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Federated Prudent Bear Fund

PBRIX

Asset Class: Alternative
Category: Bear Market
Prices as of 12-13-2018
NAV ($) 14.46
NAV Change ($) 0.01
   
YTD Total Returns as of 12-13-2018
NAV (%) -9.34

Average Annual Total Returns - Net Asset Value (NAV) (%)
Before Taxes as of 11-30-2018
1 Yr.
Ann.
3 Yr.
Ann.
5 Yr.
Ann.
10 Yr.
Ann.
Since
Inception
-12.73 -13.10 -12.66 -14.74 -6.13

Before Taxes as of 09-30-2018
1 Yr.
Ann.
3 Yr.
Ann.
5 Yr.
Ann.
10 Yr.
Ann.
Since
Inception
-18.28 -16.09 -14.48 -13.41 -6.29

Expense Ratios (%)§ as of 11-30-2018
Gross Expense Ratio (Before Waivers) 3.37
Net Expense Ratio (After Waivers) 3.27

30-Day Yields as of 11-30-2018
Net Asset Value (NAV) Maximum Offering Price (MOP)
30-Day
Yield
Unsub.
30-Day
Yield
30-Day
Yield
Unsub.
30-Day
Yield
-0.70 -0.76

30-Day Yields as of 09-30-2018
Net Asset Value (NAV) Maximum Offering Price (MOP)
30-Day
Yield
Unsub.
30-Day
Yield
30-Day
Yield
Unsub.
30-Day
Yield
-0.56 -0.63

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.


§ The fund’s expense ratio is from the most recent prospectus. The expense ratio may reflect voluntary fee waivers and/or expense reimbursements determined by the fund’s Advisor and/or its affiliates. The voluntary waivers and/or reimbursements, if applicable, are in effect up to but not including the later of 12/01/2019 or the date of the fund’s next effective prospectus. The expense ratio includes Dividends and Other Expenses Related to Short Sales. If Dividends and Other Expenses Related to Short Sales were excluded, the total net expenses would have been 1.64%.

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 predecessor Prudent Bear Fund’s No Load Shares but has been adjusted to remove any voluntary waiver of expenses related to the No Load Shares that may have occurred prior to commencement of operations of the Institutional Shares. The performance information of the predecessor Prudent Bear Fund has not been adjusted to reflect the expense ratio of the Institutional Shares since the Institutional Shares are estimated to have a lower expense ratio than the expense ratio of the predecessor Prudent Bear Fund’s No Load 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.

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 37% 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.

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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