Federated International Bond Fund
PORTFOLIO AS OF MARCH 31, 2011
CURRENT NET ASSETS — $82,132,255
Principal
Amount
or Shares
Value
BONDS — 94.1%
AUSTRALIAN DOLLAR — 2.8%
State/Provincial — 2.8%
$
2,190,000
Queensland Treasury Corp., Local Gov't. Guarantee, Series 17, 6.00%, 9/14/2017
$
2,305,096
BRITISH POUND — 9.6%
Finance - Automotive — 1.9%
1,000,000
GE Capital European Funding, Company Guarantee, Series EMTN, 4.625%, 1/18/2016
1,649,288
1,750,000
United Kingdom, Government of, 4.75%, 3/7/2020
3,052,730
1,320,000
United Kingdom, Government of, Bond, 4.75%, 9/7/2015
2,321,710
Sovereign — 6.5%
TOTAL
5,374,440
Utilities — 1.2%
550,000
RWE Finance B.V., Company Guarantee, Series EMTN, 6.50%, 4/20/2021
977,129
CANADIAN DOLLAR — 2.9%
Sovereign — 2.9%
850,000
Canada, Government of, 4.00%, 6/1/2017
929,705
500,000
Canada, Government of, 4.50%, 6/1/2015
555,874
800,000
Canada, Government of, Bond, 4.00%, 6/1/2016
875,024
TOTAL
2,360,603
DANISH KRONE — 2.3%
Mortgage Banks — 0.8%
3,643,596
Realkredit Danmark A/S, (Series 23D), 5.00%, 10/1/2035
5,700,000
Denmark, Government of, 5.00%, 11/15/2013
695,138
Sovereign — 1.5%
1,162,375
EURO — 35.1%
Sovereign — 34.4%
1,700,000
850,000
1,140,000
850,000
Austria, Government of, 4.30%, 9/15/2017
2,532,894
Austria, Government of, Note, 3.80%, 10/20/2013
1,252,426
Belgium, Government of, 2.75% 3/28/2016
1,555,661
Belgium, Government of, Sr. Unsecd. Note, 4.00%, 3/28/2018
1,209,915
FIBF - 1
1,500,000
Bonos Y Oblig Del Estado, 4.20%, 1/31/2037
1,625,847
1,500,000
Bonos Y Oblig Del Estado, Sr. Unsub., 4.00%, 4/30/2020
1,965,293
1,400,000
Buoni Poliennali Del Tes, 3.75%, 8/1/2016
1,973,555
1,525,000
Buoni Poliennali Del Tes, 4.00%, 2/1/2017
2,158,843
930,000
Buoni Poliennali Del Tes, 5.00%, 8/1/2039
1,215,187
Finland, Government of, Sr. Unsub., 4.25%, 7/4/2015
1,657,592
790,000
France Government of, Bond, 3.50%, 4/25/2026
1,049,497
724,000
France, Government of, 4.25%, 10/25/2023
1,063,807
France, Government of, Bond, 4.50%, 4/25/2041
1,525,544
900,000
Germany, Government of, 3.75%, 1/4/2015
1,338,866
750,000
Germany, Government of, Bond, 4.75%, 7/4/2034
1,202,028
500,000
Ireland, Government of, Bond, 5.90%, 10/18/2019
535,628
1,100,000
1,025,000
1,500,000
Italy, Government of, 4.25%, 8/1/2013
2,184,886
1,500,000
Italy, Government of, Bond, 4.25%, 2/1/2015
2,174,896
TOTAL
28,222,365
Telecommunications & Cellular — 0.7%
400,000
Telecom Italia SpA, Series EMTN, 6.25%, 2/1/2012
585,953
JAPANESE YEN — 36.2%
Banking — 10.6%
101,000,000
Bayerische Landesbank, Sr. Note, Series EMTN, 1.40%, 4/22/2013
1,233,253
100,000,000
DePfa ACS Bank, (Series EMTN), 1.65%, 12/20/2016
1,039,252
90,000,000
European Investment Bank, 1.25%, 9/20/2012
1,098,924
211,500,000
European Investment Bank, 1.40%, 6/20/2017
2,641,334
100,000,000
KFW, 1.35%, 1/20/2014
1,238,398
110,000,000
Nordic Investment Bank, Sr. Unsecd. Note, 1.70%, 4/27/2017
1,406,937
TOTAL
8,658,098
Rail Industry — 2.6%
171,000,000
Deutsche Bahn Finance BV, Series EMTN, 1.65%, 12/1/2014
2,134,416
345,000,000
Japan, Government of, 0.40%, 6/20/2015
4,145,409
292,000,000
Japan, Government of, 1.60%, 12/20/2015
3,695,180
265,000,000
Japan, Government of, 1.90%, 6/20/2014
3,345,703
Sovereign — 23.0%
50,000,000
Japan, Government of, Foreign Gov't. Guarantee, 2.00%, 5/9/2016
643,153
250,000,000
Japan, Government of, Sr. Unsecd. Note, 1.30%, 12/20/2018
3,092,742
340,000,000
Japan-309, Sr. Unsecd. Note, 1.10%, 6/20/2020
4,073,014
TOTAL
18,995,201
NORWEGIAN KRONE — 1.9%
Sovereign — 1.9%
3,565,000
Norway, Government of, 6.50%, 5/15/2013
693,306
FIBF - 2
4,300,000
Norway, Government of, Bond, 5.00%, 5/15/2015
829,560
TOTAL
1,522,866
SWEDISH KRONA — 3.3%
Sovereign — 3.3%
16,100,000
Sweden, Government of, 4.50%, 8/12/2015
2,706,996
77,349,964
TOTAL BONDS
GOVERNMENT AGENCIES — 1.5%
JAPANESE YEN — 1.5%
Sovereign — 1.5%
92,000,000
Republic of Italy, Sr. Unsecd. Note, 3.70%, 11/14/2016
1,216,639
1,216,639
TOTAL GOVERNMENT AGENCIES
INVESTMENT FUND — 1.3%
10,000
GML Agricultural Commodity Finance Fund LLC
1,055,306
1,055,306
TOTAL INVESTMENT FUND
MUTUAL FUNDS(1) — 1.9%
347,751
118,433
(2) Federated Prime Value Obligations Fund, Institutional Shares
347,751
Federated (Project and Trade Finance Core Fund)
1,178,413
1,526,164
TOTAL MUTUAL FUNDS
$
TOTAL INVESTMENTS
At March 31, 2011, the Fund had outstanding foreign exchange contracts as follows:
Settlement
Date
Contracts
Purchased:
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
Foreign Currency
Units to
Receive
In Exchange For
1,999,786 Euro
2,000,000 Euro
2,000,000 Euro
2,500,000 Euro
1,200,000 Euro
1,492,500 Canadian Dollar
1,943,200 Canadian Dollar
2,000,000 Euro
2,920,200 Canadian Dollar
1,000,000 Euro
1,500,000 British Pound
1,888,326 British Pound
1,000,000 Euro
2,000,000 British Pound
500,000 British Pound
2,000,000 Australian Dollar
3,000,000 Australian Dollar
3,000,000 Australian Dollar
223,860,000 Japanese Yen
$2,742,280
$2,796,140
$3,451,475
$1,652,220
$1,498,193
$2,007,957
$2,793,000
$2,997,844
$1,395,670
$2,413,950
2,200,000 Euro
$1,396,800
$3,209,000
$804,050
$2,006,600
$3,024,810
$3,034,710
FIBF - 3
Unrealized
Appreciation/
(Depreciation)
$138,696
$91,533
$37,673
$90,791
$48,068
$40,888
$(4,109)
$40,813
$13,495
$21,236
$(7,933)
$21,265
$20,106
$(977)
$(2,044)
$59,303
$74,045
$64,145
81,148,073
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/14/2011
5/5/2011
5/5/2011
5/11/2011
5/11/2011
5/11/2011
5/11/2011
5/11/2011
5/11/2011
5/11/2011
5/11/2011
5/11/2011
5/11/2011
5/11/2011
5/11/2011
5/11/2011
5/11/2011
5/11/2011
7/11/2011
7/11/2011
7/11/2011
7/11/2011
7/11/2011
Contracts
Sold:
4/11/2011
4/11/2011
4/11/2011
1,500,000 Australian Dollar
2,000,000 Australian Dollar
1,000,000 Australian Dollar
2,000,000 Australian Dollar
1,500,000 Australian Dollar
1,000,000 Australian Dollar
1,000,000 Australian Dollar
2,500,000 Australian Dollar
1,500,000 Australian Dollar
3,000,000 Australian Dollar
500,000 Australian Dollar
1,985,625 New Zealand Dollar
2,000,000 Australian Dollar
2,500,000 Australian Dollar
500,000 Australian Dollar
1,000,000 Australian Dollar
2,500,000 Australian Dollar
1,500,000 Australian Dollar
500,000 Australian Dollar
2,000,000 Australian Dollar
1,100,000 Euro
1,100,000 Euro
223,860,000 Japanese Yen
82,620,000 Japanese Yen
247,220,000 Japanese Yen
1,000,000 New Zealand Dollar
2,000,000 New Zealand Dollar
2,000,000 New Zealand Dollar
2,000,000 New Zealand Dollar
4,000,000 New Zealand Dollar
400,000 British Pound
500,000 British Pound
2,000,000 Euro
2,910,900 Canadian Dollar
3,000,000 Australian Dollar
3,000,000 Euro
1,100,000 Euro
877,600 British Pound
1,000,000 Australian Dollar
2,175,000 Australian Dollar
2,000,000 Australian Dollar
5,000,000 Australian Dollar
81,697,000 Japanese Yen
78,273,000 Japanese Yen
154,192,000 Japanese Yen
1,500,000 Australian Dollar
1,000,000 Euro
1,500,000 Australian Dollar
1,800,000 Euro
46,977,000 Japanese Yen
72,450,000 Japanese Yen
322,400,000 Japanese Yen
$1,512,555
$2,024,940
$1,004,300
$2,015,560
$1,512,555
$1,009,750
$1,007,950
$2,527,900
1,998,675 New Zealand Dollar
$3,026,250
$502,775
1,500,000 Australian Dollar
$1,995,800
$2,495,875
$490,500
$990,530
$2,472,925
$1,482,000
$490,250
$1,963,120
944,207 British Pound
937,365 British Pound
2,003,186 Euro
$1,000,315
$3,009,593
$766,900
$1,500,360
$1,540,980
$1,538,200
$3,072,360
$648,220
$809,125
$2,776,300
$2,994,229
232,749,000 Japanese Yen
$4,244,250
$1,554,861
1,000,000 Euro
79,581,000 Japanese Yen
$2,180,111
$2,054,480
$5,034,050
1,000,000 Australian Dollar
1,000,000 Australian Dollar
2,000,000 Australian Dollar
$1,476,630
882,270 British Pound
114,799,500 Japanese Yen
$2,495,484
600,000 Australian Dollar
900,000 Australian Dollar
$4,094,852
2,000,000 New Zealand Dollar
937,365 British Pound
944,207 British Pound
$1,542,200
1,100,000 Euro
1,100,000 Euro
FIBF - 4
$36,872
$40,963
$28,652
$50,343
$36,872
$23,202
$25,002
$54,479
$35,403
$72,605
$13,701
$10,044
$70,103
$86,504
$25,976
$42,422
$109,454
$67,427
$26,226
$102,783
$61,607
$58,856
$(5,183)
$(6,986)
$(37,301)
$(4,441)
$24,557
$(16,063)
$(13,283)
$(23,113)
$(6,804)
$(7,355)
$55,859
$5,529
$114,573
$3,989
$2,827
$2,137
$18,491
$57,945
$3,503
$110,906
$(2,663)
$(27,489)
$(76,735)
$66,857
$6,955
$58,727
$49,968
$(29,993)
$(25,735)
$(216,062)
$17,283
$(3,803)
$(17,529)
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/11/2011
4/14/2011
5/5/2011
5/5/2011
5/11/2011
5/11/2011
5/11/2011
5/11/2011
5/11/2011
5/11/2011
5/11/2011
5/11/2011
5/11/2011
5/11/2011
5/11/2011
5/11/2011
5/11/2011
5/11/2011
5/11/2011
7/11/2011
7/11/2011
7/11/2011
7/11/2011
1,200,000 Euro
2,003,186 Euro
2,500,000 Euro
2,920,200 Canadian Dollar
1,492,500 Canadian Dollar
2,000,000 Euro
1,943,200 Canadian Dollar
3,000,000 Euro
2,000,000 British Pound
3,000,000 Euro
2,000,000 British Pound
3,000,000 Australian Dollar
3,000,000 Australian Dollar
1,500,000 Australian Dollar
4,000,000 Australian Dollar
1,500,000 Australian Dollar
3,000,000 Australian Dollar
1,000,000 Australian Dollar
3,000,000 Australian Dollar
2,000,000 Australian Dollar
4,500,000 Australian Dollar
1,000,000 Australian Dollar
1,000,000 Australian Dollar
500,000 Australian Dollar
3,000,000 Australian Dollar
3,000,000 Australian Dollar
1,500,000 Australian Dollar
1,500,000 Australian Dollar
1,998,675 New Zealand Dollar
223,860,000 Japanese Yen
2,200,000 Euro
82,430,000 Japanese Yen
247,410,000 Japanese Yen
2,000,000 New Zealand Dollar
3,000,000 New Zealand Dollar
4,000,000 New Zealand Dollar
400,000 British Pound
500,000 British Pound
1,100,000 Euro
2,910,900 Canadian Dollar
3,000,000 Euro
2,000,000 Euro
882,270 British Pound
1,000,000 Australian Dollar
5,000,000 Australian Dollar
1,000,000 Australian Dollar
2,000,000 Australian Dollar
2,000,000 Australian Dollar
1,500,000 Australian Dollar
2,175,000 Australian Dollar
79,581,000 Japanese Yen
232,749,000 Japanese Yen
1,000,000 Euro
900,000 Australian Dollar
600,000 Australian Dollar
114,799,500 Japanese Yen
181,906,355 Japanese Yen
$1,655,700
223,860,000 Japanese Yen
$3,443,475
$3,001,233
$1,496,886
$2,740,620
$1,998,560
$4,203,000
$3,220,000
$4,195,110
$3,195,000
$3,030,150
$3,034,710
1,985,625 New Zealand Dollar
$4,049,480
$1,513,005
$3,027,750
$1,001,990
$3,024,450
$2,008,760
$4,539,015
$1,007,770
$1,005,290
$492,450
$2,982,990
$2,971,800
$1,476,300
$1,495,200
1,500,000 Australian Dollar
1,999,786 Euro
1,888,326 British Pound
$1,000,558
$3,001,674
$1,502,760
$2,326,260
$3,064,360
$646,420
$805,895
$1,558,029
$2,997,313
$4,236,150
$2,763,500
1,000,000 Euro
81,697,000 Japanese Yen
$5,018,550
78,273,000 Japanese Yen
$2,040,100
154,192,000 Japanese Yen
$1,476,540
$2,173,021
1,000,000 Australian Dollar
3,000,000 Australian Dollar
877,600 British Pound
72,450,000 Japanese Yen
46,977,000 Japanese Yen
1,500,000 Australian Dollar
$2,343,158
FIBF - 5
$(44,588)
$(141,705)
$(98,791)
$(10,106)
$(42,195)
$(93,193)
$(5,287)
$(47,719)
$11,977
$(55,609)
$(13,023)
$(68,705)
$(64,145)
$(45,515)
$(82,326)
$(36,422)
$(71,105)
$(30,962)
$(74,405)
$(57,143)
$(109,267)
$(25,182)
$(27,662)
$(24,026)
$(115,865)
$(127,055)
$(73,127)
$(54,227)
$(9,883)
$3,375
$(109,563)
$9,514
$27,098
$(22,157)
$38,884
$15,113
$5,004
$4,125
$341
$(2,446)
$(12,089)
$(68,659)
$(5,495)
$(43,919)
$(126,406)
$(60,266)
$(17,883)
$(127,083)
$(66,947)
$(65,035)
$53,535
$173,585
$(11,085)
$(21,611)
$(17,488)
$91,774
$154,645
7/11/2011
322,400,000 Japanese Yen
$4,003,228
NET UNREALIZED APPRECIATION ON FOREIGN EXCHANGE CONTRACTS
$124,439
$192,097
(1) Affiliated company.
(2) 7-Day Net yield.
Note: The categories of investments are shown as a percentage of net assets ($82,132,255 ) at the close of business on March 31, 2011, and may
not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement purposes.
Portfolio holding are shown as of the date indicated and are unaudited. Since market conditions fluctuate suddenly and frequently, the portfolio
holdings may change and this list is not indicative of future portfolio composition. These portfolio holdings are not intended to be and do not
constitute recommendation that others buy, sell or hold any of the securities listed.
For more complete information on the fund, visit www.FederatedInvestors.com for a prospectus. You should consider the fund’s investment
objectives, risks, charges, and expenses carefully before you invest. Information about these and other important subjects is in the fund’s
prospectus, which you should read carefully before investing.
NOT FDIC INSURED
NO BANK GUARANTEE
Federated Securities Corp., Distributor
32188 3/11
Federated is a registered mark of Federated Investors, Inc. 2011 © Federated Investors, Inc.
FIBF - 6
MAY LOSE VALUE