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Current performance may be lower or higher than what is stated.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost.
Offering price figures reflect the maximum sales charge of 5.5% for A Shares. See the prospectus for other fees and expenses that apply to a continued investment in the fund.
Total returns for periods of less than one year are cumulative.
The Federated Prudent Bear Fund is the successor to the Prudent Bear Fund, pursuant to a reorganization that took place on December 5, 2008. Prior to that date, the Federated Prudent Bear Fund had no investment operations. Accordingly, performance information shown for periods prior to December 5, 2008, is historical information for the former No Load Shares but has been adjusted to reflect the maximum sales charges and expenses applicable to the fund’s A and C Shares.
Diversification does not assure a profit nor protect against loss.
After-tax returns are calculated using a standard set of assumptions. Actual after-tax returns depend on each investor's personal tax situation, and are likely to differ from those shown. The stated returns assume the highest historical federal income and capital gains tax rates. Return After Taxes on Distributions assumes a continued investment in the fund and shows the effect of taxes on fund distributions. Return After Taxes on Distribution and Sale of Fund Shares assumes all shares were redeemed at the end of each measurement period, and shows the effect of any taxable gain (or offsetting loss) on redemption, as well as the effects of taxes on fund distributions. These after-tax returns do not reflect the effect of any applicable state and local taxes. After-tax returns are not relevant to investors holding shares through tax-deferred programs, such as IRA or 401(k) plans, or variable annuities. The after-tax average annual total returns are based on the 39.6% tax bracket and include the 3.8% tax on net investment income.
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 view the prospectus provided on this website. Please carefully read the summary prospectus or prospectus before investing.