0000925723 fit:S000009740Member fit:C000026763Member 2011-10-01 2012-09-30 0000925723 fit:S000009740Member 2011-10-01 2012-09-30 0000925723 fit:S000009740Member fit:C000026761Member 2011-10-01 2012-09-30 0000925723 fit:S000009740Member fit:C000026762Member 2011-10-01 2012-09-30 0000925723 2011-10-01 2012-09-30 0000925723 fit:S000009740Member rr:AfterTaxesOnDistributionsMember fit:C000026763Member 2011-10-01 2012-09-30 0000925723 fit:S000009740Member rr:AfterTaxesOnDistributionsAndSalesMember fit:C000026763Member 2011-10-01 2012-09-30 0000925723 fit:S000009740Member fit:BankOfAmericaMerrillLynchSixMonthTreasuryBillIndexMember 2011-10-01 2012-09-30 pure iso4217:USD 2012-06-30 <div style="display:none">~ http://www.FederatedInvestors.com/role/ScheduleShareholderFeesFederatedGovernmentUltrashortDurationFund column period compact * ~</div> <h3>Example</h3> 763 439 471 <strong>Federated Government Ultrashort Duration Fund (the "Fund")</strong> <p><b>Shareholder Fees (fees paid directly from your investment)<br></b></p> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 38% of the average value of its portfolio. 0.0123 FederatedInvestors.com 0.0044 <div style="display:none">~ http://www.FederatedInvestors.com/role/ScheduleAnnualFundOperatingExpensesFederatedGovernmentUltrashortDurationFund column period compact * ~</div> You may qualify for certain sales charge discounts, if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes of Federated funds. Federated Institutional Trust This table describes the fees and expenses that you may pay if you buy and hold Class A Shares (A), Institutional Shares (IS) or Service Shares (SS) of the Fund. You may qualify for certain sales charge discounts, if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes of Federated funds. More information about these and other discounts is available from your financial professional and in the "What Do Shares Cost?" section of the Prospectus on page 8. <p><b>Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)<br></b></p> 0.02 0 0 304 81 87 The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis. 1-800-341-7400 <div style="display:none">~ http://www.FederatedInvestors.com/role/ScheduleAnnualTotalReturnsFederatedGovernmentUltrashortDurationFundBarChart column period compact * ~</div> This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. <br /><br />The Example assumes that you invest $10,000 for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that operating expenses are as shown in the table above and remain the same. Although your actual costs and returns may be higher or lower, based on these assumptions your costs would be: <h3>Average Annual Total Return Table</h3> 50000 The Fund's IS class total return for the six-month period from January 1, 2012 to June 30, 2012, was 0.44%. <br/><br/>Within the periods shown in the bar chart, the Fund's IS class highest quarterly return was 1.49% (quarter ended September 30, 2006). Its lowest quarterly return was (0.19)% (quarter ended June 30, 2004). 485BPOS 2012-07-31 <h2>RISK/RETURN SUMMARY: INVESTMENT OBJECTIVE </h2> <h2>RISK/RETURN SUMMARY: INVESTMENTS, RISKS and PERFORMANCE</h2><h3>What are the Fund's Main Investment Strategies?</h3> A class commenced operations on March 6, 2003. For the period prior to the commencement of operations, performance results shown are for the IS class, but are adjusted to reflect sales charges and expenses applicable to A class. <br/><br/>In addition to Return Before Taxes, Return After Taxes is shown for the Fund's IS class to illustrate the effect of federal taxes on Fund returns. After-tax returns are shown only for IS class, and after-tax returns for the A and SS classes will differ from those shown for the IS class. <em>Actual after-tax returns depend on each investor's personal tax situation, and are likely to differ from those shown.</em> After-tax returns are calculated using a standard set of assumptions. The stated returns assume the highest historical <strong>federal </strong>income and capital gains tax rates. These after-tax returns do <strong>not</strong> reflect the effect of any applicable <strong>state</strong> and <strong>local</strong> taxes. After-tax returns are not relevant to investors holding shares through tax-deferred programs, such as a 401(k) plan, an Individual Retirement Account or other tax-advantaged investment plans.<br/><br/>(For the Period Ended December 31, 2011) 0 0 0 0.0104 -0.0034 -0.0054 -0.005 524 252 271 0.0212 0.0036 0.0159 0.0229 0.0146 0.0146 0.0218 0.0229 All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. After-tax returns are not relevant to investors holding shares through tax-deferred programs, such as a 401(k) plan, an Individual Retirement Account or other tax-advantaged investment plans. 2006-09-30 0.0149 2004-06-30 2012-09-25 0 0 0 0000925723 false The Fund's investment objective is current income. <h2>RISK/RETURN SUMMARY: FEES AND EXPENSES</h2> <h3>Portfolio Turnover</h3> <h2>What are the Main Risks of Investing in the Fund?</h2> The Fund's overall strategy is to invest in a portfolio of U.S. government securities and U.S. government agency securities (including mortgage-backed securities issued or guaranteed by U.S. government-sponsored enterprises (GSEs)) with an overall dollar-weighted average duration of one year or less. Duration measures the price sensitivity of a fixed-income security to changes in interest rates. Within the one-year duration constraint, the Adviser will seek to increase the Fund's current income by lengthening or shortening portfolio duration based on its interest rate outlook. <br /><br />The Fund implements this strategy by dividing its portfolio into two major components. The Fund invests one component in U.S. government securities (including repurchase agreements collateralized by U.S. government securities and U.S. government agency securities) that are eligible for purchase by money market funds. The Fund invests the other component in mortgage-backed securities issued or guaranteed by GSEs. The Fund uses mortgage-backed securities to increase the income provided by the portfolio and to extend the portfolio to the targeted duration. Within each component of the portfolio, the Adviser makes decisions of which securities to buy and sell based on the relative yield and risks of available securities with comparable durations. The Fund evaluates its investment strategy by comparing the performance and composition of the Fund's portfolio against the performance and composition of an index composed of U.S. Treasury bills with maturities of six months. <br /><br />The Fund also intends to qualify as a permissible investment for federal credit unions and savings associations, and will limit its investments accordingly. <br /><br />Because the Fund intends to qualify as permissible investment for national banks, the Fund will limit its investments to securities that are eligible for direct investment by national banks. However, the Fund does not limit its investments to "Type 1 Securities" under the federal banking laws and regulations; and accordingly, a national bank is not permitted under these laws and regulations to invest more than 10% of its capital and surplus in the Fund. In addition, certain of the Fund's investment transactions and techniques may be subject to the general lending limits imposed on national banks. <br /><br />Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ("Ginnie Mae"). Finally, the Fund may invest in a few government securities that have no explicit financial support, but which are regarded as having implied support because the federal government sponsors their activities. <br /><br />Because the Fund refers to government investments in its name, it will notify shareholders at least 60 days in advance of any change in its investment policies that would enable the Fund to invest, under normal circumstances, less than 80% of its assets (plus any borrowings for investment purposes) in government investments. All mutual funds take investment risks. Therefore, it is possible to lose money by investing in the Fund. The primary factors that may reduce the Fund's returns include:<ul type="square"><li style="margin-left:-20px"><strong>Interest Rate Risk.</strong> Prices of fixed-income securities generally fall when interest rates rise. Interest rate changes have a greater effect on the price of fixed-income securities with longer durations. </li></ul><ul type="square"><li style="margin-left:-20px"><strong>Credit Risk.</strong> It is possible that interest or principal on securities will not be paid when due. Such non-payment or default may reduce the value of the Fund's portfolio holdings, its share price and its performance. </li></ul><ul type="square"><li style="margin-left:-20px"><strong>Counterparty Credit Risk.</strong> A party to a transaction involving the Fund may fail to meet its obligations. This could cause a Fund to lose money or to lose the benefit of the transaction or prevent a Fund from selling or buying other securities to implement its investment strategy. </li></ul><ul type="square"><li style="margin-left:-20px"><strong>Prepayment Risk.</strong> When homeowners prepay their mortgages in response to lower interest rates, the Fund will be required to reinvest the proceeds at the lower interest rates available. Also, when interest rates fall, the price of mortgage-backed securities may not rise to as great an extent as that of other fixed-income securities. </li></ul><ul type="square"><li style="margin-left:-20px"><strong>MBS Risk. </strong>A rise in interest rates may cause the value of MBS held by the Fund to decline. Certain MBS issued by GSEs are not backed by the full faith and credit of the U.S. government. The Fund's investments in collateralized mortgage obligations (CMOs) may entail greater market, prepayment and liquidity risks than other MBS. </li></ul>The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. <h2>Performance: Bar Chart and Table</h2><h3>Risk/Return Bar Chart</h3> The bar chart and performance table below reflect historical performance data for the Fund and are intended to help you analyze the Fund's investment risks in light of its historical returns. The bar chart shows the variability of the Fund's IS class total returns on a calendar year-by-year basis. The Average Annual Total Return table shows returns for each class <em>averaged</em> over the stated periods, and includes comparative performance information. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em>Updated performance information for the Fund is available under the "Products" section at FederatedInvestors.com or by calling 1-800-341-7400. Federated Government Ultrashort Duration Fund - IS Class 0 0 0 0 0 0 0.004 0.004 0.004 0.0025 0 0.0005 0.0039 0.0039 0.004 0.0079 0.0085 0.007 0.0025 0.0035 1446 978 1049 0.0096 0.0312 0.0489 0.0533 0.025 0.0173 0.0073 -0.0206 0.0036 0.0016 0.0023 0.0026 0.0027 0.0125 0.0212 0.0139 0.0138 October 1, 2013 The Shares offered by this Prospectus are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. <em>The Fund's performance will fluctuate, and past performance (before and after taxes) is not necessarily an indication of future results. </em> The stated returns assume the highest historical <strong>federal </strong>income and capital gains tax rates. These after-tax returns do <strong>not</strong> reflect the effect of any applicable <strong>state</strong> and <strong>local</strong> taxes. After-tax returns are shown only for IS class, and after-tax returns for the A and SS classes will differ from those shown for the IS class. The Fund's IS class total return for the six-month period from January 1, 2012 to June 30, 2012 highest quarterly return lowest quarterly return -0.0019 <div style="display:none">~ http://www.FederatedInvestors.com/role/ScheduleExpenseExampleTransposedFederatedGovernmentUltrashortDurationFund column period compact * ~</div> <div style="display:none">~ http://www.FederatedInvestors.com/role/ScheduleAverageAnnualTotalReturnsTransposedFederatedGovernmentUltrashortDurationFund column period compact * ~</div> 2012-09-30 2012-09-28 0.0202 0.0206 0.38 up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus. The Adviser and its affiliates have voluntarily agreed to waive their fees and/or reimburse expenses so that the total annual fund operating expenses (excluding Acquired Fund Fees and Expenses, if any) paid by the Fund's A, IS and SS classes (after the voluntary waivers and/or reimbursements) will not exceed 0.70%, 0.25% and 0.35% (the "Fee Limit"), respectively, up to but not including the later of (the "Termination Date"): (a) October 1, 2013; or (b) the date of the Fund's next effective Prospectus. While the Adviser and its affiliates currently do not anticipate terminating or increasing these arrangements prior to the Termination Date, these arrangements may only be terminated or the Fee Limit increased prior to the Termination Date with the agreement of the Fund's Board of Trustees. The Bank of America Merrill Lynch 6-Month Treasury Bill Index is an unmanaged index tracking 6-month U.S. Treasury securities. The Index is produced by Merrill Lynch, Pierce, Fenner & Smith, Inc.