Federated Prudent Bear Fund Class A Shares
Information as of 10/31/2009
Benchmark S&P 500 Index Assets (Portfolio) $1,450,307,413 Assets (Share Class) $1,223,174,430 Symbol BEARX Fund Number(s) 409 Newspaper Listing FPruBearA CUSIP 314172354 Performance Inception Date 12/28/1995 Fiscal Year-End 9/30 Current Prospectus Date 09/15/2008 Fund Description The fund is an actively managed bear fund designed to help investors benefit from a declining stock market. Using a "bottom-up meets top-down" investment approach, the fund seeks capital appreciation through a combination of short sales of equity securities, market indices and futures as well as put options and long positions in stocks of gold and precious metals and mining companies, overlaid with a risk control process that seeks to limit losses in bull markets.		Key Investment Team Members Douglas C. Noland P. Ryan Bend, CFA Chad E. Hudson, CFA Morningstar Category Bear Market Morningstar Style Investment Objective Capital appreciation Investment Concentration The fund largely engages in short sales of domestically-traded equity securities (typically 70%-100% short)
Performance data quoted represents past performance which is no guarantee of future results.
Additional Information Bear Case Website      Federated Prudent Bear Fund
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 Class A and C Shares. Diversification does not assure a profit nor protect against loss. Federated Prudent Bear Fund regularly makes short sales of securities, which involves unlimited risk including the possibility that losses may exceed the original amount invested. The fund may also use options and future contracts, which have risks associated with unlimited losses of the underlying holdings due to unanticipated market movements and failure to correctly predict the direction of securities prices, interest rates and currency exchange rates. However, a mutual fund investor’s risk is limited to one’s amount of investment in a mutual fund. The fund may also hold restricted securities purchased through private placements. Such securities may be difficult to sell without experiencing delays or additional costs. Please see the prospectus for further details. Considering the increased risks, the fund may not be suitable for all investors. Investments in gold and precious metals are subject to additional risks such as the possibility of substantial price fluctuations over a short period of time. Considering the risk, the fund may not be suitable for all investors. Investors should carefully consider the fund’s investment objectives, risks, charges and expenses before investing. To obtain a prospectus containing this and other information, contact us or view the prospectus provided on this website. Please carefully read the prospectus before investing. For additional information, including definitions of related terms and indexes, see the Financial Glossary and Benchmark Index Glossary. Federated Securities Corp., Distributor
Not FDIC Insured May Lose Value No Bank Guarantee

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