Federated Clover
Value Fund
A Portfolio of Federated Equity
Funds
CLASS A SHARES (TICKER VFCAX)
CLASS B SHARES (TICKER VFCBX)
CLASS C SHARES (TICKER VFCCX)
CLASS R SHARES (TICKER VFCKX)
INSTITUTIONAL SHARES (TICKER VFCIX)
Federated MDT Large
Cap Value Fund
CLASS A SHARES (TICKER FSTRX)
INSTITUTIONAL SHARES (TICKER FMSTX)
SERVICE SHARES (TICKER FSTKX)
CLASS R6 SHARES (TICKER FSTLX)
SUPPLEMENT TO SUMMARY
PROSPECTUS, PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION FOR FEDERATED CLOVER VALUE FUND DATED NOVEMBER 30, 2016
SUPPLEMENT TO SUMMARY
PROSPECTUS, PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION FOR FEDERATED MDT LARGE CAP VALUE FUND DATED JANUARY 17, 2017
A Special Meeting of
Shareholders of Federated Clover Value Fund (FCVF) and a Special Meeting of Shareholders of Federated MDT Large Cap Value Fund (FMLVF) (collectively, the “Funds”) will be held at 4000 Ericsson Drive,
Warrendale, Pennsylvania 15086-7561, at 10:00 AM (Eastern Time), on November 6, 2017, for the following purpose:
To approve or disapprove
proposed Agreements and Plans of Reorganization pursuant to which:
Federated MDT Large Cap
Value Fund (New FMLVF), a portfolio of Federated MDT Equity Trust, would acquire: (1) all or substantially all of the assets of FCVF in exchange for Class A Shares, Class B Shares, Class C Shares, Class R Shares and
Institutional Shares of New FMLVF to be distributed pro rata by FCVF to its shareholders; and (2) all of the assets of FMLVF (subject to the stated liabilities accrued and reflected in the books and records and net
asset value of FMLVF) in exchange for Class A Shares, Institutional Shares, Service Shares and Class R6 Shares of New FMLVF to be distributed pro rata by FMLVF to its shareholders (the “Reorganization”).
As part of the Reorganization, FCVF and FMLVF will ultimately be liquidated and dissolved. It is expected that the Reorganization will qualify as a tax-free reorganization.