Federated Institutional High Yield Bond Fund Institutional Shares
Information as of 07/31/2010
Benchmark Barclay's Capital US Corporate High Yield 2% Issuer Capped Index Assets (Portfolio) $393,962,068 Symbol FIHBX Fund Number(s) 900 Newspaper Listing FedInstHYBond CUSIP 31420B300 Performance Inception Date 11/04/2002 Fiscal Year-End 10/31 Current Prospectus Date 12/31/2009 Fund Description This high yield fund's philosophy is built on bottom-up, fundamental analysis focusing on the underlying quality and sustainability of an issuer's business. To pursue its objective, the fund invests in lower-rated corporate fixed-income securities, including debt securities issued by U.S. or foreign business.		Key Investment Team Members Mark E. Durbiano, CFA Morningstar Ratings based on risk adjusted total return Funds in Category Overall 499 3 Year 499 5 Year 428 The overall rating is derived from a weighted average of the fund’s three-, five-, and ten-year average annual returns, as applicable. Morningstar Category High Yield Bond Morningstar Style Investment Objective High current income Investment Concentration The fund will invest primarily in lower-rated corporate fixed income securities, including debt securities issued by U.S. or foreign businesses
Performance data quoted represents past performance which is no guarantee of future results.
Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices. A portion of the fund may be invested in the Federated Core Trust-High Yield Bond Portfolio. This pool of securities provides more effective diversification than is available through the purchase of individual high yield securities. High yield, lower-rated securities generally entail greater market, credit/default and liquidity risks, and may be more volatile than investment grade securities. Index classifications are based upon, and individual portfolio securities are assigned to, the classification and sub-classification categories of the Barclays Capital High Yield 2% Issuer Capped Index (BCHY2%ICI). Individual portfolio securities that are not included in the BCHY2%ICI are assigned to an index classification category at the discretion of the fund’s advisor. Investors should carefully consider the fund’s investment objectives, risks, charges and expenses before investing. To obtain a prospectus, or if available, a summary prospectus containing this and other information, contact us or view the prospectus provided on this website. Please carefully read the prospectus or the summary 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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