First of all, let me say that this was a very un-scientific test. I used water as a simulant, and there's no data on penetration depth at all. I used milk jugs lined up, but I will try to refine this by shooting from the top of a ladder into a deep trashcan filled with water when I get a chance. This should capture all of the bullet fragments, and I should be able to do multiple shots rather than this somewhat (ahem) limited sample.
Now as far as using water as a tissue simulant is concerned: Water does accurately model a bullet's expanding properties, but does not correlate to penetration depth. I can dig up the reference by Dr. Fackler in that regard if someone doubts this assertion. Penetration depth is not of that much interest to me - I was simply curious if the bullet would fragment at all. Shot out of a 20" barrel at 10ft.
Again - I don't claim that this is the ultimate proof in the fragmenting abilities of Silver Bear. I was simply curious about this cheap round. Interesting to note is that the large fragment representing the nose of the bullet does not seem to indicate that the hollow point itself was responsible for expansion as I expected. If anything, it looks like the bullet actually fragmented at the point where the hollow cavity ended. Unfortunately, a majority of the material ended up un-recovered due to my cheesy experimental methods....
Just to refresh your memory, here's a cross section of the same bullet: