N-Q 1 form.htm

United States

Securities and Exchange Commission

Washington, D.C. 20549

 

Form N-Q

Quarterly Schedule of Portfolio Holdings of Registered Management Investment Companies

 

 

 

 

811-3984

 

(Investment Company Act File Number)

 

 

Federated International Series, Inc.

 

___________________________________________

 

(Exact Name of Registrant as Specified in Charter)

 

 

 

Federated Investors Funds

4000 Ericsson Drive

Warrendale, PA 15086-7561

(Address of Principal Executive Offices)

 

 

(412) 288-1900

(Registrant's Telephone Number)

 

 

John W. McGonigle, Esquire

Federated Investors Tower

1001 Liberty Avenue

Pittsburgh, Pennsylvania 15222-3779

(Name and Address of Agent for Service)

(Notices should be sent to the Agent for Service)

 

 

 

 

 

 

Date of Fiscal Year End: 11/30/16

 

 

Date of Reporting Period: Quarter ended 08/31/16

 

 

 

 

 

 

 

Item 1. Schedule of Investments

 

 

 

 

Federated International Bond Fund
Portfolio of Investments
August 31, 2016 (unaudited)
Foreign
Currency
Par Amount, Shares or Contracts 		    Value in
U.S. Dollars
    BONDS—89.5%  
    AUSTRALIAN DOLLAR—2.5%  
    Sovereign—2.5%  
$300,000   Australia, Government of, 2.75%, 4/21/2024 $241,703
640,000   Australia, Government of, Series 21, 5.50%, 6/21/2021 561,219
    TOTAL 802,922
    TOTAL AUSTRALIAN DOLLAR 802,922
    BRITISH POUND—12.5%  
    Insurance—3.1%  
700,000   MetLife Global Funding I, Series EMTN, 2.875%, 1/11/2023 1,004,891
    Sovereign—9.4%  
580,000   United Kingdom, Government of, 3.25%, 1/22/2044 1,107,631
250,000   United Kingdom, Government of, 4.25%, 12/7/2027 452,444
400,000   United Kingdom, Government of, 4.25%, 3/7/2036 809,686
380,000   United Kingdom, Government of, Unsecd. Note, 4.25%, 6/7/2032 735,120
    TOTAL 3,104,881
    TOTAL BRITISH POUND 4,109,772
    CANADIAN DOLLAR—1.9%  
    Sovereign—1.9%  
300,000   Canada, Government of, 5.75%, 6/1/2029 350,877
370,000   Canada, Government of, Unsecd. Note, 0.75%, 3/1/2021 283,758
    TOTAL 634,635
    TOTAL CANADIAN DOLLAR 634,635
    DANISH KRONE—0.2%  
    Mortgage Banks—0.2%  
326,774   Realkredit Danmark A/S, Series 23D, 5.00%, 10/1/2035 55,100
    EURO—34.0%  
    Consumer Products—1.6%  
400,000   Philip Morris International, Inc., Sr. Unsecd. Note, Series EMTN, 2.875%, 3/3/2026 534,598
    Sovereign—32.4%  
340,000 1,2 Belgium, Government of, 0.80%, 6/22/2025 405,420
500,000   Belgium, Government of, 2.25%, 6/22/2023 655,221
630,000   France, Government of, 0.50%, 5/25/2025 731,861
150,000   France, Government of, 4.25%, 10/25/2023 221,378
300,000   France, Government of, 4.50%, 4/25/2041 605,626
300,000   Germany, Government of, 1.75%, 2/15/2024 389,081
400,000   Germany, Government of, 4.75%, 7/4/2034 805,901
300,000   Germany, Government of, Unsecd. Note, 1.50%, 2/15/2023 377,284
1,050,000   Italy, Government of, 2.15%, 12/15/2021 1,281,978
750,000   Italy, Government of, 4.50%, 5/1/2023 1,049,767
800,000   Italy, Government of, 4.50%, 3/1/2024 1,133,296
200,000   Italy, Government of, 4.50%, 3/1/2026 291,922
900,000 1,2 Netherlands, Government of, 1.75%, 7/15/2023 1,149,192
420,000 1,2 Spain, Government of, Sr. Unsecd. Note, 1.95%, 7/30/2030 507,748
100,000 1,2 Spain, Government of, Sr. Unsecd. Note, 2.75%, 10/31/2024 128,722
1
Foreign
Currency
Par Amount, Shares or Contracts 		    Value in
U.S. Dollars
    BONDS—continued  
    EURO—continued  
    Sovereign—continued  
200,000 1,2 Spain, Government of, Sr. Unsub., 4.00%, 4/30/2020 $255,661
$550,000 1,2 Spain, Government of, Unsecd. Note, 1.60%, 4/30/2025 651,578
    TOTAL 10,641,636
    TOTAL EURO 11,176,234
    JAPANESE YEN—37.9%  
    Banking—11.4%  
110,000,000   Asian Development Bank, 2.35%, 6/21/2027 1,342,824
100,000,000   Deutsche Bank AG London, Series 7, 0.35%, 11/14/2017 959,706
65,000,000   European Investment Bank, Sr. Unsecd. Note, 2.15%, 1/18/2027 773,919
70,000,000   Rabobank Nederland NV, Utrecht, Series EMTN, 1.85%, 4/12/2017 683,799
    TOTAL 3,760,248
    Finance—2.9%  
97,000,000   General Electric Capital Corp., Series MTN, 2.00%, 2/22/2017 946,005
    Sovereign—23.6%  
30,000,000   Italy, Government of, Sr. Unsecd. Note, 3.70%, 11/14/2016 292,012
110,000,000   Japan, Government of, 1.30%, 3/20/2021 1,134,404
70,000,000   Japan, Government of, 1.90%, 12/20/2023 779,570
100,000,000   Japan, Government of, Sr. Unsecd. Note, 0.60%, 12/20/2023 1,021,572
145,000,000   Japan, Government of, Sr. Unsecd. Note, 1.30%, 6/20/2035 1,660,510
119,500,000   Japan, Government of, Sr. Unsecd. Note, 1.70%, 9/20/2044 1,549,602
110,000,000   Japan, Government of, Sr. Unsecd. Note, 1.80%, 9/20/2030 1,320,489
    TOTAL 7,758,159
    TOTAL JAPANESE YEN 12,464,412
    SWEDISH KRONA—0.5%  
    Sovereign—0.5%  
1,350,000   Sweden, Government of, 1.00%, 11/12/2026 171,896
    TOTAL BONDS
(IDENTIFIED COST $28,161,681) 		29,414,971
    PURCHASED PUT OPTION—0.0%  
1,300,000   Citibank, USD PUT/MXN CALL, Strike Price $18, Expiration Date 11/22/2016
(IDENTIFIED COST $16,911) 		10,163
    INVESTMENT COMPANIES—1.9%3  
35,550   Federated Institutional Prime Value Obligations Fund, Institutional Shares, 0.31%4 35,550
62,825   Federated Project and Trade Finance Core Fund 585,529
    TOTAL INVESTMENT COMPANIES
(IDENTIFIED COST $662,683) 		621,079
    TOTAL INVESTMENTS
(IDENTIFIED COST $28,841,275)5 		30,046,213
    OTHER ASSETS AND LIABILITIES - NET—8.6%6 2,814,389
    TOTAL NET ASSETS—100% $32,860,602
At August 31, 2016, the Fund had the following outstanding futures contracts:
Description Number of
Contracts 		Notional
Value 		Expiration
Date 		Unrealized
Depreciation
7Euro-Bund Futures, Short Futures 5 $931,841 September 2016 $(1,678)
The average notional value of long and short futures contracts held by the Fund throughout the period was $865,105 and $637,619, respectively. This is based on amounts held as of each month-end throughout the nine-month fiscal period.
The average market value of purchased options held by the Fund throughout the period was $4,923. This is based on amounts held as of each
2
month-end throughout the nine-month fiscal period.
At August 31, 2016, the Fund had the following outstanding foreign exchange contracts:
Settlement Date Counterparty Currency
Units to
Receive/Deliver 		In
Exchange
For 		Unrealized
Appreciation
(Depreciation)
Contracts Purchased:
9/9/2016 Credit Agricole 2,174,800 EUR $2,427,812 $(950)
9/12/2016 Bank of America $1,300,000 11,184,290 NOK $(42,244)
9/12/2016 Barclays 900,000 NZD $655,929 $(3,224)
9/12/2016 JPMorgan 432,000 AUD 2,751,089 NOK $(5,592)
9/12/2016 JPMorgan 450,000 AUD 452,048 CAD $(6,634)
9/12/2016 JPMorgan 450,000 AUD 452,048 CAD $(6,634)
9/12/2016 JPMorgan 468,000 AUD 2,952,689 NOK $(2,739)
9/12/2016 JPMorgan 900,000 AUD 5,765,419 NOK $(15,729)
9/12/2016 JPMorgan 225,000 NZD 1,329,689 NOK $3,598
9/12/2016 JPMorgan 445,000 NZD 2,666,942 NOK $2,663
9/12/2016 JPMorgan 900,000 NZD $650,455 $2,250
9/12/2016 JPMorgan $485,714 632,342 CAD $3,495
9/12/2016 JPMorgan $550,000 10,026,525 MXN $17,478
9/12/2016 JPMorgan $550,000 10,016,380 MXN $18,017
9/12/2016 JPMorgan $650,000 68,000,653 JPY $(7,606)
9/12/2016 JPMorgan $650,000 5,355,859 NOK $7,235
9/12/2016 JPMorgan $650,000 5,422,128 SEK $16,232
9/12/2016 JPMorgan $1,000,000 102,087,420 JPY $12,755
9/12/2016 JPMorgan $1,300,000 130,677,235 JPY $36,275
9/12/2016 JPMorgan $1,700,000 2,213,196 CAD $12,233
9/12/2016 Morgan Stanley 10,500,000 NOK 128,661,750 JPY $15,887
9/12/2016 Morgan Stanley $1,137,500 120,472,625 JPY $(27,540)
9/13/2016 JPMorgan $1,000,000 1,344,273 SGD $13,376
9/19/2016 Barclays 1,500,000 EUR 14,268,150 SEK $6,269
9/19/2016 Citibank 500,000 GBP $732,735 $(75,840)
9/19/2016 JPMorgan 300,000 EUR 2,846,607 SEK $2,075
9/19/2016 JPMorgan 400,000 EUR $441,670 $4,892
9/19/2016 JPMorgan 988,372 EUR $1,091,417 $12,006
9/19/2016 JPMorgan 1,443,000 EUR $1,641,636 $(30,666)
9/19/2016 JPMorgan 2,000,000 EUR $2,253,687 $(20,879)
9/19/2016 JPMorgan 45,462 GBP $66,306 $(6,579)
9/19/2016 JPMorgan 45,934 GBP $66,995 $(6,647)
9/19/2016 JPMorgan 63,877 GBP $93,164 $(9,244)
9/19/2016 JPMorgan 86,126 GBP $125,615 $(12,463)
9/19/2016 JPMorgan 89,652 GBP $130,757 $(12,973)
9/19/2016 JPMorgan 156,890 GBP $228,825 $(22,704)
9/19/2016 JPMorgan 200,000 GBP $263,930 $(1,172)
9/19/2016 JPMorgan 262,059 GBP $382,213 $(37,922)
9/19/2016 JPMorgan 650,000 GBP $852,386 $1,578
9/19/2016 JPMorgan 700,000 GBP $1,018,733 $(99,080)
9/19/2016 Morgan Stanley 870,000 EUR 8,272,134 SEK $4,033
9/19/2016 Morgan Stanley $1,600,000 13,271,440 SEK $48,206
9/20/2016 Barclays 1,400,000 EUR 168,974,400 JPY $(71,662)
9/20/2016 Citibank $1,060,000 112,310,328 JPY $(26,516)
9/20/2016 JPMorgan 260,000 GBP 34,952,135 JPY $3,459
9/20/2016 JPMorgan 43,442,000 JPY $399,757 $20,511
9/20/2016 JPMorgan $330,000 35,183,550 JPY $(10,374)
9/20/2016 JPMorgan $350,000 35,239,330 JPY $9,087
3
Settlement Date Counterparty Currency
Units to
Receive/Deliver 		In
Exchange
For 		Unrealized
Appreciation
(Depreciation)
9/20/2016 JPMorgan $350,000 35,587,905 JPY $5,714
9/20/2016 JPMorgan $500,000 53,027,720 JPY $(13,002)
9/20/2016 JPMorgan $1,400,000 153,043,716 JPY $(80,580)
9/26/2016 JPMorgan $849,048 758,794 EUR $1,660
Contracts Sold:
9/1/2016 BNY Mellon 2,174,800 EUR $2,427,077 $1,198
9/12/2016 Bank of America $1,300,000 11,132,875 NOK $36,073
9/12/2016 Barclays 1,800,000 NZD $1,300,806 $(4,604)
9/12/2016 JPMorgan 1,800,000 AUD 11,534,304 NOK $31,874
9/12/2016 JPMorgan 450,000 AUD 446,234 CAD $2,201
9/12/2016 JPMorgan 450,000 AUD 446,705 CAD $2,560
9/12/2016 JPMorgan 670,000 NZD 631,567 CAD $(4,274)
9/12/2016 JPMorgan 670,000 NZD 4,005,722 NOK $(5,170)
9/12/2016 JPMorgan $1,700,000 2,215,845 CAD $(10,213)
9/12/2016 JPMorgan $1,300,000 129,605,138 JPY $(46,643)
9/12/2016 JPMorgan $700,000 71,156,155 JPY $(11,879)
9/12/2016 JPMorgan $650,000 5,330,500 NOK $(10,279)
9/12/2016 JPMorgan $650,000 5,465,403 SEK $(11,174)
9/12/2016 JPMorgan $550,000 10,091,117 MXN $(14,047)
9/12/2016 JPMorgan $550,000 10,048,602 MXN $(16,305)
9/12/2016 JPMorgan $485,714 633,748 CAD $(2,422)
9/12/2016 JPMorgan $300,000 30,698,202 JPY $(3,131)
9/12/2016 Morgan Stanley 10,500,000 NOK 127,955,100 JPY $(22,721)
9/12/2016 Morgan Stanley $588,073 62,081,036 JPY $12,287
9/13/2016 JPMorgan $500,000 670,900 SGD $(7,595)
9/13/2016 JPMorgan $300,000 403,191 SGD $(4,079)
9/13/2016 JPMorgan $200,000 269,474 SGD $(2,220)
9/19/2016 Barclays 1,500,000 EUR 14,185,755 SEK $(15,904)
9/19/2016 Citibank 1,000,000 EUR $1,132,262 $15,858
9/19/2016 Citibank 1,200,000 GBP $1,763,558 $187,010
9/19/2016 Citibank $1,000,000 8,261,130 SEK $(34,048)
9/19/2016 Citibank $600,000 4,997,055 SEK $(15,708)
9/19/2016 JPMorgan 2,000,000 EUR $2,278,124 $45,316
9/19/2016 JPMorgan 1,700,000 EUR 15,838,549 SEK $(45,928)
9/19/2016 JPMorgan 1,500,000 EUR 14,255,826 SEK $(7,710)
9/19/2016 JPMorgan 365,000 EUR 3,387,257 SEK $(11,425)
9/19/2016 JPMorgan 750,000 GBP $1,104,194 $118,851
9/19/2016 JPMorgan 650,000 GBP $850,953 $(3,011)
9/19/2016 JPMorgan 200,000 GBP $292,037 $29,279
9/19/2016 JPMorgan 700,000 NZD 657,668 CAD $(5,956)
9/20/2016 JPMorgan 988,372 EUR 115,352,007 JPY $12,470
9/20/2016 JPMorgan 400,000 EUR 47,136,156 JPY $9,425
9/20/2016 JPMorgan 11,628 EUR 1,356,569 JPY $142
9/20/2016 JPMorgan 260,000 GBP 40,833,369 JPY $53,437
9/20/2016 JPMorgan $1,400,000 153,492,234 JPY $84,919
9/20/2016 JPMorgan $350,000 35,688,544 JPY $(4,741)
9/20/2016 JPMorgan $350,000 35,411,736 JPY $(7,419)
9/20/2016 JPMorgan $330,000 36,007,818 JPY $18,348
9/26/2016 JPMorgan $760,479 681,150 EUR $199
11/2/2016 BNP Paribas 450,000 SGD 2,839,050 NOK $10,518
NET UNREALIZED DEPRECIATION ON FOREIGN EXCHANGE CONTRACTS $(32,852)
The average value at settlement date payable and receivable of foreign exchange contracts purchased and sold by the Fund throughout the period
4
was $765,551 and $795,534, respectively. This is based on amounts held as of each month-end throughout the nine-month fiscal period.
Net Unrealized Depreciation on Futures Contracts and Foreign Exchange Contracts is included in “Other Assets and Liabilities—Net.”
1 Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At August 31, 2016, these restricted securities amounted to $3,098,321, which represented 9.4% of total net assets.
2 Denotes a restricted security that may be resold without restriction to “qualified institutional buyers” as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Directors (the “Directors”). At August 31, 2016, these liquid restricted securities amounted to $3,098,321, which represented 9.4% of total net assets.
3 Affiliated holdings.
Transactions involving the affiliated holdings during the period ended August 31, 2016, were as follows:
  Federated Institutional
Prime Value
Obligations Fund,
Institutional
Shares 		Federated
Project and
Trade Finance
Core Fund 		Total of
Affiliated
Transactions
Balance of Shares Held 11/30/2015 1,224,039 111,247 1,335,286
Purchases/Additions 19,200,784 2,380 19,203,164
Sales/Reductions (20,389,273) (50,802) (20,440,075)
Balance of Shares Held 8/31/2016 35,550 62,825 98,375
Value $35,550 $585,529 $621,079
Dividend Income $2,867 $22,205 $25,072
4 7-day net yield.
5 At August 31, 2016, the cost of investments for federal tax purposes was $29,103,906. The net unrealized appreciation of investments for federal tax purposes excluding any unrealized appreciation/depreciation resulting from: (a) the translation from foreign currencies to U.S. dollars of assets and liabilities other than investments in securities; (b) futures contracts; and (c) outstanding foreign currency commitments was $942,307. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $1,562,157 and net unrealized depreciation from investments for those securities having an excess of cost over value of $619,850.
6 Assets, other than investments in securities, less liabilities.
7 Non-income producing security.
Note: The categories of investments are shown as a percentage of total net assets at August 31, 2016.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
■ Fixed-income securities acquired with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Directors.
■ Fixed-income securities and repurchase agreements acquired with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium) unless the issuer's creditworthiness is impaired or other factors indicate that amortized cost is not an accurate estimate of the investment's fair value, in which case it would be valued in the same manner as a longer-term security.
■ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and asked quotations.
■ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Directors.
■ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs.
■ Equity securities listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.
■ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Directors, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer's financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, or if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Fund's valuation policies and procedures, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share.
5
Fair Valuation and Significant Events Procedures
The Directors have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Directors have appointed a valuation committee (“Valuation Committee”) comprised of officers of the Fund, Federated Investment Management Company (“Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Directors have also authorized the use of pricing services recommended by the Valuation Committee to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services' policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Directors. The Directors periodically review and approve the fair valuations made by the Valuation Committee and any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Directors.
The Directors also have adopted procedures requiring an investment to be priced at its fair value whenever the Adviser determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment's value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:
■ With respect to securities principally traded in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;
■ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;
■ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer's operations or regulatory changes or market developments affecting the issuer's industry.
The Directors have adopted procedures whereby the Valuation Committee uses a pricing service to determine the fair value of equity securities traded principally in foreign markets when the Adviser determines that there has been a significant trend in the U.S. equity markets or in index futures trading. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Fund will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Directors. The Directors have ultimate responsibility for any fair valuations made in response to a significant event.
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
6
The following is a summary of the inputs used, as of August 31, 2016, in valuing the Fund's assets carried at fair value:
Valuation Inputs
  Level 1–
Quoted
Prices 		Level 2–
Other
Significant
Observable
Inputs 		Level 3–
Significant
Unobservable
Inputs 		Total
Debt Securities:        
Bonds $— $29,414,971 $— $29,414,971
Purchased Put Option — 10,163 — 10,163
Investment Companies1 35,550 — — 621,079
TOTAL SECURITIES $35,550 $29,425,134 $— $30,046,213
Other Financial Instruments:2        
Assets $1,198 $951,751 $— $952,949
Liabilities (1,678) (985,801) — (987,479)
TOTAL OTHER FINANCIAL INSTRUMENTS $(480) $(34,050) $— $(34,530)
1 As permitted by U.S. generally accepted accounting principles (GAAP), Investment Companies valued at $585,529 are measured at fair value using the net asset value (NAV) per share practical expedient and have not been categorized in the chart above but are included in the Total column. The price of shares redeemed of Federated Project and Trade Finance Core Fund may be determined as of the closing NAV of the fund up to twenty-four days after receipt of a shareholder redemption request.
2 Other financial instruments include futures contracts and foreign exchange contracts.
The following acronyms are used throughout this portfolio:
AUD —Australian Dollar
CAD —Canadian Dollar
EMTN —Euro Medium Term Note
EUR —Euro
GBP —Great British Pound
JPY —Japanese Yen
MTN —Medium Term Note
MXN —Mexican Peso
NOK —Norwegian Krone
NZD —New Zealand Dollar
SEK —Swedish Krona
SGD —Singapore Dollar
7

 

 

 

Item 2. Controls and Procedures

 

(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-Q.

 

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Registrant Federated International Series, Inc.

 

By /S/ Lori A. Hensler

 

Lori A. Hensler

Principal Financial Officer

 

Date October 24, 2016

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By /S/ J. Christopher Donahue

 

J. Christopher Donahue

Principal Executive Officer

 

Date October 24, 2016

 

 

By /S/ Lori A. Hensler

 

Lori A. Hensler

Principal Financial Officer

 

Date October 24, 2016