Filed by: Federated Equity Funds
Filed Pursuant to Rule 425 under the Securities Act of 1933 and deemed filed pursuant to Rule 14a-6 of the Securities Act of 1934
Subject Company: Prudent Bear Fund
Commission File No. 811-09120
; 
Prudent Bear Funds, Inc. recently contacted you regarding a Special Meeting of Shareholders to be held on December 3, 2008. Our records indicate that we have not received your vote. We urge you to vote as soon as possible in order to allow the Fund to obtain a sufficient number of votes to hold the Meeting as scheduled.
1-866-450-8469
Voting is
very important.
Please vote now to be sure your vote is received in time for the December 3, 2008
Special Meeting of Shareholders.
It’s fast and easy to vote!
Simply choose one of the following methods:
| · | Speak to a live Proxy Specialist by calling the number above. We can answer any of your questions and record your vote. (open: M-F 9:30am – 9pm, Sat 10am – 6pm ET) |
| · | Log on to the website noted on your proxy card and enter the control number printed on your card. Cast your vote by following the on-screen prompts. |
| · | Call the phone number on your proxy card, enter the control number printed on the card and follow the touchtone prompts. |
| · | Mail in your signed proxy card in the postage-paid envelope provided. |
Voting takes only a few minutes.
PLEASE VOTE TODAY.
Thank you!
A prospectus/proxy statement with respect to the proposed transaction has been mailed to shareholders and filed with the Securities and Exchange Commission (SEC). Investors are urged to read the prospectus/proxy statement because it contains important information. The prospectus/proxy statement and other relevant documents will be available free of charge on the SEC’s Web site at www.sec.gov or by calling 1-800-341-7400.
Prudent 12/08
Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934
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Federated Equity Funds
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