Federated International Bond A (FTIIX)

Fund Fact Sheet 12-31-09 09-30-09 06-30-2009 03-31-2009 Prospectus Fact Sheet Explanation

Fund Summary The investment seeks a total return on assets. The fund invests primarily in non-dollar denominated, investment-grade, fixed-income securities of foreign governments and their agencies or foreign corporations. It may invest in derivative contracts to implement its investment strategies as more fully described herein. The fund maintains a dollar-weighted average credit rating of its portfolio securities of A. It invests primarily in developed market countries. The fund may also invest in derivative contracts. It is nondiversified.

Fund Management Roberto Sanchez-Dahl, Lead Manager since 30-Nov-00
Sanchez-Dahl has been the funds Portfolio Manager since January 2001. He joined Federated in December 1997 as a Senior Investment Analyst. Sanchez-Dahl was promoted to Vice President of the funds Adviser in January 2000. He served as an Associate covering emerging markets in the credit department at Goldman, Sachs & Co. from July 1994 through November 1997. Sanchez-Dahl holds the Chartered Financial Analyst designation.