Federated Market Opportunity A (FMAAX)

Fund Fact Sheet 12-31-09 09-30-09 06-30-2009 03-31-2009 Prospectus Fact Sheet Explanation

Fund Summary The investment seeks absolute returns. The fund primarily invests in domestic and foreign securities that the Adviser deems to be undervalued or out of favor. The Adviser can position it with respect to various asset classes or individual securities in a net long or a net short position. The asset allocation is based on valuation, sentiment, and technical considerations. The fund may buy or sell foreign currencies in lieu of or in addition to non-dollar denominated fixed-income securities. It may invest in derivative contracts.

Fund Management Steven J. Lehman, Lead Manager since 04-Dec-00
Lehman joined Federated in May 1997 as a portfolio manager and vice president of the funds adviser. He has been a senior portfolio manager since 1998 and a senior vice president of the funds adviser since January 2005. From 1986 to May 1997, Mr. Lehman served as a portfolio manager, then vice president senior portfolio manager, at First Chicago NBD. Lehman holds the Chartered Financial Analyst designation.