Federated Institutional High Yield Bond Fund

1 Semi-Annual Shareholder ReportApril 30, 2018 Share Class| TickerInstitutional|FIHBXR6|FIHLXF ederated Institutional High YieldBond FundA Portfolio of Federated Institutional TrustNot FDIC Insured May Lose value No Bank GuaranteeCONTENTSP ortfolio of Investments Summary 1 Portfolio of 2 Financial 25 Statement of Assets and 27 Statement of 28 Statement of Changes in Net 29 Notes to Financial 30 Shareholder Expense 38 Evaluation and Approval of Advisory 40 Voting Proxies on fund Portfolio 46 Quarterly Portfolio 46 Portfolio of Investments Summary Table (unaudited)At April 30, 2018, the fund s index classification1wasasfollows:Index ClassificationPercentage ofTotal Net Assets2 Health Assets and Liabilities classifications are based upon, and individual portfolio securities are assigned to, theclassifications and sub-classifications of the Bloomberg Barclays Corporate High Yield 2% IssuerCapped Index (BBHY2%ICI).

2 Individual portfolio securities that are not included in the BBHY2%ICI areassigned to an index classification by the fund s of the date specified above, the fund owned shares of one or more affiliated holdings. For purposesof this table, the affiliated holding (other than an affiliated money market fund ) is not treated as a singleportfolio security, but rather the fund is treated as owning a pro rata portion of each security and eachother asset and liability owned by the affiliated holding. Accordingly, the percentages of total net assetsshown in the table will differ from those presented on the Portfolio of purposes of this table, index classifications which constitute less than of the fund s total netassets have been aggregated under the designation Other.

3 4 Cash Equivalents include any investments in money market mutual funds and/or overnightrepurchase , other than investments in securities, less liabilities. See Statement of Assets and Shareholder Report1 Portfolio of InvestmentsApril 30, 2018 (unaudited)PrincipalAmountor SharesValueCORPORATE BONDS $12,250,000 Engility Corp., Sr. Unsecd. Note, , 9/1/2024$ 12,785,9378,155,000 TransDigm, Inc., , 10/15/20208,165,1945,450,000 TransDigm, Inc., Sr. Sub. Note, , 7/15/20225,538,56320,825,000 TransDigm, Inc., Sr. Sub. Note, , 7/15/202421,228,48418,775,000 TransDigm, Inc., Sr. Sub. Note, , 5/15/202519,150,50011,325,000 TransDigm, Inc., Sr. Sub., , 6/15/202611,409,938 TOTAL78,278,616 Automotive ,650,000 Adient Global Holdings Ltd.

4 , Sr. Unsecd. Note, Series 144A, , 8/15/202614,711,0004,975,000 American Axle & Manufacturing Holdings, Inc., Sr. Note, , 10/15/20225,149,12520,575,000 American Axle & Manufacturing, Inc., Sr. Unsecd. Note, Series WI, , 4/1/202720,543,10913,325,000 BCD Acquisition, Inc., Series 144A, , 9/15/202314,457,62511,225,000 Dana Financing Lux Sarl, Series 144A, , 6/1/202611,674,00010,225,000 Dana Financing Lux Sarl, Sr. Unsecd. Note, Series 144A, , 4/15/202510,403,9378,025,000 Goodyear Tire & Rubber Co., Sr. Unsecd. Note, , 3/15/20277,533,4698,575,000 Goodyear Tire & Rubber Co., Sr. Unsecd. Note, , 5/31/20268,199,8445,275,000 Goodyear Tire & Rubber Co., Sr. Unsecd. Note, , 11/15/20235,261,8137,375, Poindexter & Co.

5 , Inc., Sr. Unsecd. Note, Series 144A, , 4/15/20267,540,9372,000,000 Schaeffler Verwaltung Zw, Series 144A, , 9/15/20231,972,50022,625,000 Schaeffler Verwaltung Zw, Series 144A, , 9/15/202621,720,0007,141,000TI Group Auto Systems LLC, Sr. Unsecd. Note, Series 144A, , 7/15/20237,533,755 TOTAL136,701,114 Banking ,650,000 Ally Financial, Inc., , 9/10/20185,698,02524,325,000 Ally Financial, Inc., Sr. Sub. Note, , 11/20/202525,176,3752,500,000 Ally Financial, Inc., Sr. Unsecd. Note, , 1/27/20192,505,0003,100,000 Ally Financial, Inc., Sr. Unsecd. Note, , 11/18/20193,115,8411,150,000 Ally Financial, Inc., Sr. Unsecd. Note, , 3/30/20201,158,6251,450,000 Ally Financial, Inc.

6 , Sr. Unsecd. Note, , 5/19/20221,462,688 Semi-Annual Shareholder Report2 PrincipalAmountor SharesValueCORPORATE BONDS continuedBanking continued$ 4,950,000 Ally Financial, Inc., Sr. Unsecd. Note, , 3/30/2025$ 4,925,2502,450,000 Ally Financial, Inc., Sr. Unsecd. Note, , 9/30/20242,517,375 TOTAL46,559,179 Building Materials ,181,000 American Builders & Contractors Supply Co., Inc., Series 144A, , 4/15/20214,248,9413,025,000 American Builders & Contractors Supply Co., Inc., Sr. Unsecd. Note,Series 144A, , 12/15/20233,126,1863,625,000 Beacon Roofing Supply, Inc., , 10/1/20233,815,3136,925,000 Beacon Roofing Supply, Inc., Sr. Unsecd. Note, Series 144A, , 11/1/20256,578,7508,525,000 Building Materials Corp.

7 Of America, Sr. Unsecd. Note, Series 144A, , 10/15/20258,887,3128,475,000CD&R Waterworks Merger Sub LLC, Sr. Unsecd. Note, Series 144A, , 8/15/20258,347,8755,875,000HD Supply, Inc., Sr. Unsecd. Note, Series 144A, , 4/15/20246,183,4382,450,000 Jeld-Wen, Inc., Sr. Unsecd. Note, Series 144A, , 12/15/20252,357,3902,200,000 Jeld-Wen, Inc., Sr. Unsecd. Note, Series 144A, , 12/15/20272,079,0007,750,000 Masonite International Corp., Sr. Unsecd. Note, Series 144A, , 3/15/20238,021,25014,850,000 Pisces Midco, Inc., Sec. Fac. Bond, Series 144A, , 4/15/202614,928,7051,400,000 Standard Industries, Inc., Series 144A, , 2/15/20231,448,56322,475,000 Standard Industries, Inc., Sr. Unsecd.

8 Note, Series 144A, , 2/15/202721,519,8122,400,000 USG Corp., Sr. Unsecd. Note, Series 144A, , 6/1/20272,406,0008,450,000 USG Corp., Sr. Unsecd. Note, Series 144A, , 3/1/20258,861,938 TOTAL102,810,473 Cable Satellite ,525,000 Altice US Finance I Corp., Series 144A, , 7/15/20231,530,71911,600,000 Altice US Finance I Corp., Series 144A, , 5/15/202611,273,75014,875,000 Altice US Finance I Corp., Sr. Unsecd. Note, Series 144A, , 7/15/202515,730,3125,100,000 CCO Holdings LLC/Cap Corp., , 9/30/20225,197,28311,150,000 CCO Holdings LLC/Cap Corp., , 9/1/202311,317,2505,725,000 CCO Holdings LLC/Cap Corp., Series 144A, , 5/1/20255,642,70312,600,000 CCO Holdings LLC/Cap Corp.

9 , Series 144A, , 2/15/202612,537,0004,275,000 CCO Holdings LLC/Cap Corp., Sr. Sub. Secd. Note, Series 144A, , 5/1/20264,173,25521,050,000 CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, Series 144A, , 2/1/202819,542,399 Semi-Annual Shareholder Report3 PrincipalAmountor SharesValueCORPORATE BONDS continuedCable Satellite continued$17,650,000 CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, Series 144A, , 5/1/2027$16,581,64512,600,000 CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, Series 144A, , 4/1/202412,820,62610,100,000 CCO Holdings LLC/Cap Corp., Sr. Unsecd. Note, Series 144A, , 5/1/20279,898,00011,450,000 CSC Holdings, Inc., Sr. Unsecd. Note, , 6/1/202410,791,62523,725,000 CSC Holdings, Inc.

10 , Sr. Unsecd. Note, Series 144A, , 4/15/202722,830,56717,850,000 Cablevision Systems Corp., Sr. Unsecd. Note, , 9/15/202217,626,87521,975,000 Cequel Communications Holdings, Sr. Unsecd. Note, Series 144A, , 12/15/202121,865,1254,150,000 Cequel Communications Holdings, Sr. Unsecd. Note, Series 144A, , 12/15/20214,123,23313,825,000 Cequel Communications Holdings, Sr. Unsecd. Note, Series 144A, , 4/1/202814,084,2199,375,000 Charter Communications Holdings II, , 2/15/20239,442,50011,525,000 Charter Communications Holdings II, , 1/15/202411,662,14715,825,000 DISH DBS Corp., , 3/15/202313,708,40612,050,000 DISH DBS Corp., , 7/15/202211,101,06221,650,000 DISH DBS Corp., Sr.