Federated Adjustable Rate Secs Instl  FEUGX
  Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2009-10-31
Out of
Ultrashort Bond Funds
Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance.
Morningstar®
Style Box™
What is this?
   Avg Duration
   1.40 Yrs
   Avg Credit Quality
   AAA
As of 2009-09-30
Day Change
$ 0.00
  
NAV (2009-11-20)
$ 9.78
  
YTD Return % (2009-11-20)
4.31%
  
Total Assets ($ mil)
619
View Data Definitions
  Performance    
Growth of $10,000 Fund: Federated Adjustable Rate Secs Instl
(from 1999-01-01 to 2009-10-31) Category: Ultrashort Bond
Index: BarCap US Agg Bond TR USD
Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-20
Inception date: 1985-12-03 10yr and Inception Returns as of 2009-10-31
YTD Returns as of 2009-11-20
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Fund 4.31 5.99 4.85 4.17 3.98 5.40
+/- Category -3.16 1.43 4.08 2.34 0.91 ---
+/- BarCap US Agg Bond TR USD -2.60 -6.50 -1.60 -1.10 --- ---
Standardized Annual Returns %   more on standardized returns
Quarter-End (as of 2009-09-30) 3.76 4.96 4.86 4.10 4.00 5.41
Month-End (as of 2009-10-31) 4.12 6.68 4.85 4.14 3.98 5.40
After Tax Returns % (as of 2009-09-30 )  
On Distribution --- 5.83 3.46 2.83 2.59 ---
On Distribution & Sale of Shares --- 4.33 3.32 2.76 2.56 ---
Morningstar Rating --- --- ---
# of compared funds covered (3 yrs : out of 114 funds), (5 yrs : out of 101 funds), (10 yrs : out of 51 funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is none, the maximum deferred sales fee is none, and the maximum redemption sales fee is none.
The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted herein.
  Portfolio Profile    
Sector Breakdown %
US Government 22.02
US Treasuries 0.00
TIPS 0.00
US Agency 22.02
Mortgage 72.88
Mortgage Pass-Thru 50.84
Mortgage CMO 22.04
Mortgage ARM 0.00
Credit 0.00
US Corporate 0.00
Asset-Backed 0.00
Convertible 0.00
Municipal 0.00
Corporate Inflation-Protected 0.00
Foreign 0.00
Foreign Corp 0.00
Foreign Govt 0.00
Cash 5.10
Bond Quality % of Bonds
AAA 100.0
AA 0.0
A 0.0
BBB 0.0
BB 0.0
B 0.0
Below B 0.0
Not Rated 0.0
 
Asset Allocation
% of Net Assets
Cash 5.1
Stocks 0.0
Bonds 94.9
Other 0.0
Foreign Stocks 0.0
(as a % of Assets)
Data through 2009-09-30 Data through 2009-09-30
 
Holding Status
Total Number of Stock Holdings Turnover % 36
Total Number of Bond Holdings 127 30 Day SEC Yield % 2.15
% of Assets in Top 10 Holdings 26.16 ending as of 2009-09-30
View Data Definitions
Top 10 Holdings Maturity
Date		 Amount
$000		 Value
$000		 % of Net
Assets
Federated Govt Obligs Instl --- 30,353 30,353 5.10
Fannie Mae, Class Fh, 1.096% 2039-11-30 25,000 24,983 4.20
FNMA FRN 2039-01-01 19,240 19,829 3.33
FNMA FRN 2039-05-01 16,189 16,624 2.79
FNMA CMO 2037-06-25 15,870 15,892 2.67
FNMA FRN 2034-10-01 15,534 15,867 2.67
FNMA CMO 2039-09-25 14,689 14,613 2.45
FHLMC 4.5% 2024-09-01 12,000 12,445 2.09
FNMA 2036-10-25 12,188 12,046 2.02
Federal National Mortgage Association Arm, 2.100%, 3/1/2044 2044-03-01 11,864 11,852 1.99
Data through 2009-09-30
  Other Information
Fund Inception: 1985-12-03
Portfolio Manager  (Start Date)
Todd A. Abraham  (1995-08-01)
Todd A. Abraham, CFA, Vice President, Senior Portfolio Manager, Co-Head of Government/Mortgage Backed Fixed Income Groups.. Responsible for portfolio management and research in the fixed income area concentrating on U.S. government, agency and mortgage-backed securities. Previous associations: Portfolio Analyst, Ryland Mortgage Company, Senior Bond Administrator, Ryland Asset Management Company; Underwriter, Reliance Insurance Company. B.S., Indiana University of Pennsylvania; M.B.A., Loyola College. Professional affiliation: Member, CFA Society of Pittsburgh. Joined Federated 1993; Investment Experience: 17 Years.
Sales Charge %
(taken from prospectus dated 2009-10-31)
Front: None
Deferred: None
Expense Ratio % 0.63
based on net assets
(taken from annual report dated 2009-08-31)
Correspondence Information

5800 Corporate Drive
Pittsburgh,  PA  15222-3779
USA
Telephone:
800-341-7400
412-288-1900
Data on this page does not include the fund's short positions (if any).
Show Data Definitions

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Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.