an exemptive order from the SEC to permit the Trust and the Board of Trustees (the Board) to appoint and replace sub-advisers for the Fund and to enter into and amend the Funds sub-advisory agreements without further shareholder approval. Show less