Federated Managed Allocation Portfolios NCSR Certified annual shareholder report (management investment company)




                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549

                                   FORM N-CSR
   CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES




                                    811-7129

                      (Investment Company Act File Number)


                    Federated Managed Allocation Portfolios
        _______________________________________________________________

               (Exact Name of Registrant as Specified in Charter)



                           Federated Investors Funds
                              5800 Corporate Drive
                      Pittsburgh, Pennsylvania 15237-7000


                                 (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:  11/30/06


             Date of Reporting Period:  Fiscal year ended 11/30/06








ITEM 1.     REPORTS TO STOCKHOLDERS

Federated
World-Class Investment Manager

Federated Balanced Allocation Fund

Established 2005

A Portfolio of Federated Managed Allocation Portfolios

1ST ANNUAL SHAREHOLDER REPORT

November 30, 2006

Class A Shares
Class B Shares
Class C Shares

FINANCIAL HIGHLIGHTS
SHAREHOLDER EXPENSE EXAMPLE
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
PORTFOLIO OF INVESTMENTS
STATEMENT OF ASSETS AND LIABILITIES
STATEMENT OF OPERATIONS
STATEMENT OF CHANGES IN NET ASSETS
NOTES TO FINANCIAL STATEMENTS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
BOARD OF TRUSTEES AND TRUST OFFICERS
EVALUATION AND APPROVAL OF ADVISORY CONTRACT
VOTING PROXIES ON FUND PORTFOLIO SECURITIES
QUARTERLY PORTFOLIO SCHEDULE

Not FDIC Insured * May Lose Value * No Bank Guarantee

Financial Highlights - Class A Shares

(For a Share Outstanding Throughout the Period)

	Period Ended
	11/30/2006	¹
Net Asset Value, Beginning of Period	$10.00
Income From Investment Operations:
Net investment income	0.34	²
Net realized and unrealized gain on investments	0.56
TOTAL FROM INVESTMENT OPERATIONS	0.90
Net Asset Value, End of Period	$10.90
Total Return³	9.00	%

Ratios to Average Net Assets:
Net expenses	0.27	%⁴
Net investment income	3.59	%⁴
Expense waiver/reimbursement⁵	2.75	%⁴
Supplemental Data:
Net assets, end of period (000 omitted)	$13,150
Portfolio turnover	0	%⁶

1 Reflects operations for the period from December 23, 2005 (date of initial public investment) to November 30, 2006.

2 Per share numbers have been calculated using the average shares method.

3 Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized.

4 Computed on an annualized basis.

5 This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

6 Represents less than 1%.

See Notes which are an integral part of the Financial Statements

Financial Highlights - Class B Shares

(For a Share Outstanding Throughout the Period)

	Period Ended
	11/30/2006	¹
Net Asset Value, Beginning of Period	$10.00
Income From Investment Operations:
Net investment income	0.24	²
Net realized and unrealized gain on investments	0.62
TOTAL FROM INVESTMENT OPERATIONS	0.86
Net Asset Value, End of Period	$10.86
Total Return³	8.60	%

Ratios to Average Net Assets:
Net expenses	1.02	%⁴
Net investment income	2.48	%⁴
Expense waiver/reimbursement⁵	2.72	%⁴
Supplemental Data:
Net assets, end of period (000 omitted)	$12,434
Portfolio turnover	0	%⁶

1 Reflects operations for the period from December 23, 2005 (date of initial investment) to November 30, 2006.

2 Per share numbers have been calculated using the average shares method.

4 Computed on an annualized basis.

5 This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

6 Represents less than 1%.

See Notes which are an integral part of the Financial Statements

Financial Highlights - Class C Shares

(For a Share Outstanding Throughout the Period)

	Period Ended
	11/30/2006	¹
Net Asset Value, Beginning of Period	$10.00
Income From Investment Operations:
Net investment income	0.23	²
Net realized and unrealized gain on investments	0.63
TOTAL FROM INVESTMENT OPERATIONS	0.86
Net Asset Value, End of Period	$10.86
Total Return³	8.60	%

Ratios to Average Net Assets:
Net expenses	1.02	%⁴
Net investment income	2.45	%⁴
Expense waiver/reimbursement⁵	2.80	%⁴
Supplemental Data:
Net assets, end of period (000 omitted)	$3,560
Portfolio turnover	0	%⁶

1 Reflects operations for the period from December 23, 2005 (date of initial investment) to November 30, 2006.

2 Per share numbers have been calculated using the average shares method.

4 Computed on an annualized basis.

5 This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

6 Represents less than 1%.

See Notes which are an integral part of the Financial Statements

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs including sales charges (loads) on purchase or redemption payments; and (2) ongoing costs, including management fees; to the extent applicable, distribution (12b-1) fees and/or shareholder services fees; and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2006 to November 30, 2006.

ACTUAL EXPENSES

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses attributable to your investment during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are required to be provided to enable you to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase or redemption payments. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactions were included, your costs would have been higher.

	Beginning Account Value 6/1/2006	Ending Account Value 11/30/2006	Expenses Paid During Period¹
Actual:
Class A Shares	$1,000	$1,098.80	$1.42
Class B Shares	$1,000	$1,095.90	$5.36
Class C Shares	$1,000	$1,095.90	$5.36
Hypothetical (assuming a 5% return before expenses):
Class A Shares	$1,000	$1,023.71	$1.37
Class B Shares	$1,000	$1,019.95	$5.16
Class C Shares	$1,000	$1,019.95	$5.16

1 Expenses are equal to the Fund's annualized net expense ratios, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period). The annualized net expense ratios are as follows:

Class A Shares		0.27%
Class B Shares		1.02%
Class C Shares		1.02%

Management's Discussion of Fund Performance

Federated Balanced Allocation Fund's Class A Shares, Class B Shares and Class C Shares produced total returns of 9.00%, 8.60% and 8.60%, respectively, based on net asset value for the reporting period beginning on December 23, 2005, (the date of initial public investment), and ending on November 30, 2006. This compared with the Fund's benchmark, the Standard & Poor's 500 Index (S&P 500)¹ which returned 13.24% for the reporting period.

The fund by design invests approximately equal amounts in four underlying Federated mutual funds: Federated American Leaders Fund, Inc., Federated Capital Appreciation Fund, Federated Kaufmann Fund and Federated Intermediate Corporate Bond Fund. The returns of those four funds and their respective benchmarks during the reporting period were as indicated in the following table.

Fund Name	Fund Total Return	Benchmark Name	Benchmark Total Return
Federated American Leaders Fund Inc., Class A Shares	11.32%	S&P 500/ Citigroup Large Cap Value Index²	16.33	%
Federated Capital Appreciation Fund Class A Shares	13.63%	S&P 500 Index	12.39	%
Federated Intermediate Corporate Bond Fund Institutional Shares	5.42%	Lehman Brothers U.S. Intermediate Credit Index³	4.96	%
Federated Kaufmann Fund Class A Shares	13.56%	Russell MidCap Growth Index⁴	10.32	%

1 The S&P 500 is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks
representing all major industries. Investments cannot be made in an index.

2. The S&P/Citigroup Value Indices are exhaustive, containing the full market cap of the S&P 500. The S&P/Citigroup multifactor methodology is used to score constituents, which are weighed according to market cap and classified as value. The indices have a relatively low turnover. Investments cannot be made directly in an index.

3 Lehamn Brothers U.S. Intermediate Credit Index is an unmanaged index that consists of dollar-denominated, investment-grade, publicly-issued securities with a maturity of between one and ten years, an minimum amount outstanding of $250 million, and that are issued by both corporate issuers and non-corporate issuers (supranationals, sovereigns, foreign agencies and foreign local governments). Investments cannot be made in a index.

4 Russell Midcap Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth Index. The index is unmanaged, and unlike the fund, is not affected by cashflows. Investments cannot be made in an index.

During the reporting period, stock prices rallied in the first four months of 2006, corrected in May and June and finally rallied again in the final four months of the reporting period. The S&P 500 Index returned 3.94% from December 23, 2005 until April 30, 2006, (2.75)% during May and June and 11.18% during the final five months. Bond prices fell during the first half of the period and rose during the second half.⁵ The Lehman Brothers U.S. Intermediate Credit Index returned (0.47)% from December 23, 2005 until June 30, 2006 and 5.46% from June 30 until November 30, 2006. Over the entire reporting period, both stock and bond returns were positive as indicated by the S&P 500 Index return of 12.39% and the Lehman U.S. Intermediate Credit Index return of 4.96%.

The returns of each of the four underlying funds relative to its respective benchmark depends upon the investment decisions made in each of the fund's portfolios and the fees charged. Each of the funds is actively managed. The primary investment decisions made by each manager involve the overweight or underweight in certain sectors of the market and the individual securities purchased. During the reporting period, three of the funds had higher returns than their benchmarks and one fund had lower returns as indicated in the table above.

In addition, the total return of the Fund's shares reflects the impact of actual cash flows, transaction costs and other expenses.

5 Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices.

GROWTH OF A $10,000 INVESTMENT -- CLASS A SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in Federated Balanced Allocation Fund (Class A Shares) (the "Fund") from December 23, 2005 (start of performance) to November 30, 2006 compared to the Lehman Brothers U.S. Intermediate Credit Index (LBIC)² and the Standard and Poor's 500 Index (S&P 500).²

Cumulative Total Return³ for the Period Ended 11/30/2006
Start of Performance (12/23/2005)		3.02%

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month-end performance and after-tax returns, visit FederatedInvestors.com or call 1-800-341-7400. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Total returns shown include the maximum sales charge of 5.50%.

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund's performance assumes the reinvestment of all dividends and distributions. The LBIC and the S&P 500 have been adjusted to reflect reinvestment of dividends on securities in the indexes.

2 The LBIC and S&P 500 are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission (SEC) requires to be reflected in the Fund's performance. The indexes are unmanaged and, unlike the Fund, are not affected by cashflows. It is not possible to invest directly in an index.

3 Total return quoted reflects all applicable sales charges.

GROWTH OF A $10,000 INVESTMENT -- CLASS B SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in Federated Balanced Allocation Fund (Class B Shares) (the "Fund") from December 23, 2005 (start of performance) to November 30, 2006 compared to the Lehman Brothers U.S. Intermediate Credit Index (LBIC)² and the Standard and Poor's 500 Index (S&P 500).²

Cumulative Total Return³ for the Period Ended 11/30/2006
Start of Performance (12/23/2005)		3.10%

1 Represents a hypothetical investment of $10,000 in the Fund. The maximum contingent deferred sales charge is 5.50% on any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The LBIC and the S&P 500 have been adjusted to reflect reinvestment of dividends on securities in the indexes.

2 The LBIC and S&P 500 are not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The indexes are unmanaged and, unlike the Fund, are not affected by cashflows. It is not possible to invest directly in an index.

3 Total return quoted reflects all applicable contingent deferred sales charges.

GROWTH OF A $10,000 INVESTMENT -- CLASS C SHARES

The graph below illustrates the hypothetical investment of $10,000¹in Federated Balanced Allocation Fund (Class C Shares) (the "Fund") from December 23, 2005 (start of performance) to November 30, 2006 compared to the Lehman Brothers U.S. Intermediate Credit Index (LBIC)² and the Standard and Poor's 500 Index (S&P 500).²

Cumulative Total Return³ for the Period Ended 11/30/2006
Start of Performance (12/23/2005)		6.53%

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 1.00% ($10,000 investment minus $100 sales charge = $9,900). A 1.00% contingent deferred sales charge would be applied on any redemption less than one year from the purchase date. The Fund's performance assumes the reinvestment of all dividends and distributions. The LBIC and the S&P 500 have been adjusted to reflect reinvestment of dividends on securities in the indexes.

3 Total return quoted reflects all applicable sales charges and contingent deferred sales charges.

Portfolio of Investments Summary Table

At November 30, 2006, the Fund's portfolio composition¹ was as follows:

		Percentage of Total Net Assets
Federated Intermediate Corporate Bond Fund		24.9%
Federated Capital Appreciation Fund		24.8%
Federated American Leaders Fund, Inc.		24.7%
Federated Kaufmann Fund		24.6%
Cash Equivalents²		0.4%
Other Assets and Liabilities -- Net³		0.6%
TOTAL		100.0%

1 See the Fund's Prospectus for a description of the principal types of securities in which the Fund invests.

2 Cash Equivalents include any investments in money market mutual funds and /or overnight repurchase agreements.

3 Assets, other than investment in securities, less liabilities. See Statement of Assets and Liabilities.

Portfolio of Investments

November 30, 2006

Shares or Principal Amount				Value
		MUTUAL FUNDS--99.0%¹
	301,565	Federated American Leaders Fund, Inc., Class A Shares	$	7,192,323
	295,025	Federated Capital Appreciation Fund, Class A Shares		7,236,961
	720,812	Federated Intermediate Corporate Bond Fund, Institutional Shares		7,251,372
	1,272,002	Federated Kaufmann Fund, Class A Shares		7,174,088
		TOTAL MUTUAL FUNDS (IDENTIFIED COST $29,321,796)		28,854,744
		REPURCHASE AGREEMENT--0.4%
$	116,000	Interest in $2,000,000,000 joint repurchase agreement 5.32%, dated 11/30/2006 under which Credit Suisse First Boston LLC will repurchase U.S. Government Agency securities with various maturities to 8/16/2043 for $2,000,295,556 on 12/1/2006. The market value of the underlying securities at the end of the period was $2,060,008,358 (AT COST).		116,000
		TOTAL INVESTMENTS--99.4% (IDENTIFIED COST $29,437,796)²		28,970,744
		OTHER ASSETS AND LIABILITIES - NET--0.6%		173,745
		TOTAL NET ASSETS--100%	$	29,144,489

1 Affiliated companies.

2 The cost of investments for federal tax purposes amounts to $29,437,841.

Note: the categories of investments are shown as a percentage of total net assets at November 30, 2006.

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

November 30, 2006

Assets:
Total investments in securities, at value including $28,854,744 of investments in affiliated issuers (Note 5) (identified cost $29,437,796)			$	28,970,744
Cash				838
Income receivable				29,098
Receivable for shares sold				213,414
TOTAL ASSETS				29,214,094
Liabilities:
Payable for shares redeemed	$	4,956
Payable for transfer and dividend disbursing agent fees and expenses		22,026
Payable for audit fees		20,000
Payable for distribution services fee (Note 5)		9,343
Payable for shareholders services fee (Note 5)		6,543
Accrued expenses		6,737
TOTAL LIABILITIES				69,605
Net assets for 2,678,778 shares outstanding			$	29,144,489
Net Assets Consist of:
Paid-in capital			$	26,953,032
Net unrealized depreciation of investments				(467,052	)
Accumulated net realized gain on investments				2,211,555
Undistributed net investment income				446,954
TOTAL NET ASSETS			$	29,144,489
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Class A Shares:
Net asset value per share ($13,150,431 ÷ 1,206,198 shares outstanding), no par value, unlimited shares authorized				$10.90
Offering price per share (100/94.50 of $10.90)¹				$11.53
Redemption proceeds per share				$10.90
Class B Shares:
Net asset value per share ($12,433,876 ÷ 1,144,757 shares outstanding), no par value, unlimited shares authorized				$10.86
Offering price per share				$10.86
Redemption proceeds per share (94.50/100 of $10.86)¹				$10.26
Class C Shares:
Net asset value per share ($3,560,182 ÷ 327,823 shares outstanding), no par value, unlimited shares authorized				$10.86
Offering price per share (100/99.00 of $10.86)¹				$10.97
Redemption proceeds per share (99.00/100 of $10.86)¹				$10.75

1 See "What Do Shares Cost?" in the Prospectus.

See Notes which are an integral part of the Financial Statements

Statement of Operations

Period Ended November 30, 2006¹

Investment Income:
Dividends received from affiliated issuers (Note 5)							$	539,169
Interest								9,667
TOTAL INCOME								548,836
Expenses:
Administrative personnel and services fee (Note 5)				$	213,617
Custodian fees					13,088
Transfer and dividend disbursing agent fees and expenses					41,647
Directors'/Trustees' fees					335
Auditing fees					20,007
Legal fees					5,995
Portfolio accounting fees					35,838
Distribution services fee--Class B Shares (Note 5)					46,645
Distribution services fee--Class C Shares (Note 5)					14,087
Shareholder services fee--Class A Shares (Note 5)					17,175
Shareholder services fee--Class B Shares (Note 5)					15,544
Shareholder services fee--Class C Shares (Note 5)					4,696
Share registration costs					61,187
Printing and postage					13,238
Insurance premiums					6,196
Miscellaneous					2,116
TOTAL EXPENSES					511,411
Waiver and Reimbursement (Note 5):
Waiver of administrative personnel and services fee	$	(213,617	)
Reimbursement of other operating expenses		(195,912	)
TOTAL WAIVER AND REIMBURSEMENT					(409,529	)
Net expenses								101,882
Net investment income								446,954
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain on investments in affiliated issuers								796
Realized gain distributions from affiliated investment company shares								2,210,759
Net change in unrealized depreciation of investments								(467,052	)
Net realized and unrealized gain on investments								1,744,503
Change in net assets resulting from operations							$	2,191,457

1 Reflects operations for the period from December 23, 2005 (date of initial public investment) to November 30, 2006.

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

		Period Ended 11/30/2006	¹
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	446,954
Net realized gain on investments in affiliated issuers		796
Realized gain distributions from affiliated investment company shares		2,210,759
Net change in unrealized depreciation of investments		(467,052	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		2,191,457
Share Transactions:
Proceeds from sale of shares		29,925,138
Cost of shares redeemed		(2,972,106	)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		26,953,032
Change in net assets		29,144,489
Net Assets:
Beginning of period		- --
End of period (including undistributed net investment income of $446,954)	$	29,144,489

1 Reflects operations for the period from December 23, 2005 (date of initial public investment) to November 30, 2006.

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

November 30,2006

1. ORGANIZATION

Federated Managed Allocation Portfolios (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust consists of seven portfolios. The financial statements included herein are only those of Federated Balanced Allocation Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The Fund offers three classes of shares: Class A Shares, Class B Shares and Class C Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to provide capital appreciation.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles (GAAP) in the United States of America.

Investment Valuation

Market values of the Fund's portfolio securities are determined as follows:
for equity securities, according to the last sale price or official closing price reported in the market in which they are primarily traded (either a national securities exchange or the over-the-counter market), if available;
in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices;
futures contracts and options are generally valued at market values established by the exchanges on which they are traded at the close of trading on such exchanges. Options traded in the over-the-counter market are generally valued according to the mean between the last bid and the last asked price for the option as provided by an investment dealer or other financial institution that deals in the option. The Board of Trustees (the "Trustees") may determine in good faith that another method of valuing such investments is necessary to appraise their fair market value;
for mortgage-backed securities, based on the aggregate investment value of the projected cash flows to be generated by the security, as furnished by an independent pricing service;
for investments in other open-end regulated investment companies, based on net asset value;
for other fixed-income securities, according to prices as furnished by an independent pricing service, except that fixed-income securities with remaining maturities of less than 60 days at the time of purchase are valued at amortized cost; and
for all other securities at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees.

Prices for fixed-income securities furnished by a pricing service may be based on a valuation matrix which incorporates both dealer-supplied valuations and electronic data processing techniques. Such prices (other than prices of mortgage-backed securities) are generally intended to be indicative of the bid prices currently offered to institutional investors for the securities, except that prices for corporate fixed-income and asset-backed securities traded in the United States are generally intended to be indicative of the mean between such bid prices and asked prices. The Trustees have approved the use of such pricing services. A number of pricing services are available, and the Fund may use various pricing services or discontinue the use of any pricing service.

Prices provided by independent pricing services may be determined without relying exclusively on quoted prices and may consider institutional trading in similar groups of securities, yield, quality, stability, risk, coupon rate, maturity, type of issue, trading characteristics, and other market data or factors. From time to time, when prices cannot be obtained from an independent pricing service, securities may be valued based on quotes from broker-dealers or other financial institutions that trade the securities

Trading in foreign securities may be completed at times which vary from the closing of the New York Stock Exchange (NYSE). In computing its net asset value, the Fund values foreign securities using the latest closing price on the exchange on which they are traded immediately prior to the closing of the NYSE. Certain foreign currency exchange rates are generally determined at the latest rate prior to the closing of the NYSE. Foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. Events that affect these values and exchange rates may occur between the times at which they are determined and the closing of the NYSE. If such events materially affect the value of portfolio securities, these securities may be valued at their fair value as determined in good faith by the Trustees, although the actual calculation may be done by others.

Pursuant to section 12(d)(1)(g) of the Act, the Fund may also invest in the following open-end management companies (Fund Investments), registered under the Act which are managed by Federated Equity Management Company of Pennsylvania or its affiliates.

Fund		Investment Objective
Federated American Leaders Fund, Inc., Class A Shares (American Leaders)		To provide growth of capital and income.
Federated Capital Appreciation Fund, Class A Shares (Capital Appreciation)		To provide capital appreciation.
Federated Intermediate Corporate Bond Fund, IS Shares (Intermediate Corporate Bond)		To provide current income.
Federated Kaufmann Fund, Class A Shares (Kaufmann)		To provide capital appreciation.

Income distributions from American Leaders are declared and paid quarterly. Income distributions from Intermediate Corporate Bond are declared daily and paid monthly. Income distributions from Capital Appreciation and Kaufmann are declared and paid annually. All income distributions are recorded by the Fund as dividend income. Capital gain distributions of the Fund Investments, if any, are declared and paid annually, and are recorded by Fund as capital gains received. The performance of the Fund is directly affected by the performance of the Fund Investments. A copy of each Fund Investment's financial statements is available on the EDGAR Database on the Securities and Exchange Commission's (SEC) website www.sec.gov, at the Commission's public reference room in Washington, DC or upon request from the Fund by calling 1-800-341-7400.

Repurchase Agreements

It is the policy of the Fund to require the other party to a repurchase agreement to transfer to the Fund's custodian or sub-custodian eligible securities or cash with a market value (after transaction costs) at least equal to the repurchase price to be paid under the repurchase agreement. The eligible securities are transferred to accounts with the custodian or sub-custodian in which the Fund holds a "securities entitlement" and exercises "control" as those terms are defined in the Uniform Commercial Code. The Fund has established procedures for monitoring the market value of the transferred securities and requiring the transfer of additional eligible securities if necessary to equal at least the repurchase price. These procedures also allow the other party to require securities to be transferred from the account to the extent that their market value exceeds the repurchase price or in exchange for other eligible securities of equivalent market value.

With respect to agreements to repurchase U.S. government securities and cash items, the Fund treats the repurchase agreement as an investment in the underlying securities and not as an obligation of the other party to the repurchase agreement. Other repurchase agreements are treated as obligations of the other party secured by the underlying securities. Nevertheless, the insolvency of the other party or other failure to repurchase the securities may delay the disposition of the underlying securities or cause the Fund to receive less than the full repurchase price. Under the terms of the repurchase agreement, any amounts received by the Fund in excess of the repurchase price and related transaction costs must be remitted to the other party.

The Fund may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian or sub custodian for investment companies and other clients advised by the Fund's adviser and its affiliates. The Fund will participate on a pro rata basis with the other investment companies and clients in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.

Investment Income, Gains and Losses, Expenses and Distributions

Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income are declared and paid annually. Non-cash dividends included in dividend income, if any, are recorded at fair value. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that each class bears certain expenses unique to that class such as distribution and shareholder services fees. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Premium and Discount Amortization

All premiums and discounts on fixed income securities are amortized/accreted for financial statement purposes.

Federal Taxes

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code (the "Code") and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary.

When-Issued and Delayed Delivery Transactions

The Fund may engage in when-issued or delayed delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.

Other

Investment transactions are accounted for on a trade date basis. Realized gains and losses from investment transactions are recorded on an identified cost basis.

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

Period Ended November 30	2006¹
Class A Shares:	Shares			Amount
Shares sold	1,343,928		$	13,476,007
Shares redeemed	(137,730	)		(1,395,318	)
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS	1,206,198		$	12,080,689

Period Ended November 30	2006¹
Class B Shares:	Shares			Amount
Shares sold	1,283,416		$	12,964,902
Shares redeemed	(138,659	)		(1,394,755	)
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS	1,144,757		$	11,570,147

Period Ended November 30	2006¹
Class C Shares:	Shares			Amount
Shares sold	345,893		$	3,484,229
Shares redeemed	(18,070	)		(182,033	)
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS	327,823		$	3,302,196
NET CHANGE RESULTING FROM SHARE TRANSACTIONS	2,678,778		$	26,953,032

1 Reflects operations for the period from December 23, 2005 (date of initial public investment) to November 30, 2006.

4. FEDERAL TAX INFORMATION

As of November 30, 2006, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	447,795
Undistributed long-term capital gains	$	2,210,759
Net unrealized depreciation	$	(467,097	)

The difference between book-basis and tax-basis net unrealized appreciation/depreciation is attributable in part to differing treatments for the tax deferral of losses on wash sales.

At November 30, 2006 the cost of investments for federal tax purposes was $29,437,841. The net unrealized depreciation of investments for federal tax purposes was $467,097. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $124,918 and net unrealized depreciation from investments for those securities having an excess of cost over value of $592,015.

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Federated Equity Management Company of Pennsylvania is the Fund's investment adviser (the "Adviser"), subject to the direction of the Trustees. The Adviser provides investment adviser services at no fee. For the period ended November 30, 2006, the Adviser voluntarily reimbursed $162,652 of other operating expenses.

Administrative Fee

Federated Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. The fee paid to FAS is based on the average aggregate daily net assets of certain Federated funds as specified below:

Maximum Administrative Fee		Average Aggregate Daily Net Assets of the Federated Funds
0.150%		on the first $5 billion
0.125%		on the next $5 billion
0.100%		on the next $10 billion
0.075%		on assets in excess of $20 billion

The administrative fee received during any fiscal year shall be at least $150,000 per portfolio and $40,000 per each additional class of Shares. For the period ended November 30, 2006, FAS voluntarily waived its entire fee.

Distribution Services Fee

Share Class Name		Percentage of Average Daily Net Assets of Class
Class A Shares		0.25%
Class B Shares		0.75%
Class C Shares		0.75%

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the period ended November 30, 2006, FSC retained $6,325 of fees paid by the Fund. For the period ended November 30, 2006, Class A Shares did not incur a distribution services fee.

The Fund may invest in other funds distributed by FSC under the Plan. FSC has agreed to reimburse the Fund for certain distribution fees received by FSC as a result of these transactions. For the period ended November 30, 2006, FSC voluntarily reimbursed $6,482 of its fee.

Sales Charges

For the period ended November 30, 2006, FSC, the principal distributor, retained $50,902 in sales charges from the sale of Class A Shares. FSC also retained $620 of contingent deferred sales charges relating to redemptions of Class C Shares. See "What Do Shares Cost?" in the Prospectus.

Shareholder Services Fee

The Fund may pay fees (Service Fees) up to 0.25% of average daily net assets of the Fund's Class A Shares, Class B Shares and Class C Shares to financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. For the period ended November 30, 2006, FSSC did not receive any fees paid by the Fund.

The Fund may invest in other funds serviced by FSSC under this Agreement. FSSC has agreed to reimburse the Fund for certain shareholder services fees received by FSSC as a result of these transactions. For the period ended November 30, 2006, FSSC voluntarily reimbursed $26,778 of its fee.

Expense Limitation

The Adviser and its affiliates (which may include FSC, FAS and FSSC) have voluntarily agreed to waive their fees and/or reimburse expenses (including the distribution (12b-1) fee) so that the total operating expenses paid by the Fund's Class A Shares, Class B Shares, and Class C Shares (after the voluntary waivers and reimbursements) will not exceed 0.27%, 1.02% and 1.02%, respectively, for the fiscal year ending November 30, 2007. Although these actions are voluntary, the Adviser and its affiliates have agreed not to terminate these waivers and/or reimbursements until after January 31, 2008.

General

Certain of the Officers and Directors of the Fund are Officers and Directors or Trustees of the above companies.

Transactions with Affiliated Companies

Affiliated holdings are mutual funds which are managed by the Adviser or an affiliate of the Adviser. The Adviser has agreed to reimburse the Fund for certain investment adviser fees as a result of transactions in other mutual funds. For the period ended November 30, 2006, the Adviser was not required to reimburse any investment adviser fees. Transactions with affiliated companies during the period ended November 30, 2006 are as follows:

Affiliates	Balance of Shares Held 12/23/2005	Purchases/ Additions	Sales/ Reductions	Balance of Shares Held 11/30/2006	Value at 11/30/2006	Dividend Income
Federated American Leaders Fund, Inc., Class A Shares	- --	302,141	576	301,565	$ 7,192,323	$102,155
Federated Capital Appreciation Fund, Class A Shares	- --	297,162	2,137	295,025	$ 7,236,961	$193,002
Federated Intermediate Corporate Bond Fund, Institutional Shares	- --	721,315	503	720,812	$ 7,251,372	$180,418
Federated Kaufmann Fund, Class A Shares	- --	1,272,002	- --	1,272,002	$ 7,174,088	$ 63,594
TOTAL OF AFFILIATED TRANSACTIONS	- --	2,592,620	3,216	2,589,404	$28,854,744	$539,169

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for the period ended November 30, 2006, were as follows:

Purchases		$	29,401,000
Sales		$	80,000

7. RISKS OF INVESTING IN UNDERLYING FUNDS

Each of the underlying Funds in which the Fund invest has its own investment risks, and those risks can affect the value of the Fund's investments and therefore the value of the Fund's shares. To the extent that the Fund invests more of its assets in one Underlying Fund than in another, the Fund will have greater exposure to the risks of that Underlying Fund.

8. LEGAL PROCEEDINGS

Beginning in October 2003, Federated Investors, Inc. and various subsidiaries thereof (including the advisers and distributor for various investment companies, collectively, "Federated"), along with various investment companies sponsored by Federated ("Funds") were named as defendants in several class action lawsuits now pending in the United States District Court for the District of Maryland. The lawsuits were purportedly filed on behalf of people who purchased, owned and/or redeemed shares of Federated-sponsored mutual funds during specified periods beginning November 1, 1998. The suits are generally similar in alleging that Federated engaged in illegal and improper trading practices including market timing and late trading in concert with certain institutional traders, which allegedly caused financial injury to the mutual fund shareholders. These lawsuits began to be filed shortly after Federated's first public announcement that it had received requests for information on shareholder trading activities in the Funds from the Securities and Exchange Commission ("SEC"), the Office of the New York State Attorney General ("NYAG"), and other authorities. In that regard, on November 28, 2005, Federated announced that it had reached final settlements with the SEC and the NYAG with respect to those matters. As Federated previously reported in 2004, it has already paid approximately $8.0 million to certain funds as determined by an independent consultant. As part of these settlements, Federated agreed to pay for the benefit of fund shareholders additional disgorgement and a civil money penalty in the aggregate amount of an additional $72 million. Federated and various Funds have also been named as defendants in several additional lawsuits, the majority of which are now pending in the United States District Court for the Western District of Pennsylvania, alleging, among other things, excessive advisory and Rule 12b-1 fees. The Board of the Funds has retained the law firm of Dickstein Shapiro LLP to represent the Funds in these lawsuits. Federated and the Funds, and their respective counsel, are reviewing the allegations and intend to defend this litigation. Additional lawsuits based upon similar allegations may be filed in the future. The potential impact of these lawsuits, all of which seek unquantified damages, attorneys' fees and expenses, and future potential similar suits is uncertain. Although we do not believe that these lawsuits will have a material adverse effect on the Funds, there can be no assurance that these suits, the ongoing adverse publicity and/or other developments resulting from the regulatory investigations will not result in increased Fund redemptions, reduced sales of Fund shares, or other adverse consequences for the Funds.

9. CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

As indicated above, the Fund has appointed KPMG as the independent registered public accounting firm to audit the Fund's financial statements for the fiscal year ending November 30, 2006. During the Fund's interim period commencing December 23, 2005 (date of initial public investment) and ending August 18, 2006, neither the Fund nor anyone on its behalf has consulted KPMG on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Fund's financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a) (1) (iv) of Item 304 of Regulations S-K) or reportable events (as described in paragraph (a) (1) (v) of said Item 304).

10. RECENT ACCOUNTING PRONOUNCEMENTS

On July 13, 2006, the Financial Accounting Standards Board (FASB) released FASB Interpretation No. 48 "Accounting for Uncertainty in Income Taxes" (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years no later than May 30, 2008. At this time, management is evaluating the implications of FIN 48 and its impact in the financial statements has not yet been determined.

In addition, in September 2006, FASB issued Statement on Financial Accounting Standards No. 157, "Fair Value Measurements" (FAS 157) which is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of FAS 157 will have on the Funds' financial statement disclosures.

11. SUBSEQUENT EVENT

On December 21, 2006, the Trust entered into a $150,000,000 unsecured, uncommitted discretionary line of credit (LOC) with PNC Bank. The LOC was made available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 0.65% over the federal funds rate.

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES OF FEDERATED MANAGED ALLOCATION PORTFOLIOS AND THE SHAREHOLDERS OF FEDERATED BALANCED ALLOCATION FUND:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of the Federated Balanced Allocation Fund (the "Fund"), as of November 30, 2006, and the related statement of operations, the statement of changes in net assets, and the financial highlights for the period from December 23, 2005 (inception date) to November 30, 2006. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2006 by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Federated Balanced Allocation Fund as of November 30, 2006, and the results of its operations, the changes in its net assets and the financial highlights for the period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG LLP

Boston, Massachusetts
January 16, 2007

Board of Trustees and Trust Officers

The Board is responsible for managing the Trust's business affairs and for exercising all the Trust's powers except those reserved for the shareholders. The following tables give information about each Board member and the senior officers of the Fund. Where required, the tables separately list Board members who are "interested persons" of the Fund (i.e., "Interested" Board members) and those who are not (i.e., "Independent" Board members). Unless otherwise noted, the address of each person listed is Federated Investors Tower, 1001 Liberty Avenue, Pittsburgh, PA. As of December 31, 2006, the Trust comprised 7 portfolios, and the Federated Fund Complex consisted of 45 investment companies (comprising 148 portfolios). Unless otherwise noted, each Officer is elected annually. Unless otherwise noted, each Board member oversees all portfolios in the Federated Fund Complex and serves for an indefinite term. The Fund's Statement of Additional Information includes additional information about Trust Trustees and is available, without charge and upon request, by calling 1-800-341-7400.

INTERESTED TRUSTEES BACKGROUND


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 TRUSTEE Began serving: November 1993		Principal Occupations : Director or Trustee of the Federated Fund Complex; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Complex's Executive Committee. Previous Positions : Chairman of the Federated Fund Complex; Trustee, Federated Investment Management Company and Chairman and Director, Federated Investment Counseling.

J. Christopher Donahue* Birth Date: April 11, 1949 PRESIDENT AND TRUSTEE Began serving: August 2000		Principal Occupations : Principal Executive Officer and President of the Federated Fund Complex; Director or Trustee of some of the Funds in the Federated Fund Complex; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (Investment advisory subsidiary of Federated) Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions : President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd.


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
Lawrence D. Ellis, M.D.* Birth Date: October 11, 1932 3471 Fifth Avenue Suite 1111 Pittsburgh, PA TRUSTEE Began serving: November 1993		Principal Occupations : Director or Trustee of the Federated Fund Complex; Professor of Medicine, University of Pittsburgh; Medical Director, University of Pittsburgh Medical Center Downtown; Hematologist, Oncologist and Internist, University of Pittsburgh Medical Center. Other Directorships Held : Member, National Board of Trustees, Leukemia Society of America. Previous Positions : Trustee, University of Pittsburgh; Director, University of Pittsburgh Medical Center.

* Family relationships and reasons for "interested" status: John F. Donahue is the father of J. Christopher Donahue; both are "interested" due to the positions they hold with Federated Investors, Inc. and its subsidiaries. Lawrence D. Ellis, M.D. is "interested" because his son-in-law is employed by the Fund's principal underwriter, Federated Securities Corp.

INDEPENDENT TRUSTEES BACKGROUND


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
Thomas G. Bigley Birth Date: February 3, 1934 15 Old Timber Trail Pittsburgh, PA TRUSTEE Began serving: November 1994		Principal Occupation : Director or Trustee of the Federated Fund Complex. Other Directorships Held : Director, Member of Executive Committee, Children's Hospital of Pittsburgh; Director, University of Pittsburgh. Previous Position : Senior Partner, Ernst & Young LLP.

John T. Conroy, Jr. Birth Date: June 23, 1937 Investment Properties Corporation 3838 North Tamiami Trail Suite 402 Naples, FL TRUSTEE Began serving: November 1993		Principal Occupations : Director or Trustee of the Federated Fund Complex; Chairman of the Board, Investment Properties Corporation; Partner or Trustee in private real estate ventures in Southwest Florida. Previous Positions : President, Investment Properties Corporation; Senior Vice President, John R. Wood and Associates, Inc., Realtors; President, Naples Property Management, Inc. and Northgate Village Development Corporation.


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
Nicholas P. Constantakis Birth Date: September 3, 1939 175 Woodshire Drive Pittsburgh, PA TRUSTEE Began serving: January 2000		Principal Occupation : Director or Trustee of the Federated Fund Complex. Other Directorships Held : Director and Member of the Audit Committee, Michael Baker Corporation (engineering and energy services worldwide). Previous Position : Partner, Andersen Worldwide SC.

John F. Cunningham Birth Date: March 5, 1943 353 El Brillo Way Palm Beach, FL TRUSTEE Began serving: January 1999		Principal Occupation : Director or Trustee of the Federated Fund Complex; Director, WinsorTech. Other Directorships Held : Chairman, President and Chief Executive Officer, Cunningham & Co., Inc. (strategic business consulting); Trustee Associate, Boston College. Previous Positions : Director, Redgate Communications and EMC Corporation (computer storage systems); Chairman of the Board and Chief Executive Officer, Computer Consoles, Inc.; President and Chief Operating Officer, Wang Laboratories; Director, First National Bank of Boston; Director, Apollo Computer, Inc.

Peter E. Madden Birth Date: March 16, 1942 One Royal Palm Way 100 Royal Palm Way Palm Beach, FL TRUSTEE Began serving: November 1993		Principal Occupation : Director or Trustee of the Federated Fund Complex. Other Directorships Held : Board of Overseers, Babson College. Previous Positions : Representative, Commonwealth of Massachusetts General Court; President, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange.


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
Charles F. Mansfield, Jr. Birth Date: April 10, 1945 80 South Road Westhampton Beach, NY TRUSTEE Began serving: January 1999		Principal Occupations : Director or Trustee of the Federated Fund Complex; Management Consultant. Previous Positions : Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly, Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President DVC Group, Inc. (marketing, communications and technology).

John E. Murray, Jr., J.D., S.J.D. Birth Date: December 20, 1932 Chancellor, Duquesne University Pittsburgh, PA TRUSTEE Began serving: February 1995		Principal Occupations : Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Complex; Chancellor and Law Professor, Duquesne University; Partner, Murray, Hogue & Lannis. Other Directorships Held : Director, Michael Baker Corp. (engineering, construction, operations and technical services). Previous Positions : President, Duquesne University; Dean and Professor of Law, University of Pittsburgh School of Law; Dean and Professor of Law, Villanova University School of Law.

Thomas M. O'Neill Birth Date: June 14, 1951 95 Standish Street P.O. Box 2779 Duxbury, MA TRUSTEE Began serving: October 2006		Principal Occupations : Director or Trustee of the Federated Fund Complex; Managing Director and Partner, Navigator Management Company, L.P. (investment and strategic consulting). Other Directorships Held : Director, Midway Pacific (lumber); Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College. Previous Positions : Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; and Credit Analyst and Lending Officer, Fleet Bank.


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
Marjorie P. Smuts Birth Date: June 21, 1935 4905 Bayard Street Pittsburgh, PA TRUSTEE Began serving: November 1993		Principal Occupations : Director or Trustee of the Federated Fund Complex; Public Relations/Marketing Consultant/Conference Coordinator. Previous Positions : National Spokesperson, Aluminum Company of America; television producer; President, Marj Palmer Assoc.; Owner, Scandia Bord.

John S. Walsh Birth Date: November 28, 1957 2604 William Drive Valparaiso, IN TRUSTEE Began serving: January 1999		Principal Occupations : Director or Trustee of the Federated Fund Complex; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Previous Position : Vice President, Walsh & Kelly, Inc.

James F. Will Birth Date: October 12, 1938 Saint Vincent College Latrobe, PA TRUSTEE Began serving: April 2006		Principal Occupations : Director or Trustee of the Federated Fund Complex; Vice Chancellor and President, Saint Vincent College. Other Directorships Held : Allegheny Corporation. Previous Positions : Chairman, President and Chief Executive Officer, Armco, Inc.; President and Chief Executive Officer, Cyclops Industries; President and Chief Operating Officer, Kaiser Steel Corporation.

OFFICERS


Name Birth Date Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years and Previous Position(s)
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Began serving: November 1993		Principal Occupations : Executive Vice President and Secretary of the Federated Fund Complex; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions : Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp

Richard A. Novak Birth Date: December 25, 1963 TREASURER Began serving: January 2006		Principal Occupations : Principal Financial Officer and Treasurer of the Federated Fund Complex; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. Previous Positions : Controller of Federated Investors, Inc.; Vice President, Finance of Federated Services Company held various financial management positions within The Mercy Hospital of Pittsburgh; Auditor, Arthur Andersen & Co.

Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Began serving: November 1993		Principal Occupations : Vice Chairman or Vice President of some of the Funds in the Federated Fund Complex; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions : President and Director or Trustee of some of the Funds in the Federated Fund Complex; Executive Vice President, Federated Investors, Inc. and Director and Chief Executive Officer, Federated Securities Corp.


Name Birth Date Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years and Previous Position(s)
Brian P. Bouda Birth Date: February 28, 1947 SENIOR VICE PRESIDENT AND CHIEF COMPLIANCE OFFICER Began serving: August 2004		Principal Occupations : Senior Vice President and Chief Compliance Officer of the Federated Fund Complex; Vice President and Chief Compliance Officer of Federated Investors, Inc.; and Chief Compliance Officer of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin.

Stephen F. Auth Birth Date: September 3, 1956 CHIEF INVESTMENT OFFICER Began serving: November 2002		Principal Occupations : Chief Investment Officer of this Fund and various other Funds in the Federated Fund Complex; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions : Executive Vice President, Federated Investment Management Company, and Passport Research, Ltd. (Investment advisory subsidiary of Federated) Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments.

John W. Harris Birth Date: June 6, 1954 VICE PRESIDENT Began serving: November 1999		John W. Harris has been the Fund's Portfolio Manager since inception. He is Vice President of the Trust. Mr. Harris initially joined Federated in 1987 as an Investment Analyst. He served as an Investment Analyst and an Assistant Vice President from 1990 through 1992 and as a Senior Investment Analyst and Vice President through May 1993. After leaving the money management field to travel extensively, he rejoined Federated in 1997 as a Senior Investment Analyst and became a Portfolio Manager and an Assistant Vice President of the Fund's Adviser in December 1998. Mr. Harris continues to be a Portfolio Manager of certain Federated Funds. In January 2000, Mr. Harris became a Vice President of the Fund's Adviser. Mr. Harris is a Chartered Financial Analyst. He received his M.B.A. from the University of Pittsburgh.

Evaluation and Approval of Advisory Contract

FEDERATED BALANCED ALLOCATION FUND (THE "FUND")

The Fund's Board reviewed the Fund's investment advisory contract at meetings held in May 2006. Because the Fund did not yet have a meaningful operating history, the Board's decision to approve the contract reflects the exercise of its business judgment primarily on whether to authorize the continued offering of this new investment vehicle, as originally proposed by, and based on information previously provided by, the Federated organization, and based on Federated's recommendation to go forward with the Fund.

Prior to the meeting, the Adviser had recommended that the Federated Funds appoint a Senior Officer, whose duties include specified responsibilities relating to the process by which advisory fees are to be charged to a Federated Fund. The Senior Officer appointed by the Funds has the authority to retain consultants, experts, or staff as may be reasonably necessary to assist in the performance of his duties, reports directly to the Board, and may be terminated only with the approval of a majority of the independent members of the Board. The Senior Officer prepared and furnished to the Board an independent written evaluation that covered topics discussed below, which the Board considered, along with other information, in deciding to approve the advisory contract.

The Board also considered the anticipated compensation and benefits to be received by the Adviser. This includes fees to be received for services provided to the Fund by other entities in the Federated organization and research services that may be received by the Adviser from brokers that execute fund trades, as well as advisory fees. The Board is also familiar with judicial decisions concerning allegedly excessive investment advisory fees which have indicated that the following factors may be relevant to an Adviser's fiduciary duty with respect to its receipt of compensation from a fund: the nature and quality of the services provided by the Adviser, including the performance of the Fund; the Adviser's cost of providing the services; the extent to which the Adviser may realize "economies of scale" as the Fund grows larger; any indirect benefits that may accrue to the Adviser and its affiliates as a result of the Adviser's relationship with the Fund; performance and expenses of comparable funds; and the extent to which the independent Board members are fully informed about all facts the Board deems relevant bearing on the Adviser's services and fees. The Board further considered management fees (including any components thereof) charged to institutional and other clients of the Adviser for like services and costs to the Adviser and its affiliates of supplying services pursuant to the management fee agreements, excluding any intra-corporate profit and profit margins of the Adviser and its affiliates from supplying such services. The Board was aware of these considerations and was guided by them in its review of the Fund's advisory contract to the extent they are appropriate and relevant, as discussed further below.

The Board considered and weighed these circumstances in light of its substantial accumulated experience in working with Federated on matters relating to other Federated funds, and was assisted in its deliberations by the advice of independent legal counsel. The Board's consideration of the advisory contract included review of the Senior Officer's evaluation, accompanying data and additional reports covering such matters as: the Adviser's investment philosophy, revenue, profitability, personnel and processes; investment and operating strategies; the Fund's investment objectives; the Fund's expenses (including the advisory fee itself and the overall expense structure of the Fund, both in absolute terms and relative to similar and/or competing funds, with due regard for contractual or voluntary expense limitations); the nature, quality and extent of the advisory and other services to be provided to the Fund by the Adviser and its affiliates; the preferences and expectations of Fund shareholders and their relative sophistication; the continuing state of competition in the mutual fund industry and market practices; the range of comparable fees for similar funds in the mutual fund industry; the Fund's relationship to the Federated family of funds which include a comprehensive array of funds with different investment objectives, policies and strategies which are available for exchange without the incurrence of additional sales charges; compliance and audit reports concerning the Federated funds and the Federated companies that service them (including communications from regulatory agencies), as well as Federated's responses to any issues raised therein; and relevant developments in the mutual fund industry and how the Federated funds and/or Federated are responding to them. The Board's evaluation process is evolutionary. The criteria considered and the emphasis placed on relevant criteria change in recognition of changing circumstances in the mutual fund marketplace.

With respect to the Fund's expenses in particular, the Board has found the use of comparisons to other mutual funds with comparable investment programs to be particularly useful, given the high degree of competition in the mutual fund business. The Board focused on comparisons with other similar mutual funds more heavily than non-mutual fund products or services because, simply put, they are more relevant. For example, other mutual funds are the products most like the Fund, they are readily available to Fund shareholders as alternative investment vehicles, and they are the type of investment vehicle in fact chosen and maintained by the Fund's anticipated investors. The range of their fees and expenses therefore appears to be a generally reliable indication of what consumers have found to be reasonable in the precise marketplace in which the Fund will compete. In this regard, the Senior Officer also reviewed Federated's fees for providing advisory services to products outside the Federated family of funds (e.g., institutional and separate accounts). He concluded that mutual funds and institutional accounts are inherently different products. Those differences included, but are not limited to targeting different investors, being subject to different laws and regulations, different legal structure, distribution costs, average account size and portfolio management techniques made necessary by different cash flows. The Senior Officer did not consider these fee schedules to be significant in determining the appropriateness of mutual fund advisory contracts.

The Senior Officer reviewed reports compiled by Federated, and directed the preparation of independent reports, regarding the fees charged by other mutual funds, noting his view that comparisons to fund peer groups is of significance in judging the reasonableness of proposed fees.

It was recognized that the factors mentioned above relating to such matters as any indirect benefits that may accrue to the Adviser and its affiliates as a result of the Adviser's relationship with the Fund, are essentially impossible to apply before the Fund has experienced any meaningful operating history. Nevertheless, in connection with the Board's governance of other Federated funds, it should be noted that the Board regularly receives financial information about Federated, including reports on the compensation and benefits Federated derives from its relationships with the other Federated funds. These reports cover not only the fees under the advisory contracts, but also fees received by Federated's subsidiaries for providing other services to the Federated funds under separate contracts (e.g., for serving as the Federated funds' administrator). The reports also discuss any indirect benefit Federated may derive from its receipt of research services from brokers who execute Federated fund trades, as well as waivers of fees and/or reimbursements of expenses. In order for a fund to be competitive in the marketplace, Federated and its affiliates frequently waive fees and/or reimburse expenses and have indicated to the Board their intention to do so in the future, where appropriate.

The Board also reviewed profitability information for Federated and other publicly held fund management companies, provided by the Senior Officer, who noted the limited availability of such information, and concluded that Federated's profit margins did not appear to be excessive.

The Senior Officer's evaluation also discussed the notion of possible realization of "economies of scale" as a fund grows larger. The Board considered in this regard that the Adviser has made significant additional investments in the portfolio management and distribution efforts supporting all of the Federated funds and that the benefits of any economies, should they exist, were likely to be enjoyed by the fund complex as a whole. Finally, the Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which is compounded by the lack of any common industry practice or general pattern with respect to structuring fund advisory fees with "breakpoints" that serve to reduce the fee as the fund attains a certain size. The Senior Officer did not recommend institution of breakpoints in pricing Federated's fund advisory services at this time.

The Board based its decision to approve the advisory contract on the totality of the circumstances and relevant factors, and with a view to past and future long-term considerations. As noted, not all of the factors and considerations identified above were relevant to the Fund, nor does the Board consider any one of them to be determinative. With respect to the factors that are relevant, the Board's decision to approve the contract reflects its determination that, based upon the information previously requested and supplied, Federated's proposal to establish and manage the Fund, and its past performance and actions in providing services to other mutual funds, provide a satisfactory basis to support the business decision to continue the existing arrangements.

Voting Proxies on Fund Portfolio Securities

A description of the policies and procedures that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio is available, without charge and upon request, by calling 1-800-341-7400. A report on "Form N-PX" of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available through Federated's website. Go to FederatedInvestors.com, select "Products," select the "Prospectuses and Regulatory Reports" link, then select the Fund to access the link to Form N-PX. This information is also available from the EDGAR database on the SEC's website at www.sec.gov.

Quarterly Portfolio Schedule

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on "Form N-Q." These filings are available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.) You may also access this information from the "Products" section of Federated's website at FederatedInvestors.com by clicking on "Portfolio Holdings" and selecting the name of the Fund, or by selecting the name of the Fund and clicking on "Portfolio Holdings." You must register on the website the first time you wish to access this information.

Mutual funds are not bank deposits or obligations, are not 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. Investment in mutual funds involves investment risk, including the possible loss of principal.

This report is authorized for distribution to prospective investors only when preceded or accompanied by the Fund's prospectus, which contains facts concerning its objective and policies, management fees, expenses, and other information.

Federated
World-Class Investment Manager

Federated Balanced Allocation Fund
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
Contact us at FederatedInvestors.com
or call 1-800-341-7400.

Federated Securities Corp., Distributor

Cusip 314212887
Cusip 314212879
Cusip 314212861

36082 (1/07)

Federated is a registered mark of Federated Investors, Inc. 2007 (c)Federated Investors, Inc.

Federated
World-Class Investment Manager

Federated Conservative Allocation Fund

A Portfolio of Federated Managed Allocation Portfolios

ANNUAL SHAREHOLDER REPORT

November 30, 2006

Institutional Shares
Select Shares

Not FDIC Insured * May Lose Value * No Bank Guarantee

Federated Investors 50 Years of Growth & Innovation

Financial Highlights - Institutional Shares

(For a Share Outstanding Throughout Each Period)

Year Ended November 30	2006	¹	2005		2004		2003		2002
Net Asset Value, Beginning of Period	$11.04		$10.91		$10.50		$9.70		$10.22
Income From Investment Operations:
Net investment income	0.30		0.26		0.24		0.24	²	0.31
Net realized and unrealized gain (loss) on investments, foreign currency transactions and futures contracts	0.82		0.14		0.48		0.81		(0.57	)
TOTAL FROM INVESTMENT OPERATIONS	1.12		0.40		0.72		1.05		(0.26	)
Less Distributions:
Distributions from net investment income	(0.27	)	(0.27	)	(0.31	)	(0.25	)	(0.26	)
Net Asset Value, End of Period	$11.89		$11.04		$10.91		$10.50		$9.70
Total Return³	10.35	%	3.66	%	7.00	%	10.99	%	(2.56	)%

Ratios to Average Net Assets:
Net expenses	1.15	%	1.04	%	1.04	%	1.23	%	1.15	%
Net investment income	2.55	%	2.27	%	2.18	%	2.39	%	3.01	%
Expense waiver/reimbursement⁴	0.39	%	0.41	%	0.41	%	0.21	%	0.20	%
Supplemental Data:
Net assets, end of period (000 omitted)	$49,648		$56,321		$67,497		$74,512		$76,842
Portfolio turnover	14	%	10	%	28	%	103	%	11	%

1 For the year ended November 30, 2006, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm.

2 Per share numbers have been calculated using the average shares method.

3 Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized.

4 This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Financial Highlights - Select Shares

(For a Share Outstanding Throughout Each Period)

Year Ended November 30	2006	¹	2005		2004		2003		2002
Net Asset Value, Beginning of Period	$11.03		$10.90		$10.49		$9.69		$10.22
Income From Investment Operations:
Net investment income	0.20		0.17		0.16		0.17	²	0.23
Net realized and unrealized gain (loss) on investments, foreign currency transactions and futures contracts	0.84		0.15		0.49		0.81		(0.57	)
TOTAL FROM INVESTMENT OPERATIONS	1.04		0.32		0.65		0.98		(0.34	)
Less Distributions:
Distributions from net investment income	(0.19	)	(0.19	)	(0.24	)	(0.18	)	(0.19	)
Net Asset Value, End of Period	$11.88		$11.03		$10.90		$10.49		$9.69
Total Return³	9.58	%	2.93	%	6.26	%	10.22	%	(3.31	)%

Ratios to Average Net Assets:
Net expenses	1.85	%	1.74	%	1.74	%	1.93	%	1.85	%
Net investment income	1.86	%	1.57	%	1.48	%	1.68	%	2.31	%
Expense waiver/reimbursement⁴	0.48	%	0.48	%	0.46	%	0.26	%	0.25	%
Supplemental Data:
Net assets, end of period (000 omitted)	$25,909		$32,089		$37,939		$38,975		$38,481
Portfolio turnover	14	%	10	%	28	%	103	%	11	%

1 For the year ended November 30, 2006, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm.

2 Per share numbers have been calculated using the average shares method.

4 This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Shareholder Expense Example

As a shareholder of the Fund, you incur ongoing costs, including management fees; to the extent applicable, distribution (12b-1) fees and/or shareholder services fees; and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2006 to November 30, 2006.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Beginning Account Value 6/1/2006	Ending Account Value 11/30/2006	Expenses Paid During Period¹
Actual:
Institutional Shares	$1,000	$1,088.80	$6.28
Select Shares	$1,000	$1,084.90	$9.88
Hypothetical (assuming a 5% return before expenses):
Institutional Shares	$1,000	$1,019.05	$6.07
Select Shares	$1,000	$1,015.59	$9.55

Institutional Shares		1.20%
Select Shares		1.89%

Management's Discussion of Fund Performance

Federated Conservative Allocation Fund's Institutional Shares and Select Shares had total returns of 10.35% and 9.58%, respectively, based on net asset value, for the one year reporting period ended November 30, 2006. The Standard & Poor's 500 Index (S&P 500)¹ and the Lehman Brothers Aggregate Bond Index (LBAB)² had total returns of 14.23% and 5.94%, respectively.

MARKETS

Stock prices rose during the first five months of the reporting period before falling during May and June. The total return of the S&P 500 from December to April was 5.64%, and from May to June was (2.75)%. Stock prices rose again in the final five months of the reporting period with the S&P 500 returning 11.18%. Foreign stock returns, aided by currency gains, were significantly higher than U.S. stock returns. Total returns for the Morgan Stanley Capital International (MSCI) All Country World Ex. U.S. Index³ was 28.73% in U.S. dollars and 18.77% in local currency.

Interest rates rose during the first seven months of the reporting period before declining during the final five months. Between November 30, 2005 and June 30, 2006, the average yield to maturity of the LBAB increased from 5.20% to 5.81% before declining to 5.15% on November 30, 2006. Within the bond asset classes, emerging markets bonds, foreign developed market bonds and high yield bonds had the highest returns. Foreign developed market bond returns were significantly increased by currency gains.

1 S&P 500 Index is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Indexes are unmanaged and investments cannot be made directly in an index.

2 Lehman Brothers Aggregate Bond Index is an unmanaged index composed from the Lehman Brothers Government/Corporate Bond Index, Mortgage-Backed Securities Index and the Asset-Backed Securities Index. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. Indexes are rebalanced monthly by market capitalization. Investments cannot be made directly in an index.

3 MSCI-All Country World Ex. U.S. Index is an unmanaged index representing 48 developed and emerging markets around the world that collectively comprise virtually all of the foreign equity stock markets. Investments cannot be made directly in an index.

FUND

The asset allocation of the fund is set relative to a neutral position of 40% in equities and 60% in fixed-income. During the reporting period, the fund benefited from a larger than neutral allocation to stocks that was maintained for the entire period. The benefits from this larger allocation to stocks were greatest during the stock market rally from July to November. The returns of the fund were reduced by this strategy during May and June when stock prices declined. Within the equity portion, the fund maintained a larger than normal allocation to foreign stocks⁴ that increased returns. Relative to their benchmarks, the returns of the stock portion of the fund were positively impacted by the performance of the Capital Appreciation Core Fund and negatively affected by the performance of the Federated International Capital Appreciation Fund.

Within the bond portion, the fund benefited from maintaining a shorter duration⁵ than the LBAB during the period of rising interest rates in the first seven months of the reporting period and a slightly longer duration than the index during the last portion of the year when interest rates were falling. In addition, the fund benefited from exposure to high yield bonds⁶ and foreign bonds that are not part of the fixed-income benchmark.

In addition, the total return of the fund's shares reflects the negative impact of actual cash flows, transaction costs and other expenses.

4 International investing involves special risks including currency risk, increased volatility of foreign securities, political risks and differences in auditing and other financial standards.

5 Duration is a measure of a security's price sensitivity to changes in interest rates. Securities with longer durations are more sensitive to changes in interest rates than securities of shorter durations.

6 Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices. High yield, lower-rated securities generally entail greater market, credit and liquidity risks than investment grade securities and may include higher volatility and higher risk of default.

GROWTH OF A $25,000 INVESTMENT -- INSTITUTIONAL SHARES

The graph below illustrates the hypothetical investment of $25,000¹ in Federated Conservative Allocation Fund (Institutional Shares) (the "Fund") from November 30, 1996 to November 30, 2006 compared to the Lehman Brothers Aggregate Bond Index (LBAB)² , the Standard and Poor's 500 Index (S&P 500)² and the 40% Standard and Poor's 500 Index/60% Lehman Brothers Aggregate Bond Index (40% S&P 500/60% LBAB)² ..

Average Annual Total Returns for the Period Ended 11/30/2006
1 Year		10.35%
5 Years		5.77%
10 Years		5.56%

1 Represents a hypothetical investment of $25,000 in the Fund. The Fund's performance assumes the reinvestment of all dividends and distributions. The LBAB, S&P 500 and the 40% S&P 500/60% LBAB have been adjusted to reflect reinvestment of dividends on securities in the indexes.

2 The LBAB, S&P 500 and the 40% S&P 500/60% LBAB are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission (SEC) requires to be reflected in the Fund's performance. The 40% S&P 500/60% LBAB is a weighted index that combines components of the S&P 500 and the LBAB. Figures shown for the index assume constant weighting of 40% S&P 500 and 60% LBAB throughout the period. The indexes are unmanaged, and unlike the Fund, are not affected by cash flows. It is not possible to invest directly in an index.

GROWTH OF A $10,000 INVESTMENT -- SELECT SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in Federated Conservative Allocation Fund (Select Shares) (the "Fund") from November 30, 1996 to November 30, 2006 compared to the Lehman Brothers Aggregate Bond Index (LBAB)² , the Standard and Poor's 500 Index (S&P 500)² and the 40% Standard and Poor's 500 Index/60% Lehman Brothers Aggregate Bond Index (40% S&P 500/60% LBAB)² ..

Average Annual Total Returns for the Period Ended 11/30/2006
1 Year		9.58%
5 Years		5.02%
10 Years		4.82%

1 Represents a hypothetical investment of $10,000 in the Fund. The Fund's performance assumes the reinvestment of all dividends and distributions. The LBAB, S&P 500 and the 40% S&P 500/60% LBAB have been adjusted to reflect reinvestment of dividends on securities in the indexes.

2 The LBAB, S&P 500 and the 40% S&P 500/60% LBAB are not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The 40% S&P 500/60% LBAB is a weighted index that combines components of the S&P 500 and the LBAB. Figures shown for the index assume constant weighting of 40% S&P 500 and 60% LBAB throughout the period. The indexes are unmanaged, and unlike the Fund, are not affected by cash flows. It is not possible to invest directly in an index.

Portfolio of Investments Summary Table

At November 30, 2006, the Fund's portfolio composition¹ was as follows:

Asset Class	Percentage of Total Net Assets
Fixed-Income Funds	54.9	%
Equity Funds	45.1	%
Other Assets and Liabilities-Net²	(0.0	)%
TOTAL	100.0	%

1 See the Fund's Prospectus for a description of the principal types of securities in which the Fund invests.

2 Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. Represents less than 0.1%.

Portfolio of Investments

November 30, 2006

Shares			Value
	MUTUAL FUNDS--100.0%¹
2,298,963	Capital Appreciation Core Fund	$	32,070,230
41,094	Emerging Markets Fixed Income Core Fund		850,434
802,792	Federated Intermediate Corporate Bond Fund, Institutional Shares		8,076,084
75,220	Federated International Bond Fund, Class A Shares		836,446
159,008	Federated International Capital Appreciation Fund, Class A Shares		2,033,709
1,695,881	Federated Mortgage Core Portfolio		16,890,972
656,599	Federated U.S. Government Bond Fund		7,465,529
498,496	Federated U.S. Government Securities Fund 2-5 Years, Institutional Shares		5,463,513
273,950	High Yield Bond Portfolio		1,876,555
	TOTAL MUTUAL FUNDS (IDENTIFIED COST $69,003,967)		75,563,472
	TOTAL INVESTMENTS--100.0% (IDENTIFIED COST $69,003,967)²		75,563,472
	OTHER ASSETS AND LIABILITIES-NET--(0.0)%		(6,759	)
	TOTAL NET ASSETS--100%	$	75,556,713

1 Affiliated companies.

2 The cost of investments for federal tax purposes amounts to $69,302,216.

Note: The categories of investments are shown as a percentage of total net assets at November 30, 2006.

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

November 30, 2006

Assets:
Total investments in securities, at value including $75,563,472 of investments in affiliated issuers (Note 5) (identified cost $69,003,967)			$	75,563,472
Cash				23,170
Income receivable				172,675
Receivable for shares sold				18,870
TOTAL ASSETS				75,778,187
Liabilities:
Payable for shares redeemed	$	139,737
Payable for transfer and dividend disbursing agent fees and expenses		30,602
Payable for portfolio accounting fees		8,922
Payable for distribution services fee (Note 5)		10,730
Payable for shareholder services fee (Note 5)		15,933
Payable for share registration costs		11,458
Accrued expenses		4,092
TOTAL LIABILITIES				221,474
Net assets for 6,357,500 shares outstanding			$	75,556,713
Net Assets Consist of:
Paid-in capital			$	66,787,127
Net unrealized appreciation of investments and translation of assets and liabilities in foreign currency				6,559,505
Accumulated net realized gain on investments, foreign currency transactions and futures contracts				1,791,683
Undistributed net investment income				418,398
TOTAL NET ASSETS			$	75,556,713
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
$49,647,792 ÷ 4,176,439 shares outstanding, no par value, unlimited shares authorized				$11.89
Select Shares:
$25,908,921 ÷ 2,181,061 shares outstanding, no par value, unlimited shares authorized				$11.88

See Notes which are an integral part of the Financial Statements

Statement of Operations

Year Ended November 30, 2006

Investment Income:
Dividends received from affiliated issuers (Note 5) (net of foreign taxes withheld of $62)			$	2,304,902
Interest				35,102
Investment income allocated from affiliated partnerships (Note 5)				700,929
TOTAL INCOME				3,040,933
Expenses:
Investment adviser fee (Note 5)	$	615,102
Administrative personnel and services fee (Note 5)		190,000
Custodian fees		7,533
Transfer and dividend disbursing agent fees and expenses		100,301
Directors'/Trustees' fees		4,079
Auditing fees		27,847
Legal fees		8,554
Portfolio accounting fees		54,575
Distribution services fee--Select Shares (Note 5)		220,257
Shareholder services fee--Institutional Shares (Note 5)		109,305
Shareholder services fee--Select Shares (Note 5)		72,366
Share registration costs		30,905
Printing and postage		21,384
Insurance premiums		6,661
Miscellaneous		5,026
EXPENSES BEFORE ALLOCATION		1,473,895
Expenses allocated from affiliated partnership		20,487
TOTAL EXPENSES		1,494,382

Statement of Operations-continued

Year Ended November 30, 2006

Waivers and Reimbursements (Note 5):
Reimbursement of investment adviser fee	$	(131,243	)
Waiver of administrative personnel and services fee		(34,179	)
Waiver of distribution services fee--Select Shares		(73,419	)
Waiver of shareholder services fee--Institutional Shares		(37,667	)
Reimbursement of other operating expenses		(21,631	)
Reimbursement of shareholder services fee--Institutional Shares		(45,328	)
TOTAL WAIVERS AND REIMBURSEMENTS				$	(343,467	)
Net expenses							$	1,150,915
Net investment income								1,890,018
Realized and Unrealized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments from affiliated issuers and foreign currency transactions								287,958
Net realized gain allocated from affiliated partnerships								3,368,880
Realized gain distributions from affiliated investment company shares								101,830
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency								1,928,478
Net realized and unrealized gain on investments and foreign currency transactions								5,687,146
Change in net assets resulting from operations							$	7,577,164

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

Year Ended November 30		2006			2005
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	1,890,018		$	1,971,631
Net realized gain on investments including allocations from partnerships, foreign currency transactions and futures contracts		3,656,838			1,066,719
Realized gain distributions from affiliated investment company shares		101,830			121,035
Net change in unrealized appreciation/depreciation of investments and translation of assets and liabilities in foreign currency		1,928,478			105,193
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		7,577,164			3,264,578
Distributions to Shareholders:
Distributions from net investment income
Institutional Shares		(1,295,748	)		(1,549,725	)
Select Shares		(514,148	)		(614,147	)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS		(1,809,896	)		(2,163,872	)
Share Transactions:
Proceeds from sale of shares		9,741,225			15,707,621
Net asset value of shares issued to shareholders in payment of distributions declared		1,499,893			1,787,647
Cost of shares redeemed		(29,862,125	)		(35,621,184	)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		(18,621,007	)		(18,125,916	)
Change in net assets		(12,853,739	)		(17,025,210	)
Net Assets:
Beginning of period		88,410,452			105,435,662
End of period (including undistributed net investment income of $418,398 and $335,203, respectively)	$	75,556,713		$	88,410,452

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

November 30, 2006

1. ORGANIZATION

Federated Managed Allocation Portfolios (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust consists of seven portfolios. The financial statements included herein are only those of Federated Conservative Allocation Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The Fund offers two classes of shares: Institutional Shares and Select Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to seek total return with an emphasis on income and capital appreciation.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Market values of the Fund's portfolio securities are determined as follows:

for equity securities, according to the last sale price or official closing price reported in the market in which they are primarily traded (either a national securities exchange or the over-the-counter market), if available;
in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices;
futures contracts and options are generally valued at market values established by the exchanges on which they are traded at the close of trading on such exchanges. Options traded in the over-the-counter market are generally valued according to the mean between the last bid and the last asked price for the option as provided by an investment dealer or other financial institution that deals in the option. The Board of Trustees (the "Trustees") may determine in good faith that another method of valuing such investments is necessary to appraise their fair market value;
for mortgage-backed securities, based on the aggregate investment value of the projected cash flows to be generated by the security, as furnished by an independent pricing service;
for investments in other open-end regulated investment companies, based on net asset value;
for other fixed-income securities, according to prices as furnished by an independent pricing service, except that fixed-income securities with remaining maturities of less than 60 days at the time of purchase are valued at amortized cost; and
for all other securities at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees.

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (SEC), the Fund may also invest in the following open-end management companies (Fund Investments), registered under the Act which are managed by Federated Equity Management Company of Pennsylvania or its affiliates.

Fund		Investment Objective
Federated Intermediate Corporate Bond Fund, Institutional Shares (Intermediate Corporate Bond)		To provide current income.
Federated International Bond Fund, Class A Shares (International Bond)		To obtain total return.
Federated International Capital Appreciation Fund, Class A Shares (International Capital Appreciation)		To provide long-term growth of capital.
Federated Mortgage Core Portfolio (Mortgage Core)		To provide total return.
Federated U.S. Government Securities Fund 2-5 Years, Institutional Shares (Gov 2-5)		To provide current income.
Federated U.S. Government Bond Fund (Government Bond)		To pursue total return.
High Yield Bond Portfolio (HYCORE)		To seek high current income.

Income distributions from Intermediate Corporate Bond, Mortgage Core, Gov 2-5, Government Bond and HYCORE are declared daily and paid monthly. Income distributions from International Bond and International Capital Appreciation are declared and paid annually. All income distributions are recorded by the Fund as dividend income. Capital gain distributions of the Fund Investments, if any, are declared and paid annually, and are recorded by the Fund as capital gains received. The performance of the Fund is directly affected by the performance of the Fund Investments. A copy of each Fund Investment's financial statements is available on the EDGAR Database on the SEC's website at www.sec.gov, at the Commission's public reference room in Washington, DC or upon request from the Fund by calling 1-800-341-7400.

Pursuant to a separate Exemptive Order issued by the SEC, the Fund may invest in the following portfolios (Portfolios) of Core Trust II, a limited partnership registered under the Act which is managed by Federated Investment Counseling, an affiliate of the Adviser:

Fund		Investment Objective
Capital Appreciation Core Fund (Capital Core)		To provide capital appreciation.
Emerging Markets Fixed Income Core Fund (EMCORE)		To achieve total return and secondarily high current income.

Repurchase Agreements

The Fund may enter into repurchase agreements in which eligible securities are transferred into joint trading accounts maintained by the custodian or sub-custodian for investment companies and other clients advised by the Fund's adviser and its affiliates. The Fund will participate on a pro rata basis with the other investment companies and clients in its share of the securities transferred under such repurchase agreements and in its share of proceeds from any repurchase or other disposition of such securities.

Investment Income, Gains and Losses, Expenses and Distributions

Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income are declared and paid quarterly. Non-cash dividends included in dividend income, if any, are recorded at fair value. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that each class bears certain expenses unique to that class such as distribution and shareholder services fees. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Premium and Discount Amortization

All premiums and discounts on fixed-income securities are amortized/accreted for financial statement purposes.

Federal Taxes

Withholding taxes, and where appropriate, deferred withholding taxes, on foreign interest, dividends and capital gains have been provided for in accordance with the applicable country's tax rules and rates.

When-Issued and Delayed Delivery Transactions

Foreign Exchange Contracts

The Fund may enter into foreign currency commitments for the delayed delivery of securities or foreign currency exchange transactions. The Fund may enter into foreign currency contract transactions to protect assets against adverse changes in foreign currency exchange rates or exchange control regulations. Purchased contracts are used to acquire exposure to foreign currencies; whereas, contracts to sell are used to hedge the Fund's securities against currency fluctuations. Risks may arise upon entering into these transactions from the potential inability of counterparties to meet the terms of their commitments and from unanticipated movements in security prices or foreign exchange rates. The foreign currency transactions are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized until the settlement date.

Foreign exchange contracts outstanding at year end, if any, are listed after the Fund's portfolio of investments.

Foreign Currency Translation

The accounting records of the Fund are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies (FCs) are translated into U.S. dollars based on the rates of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities, income and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of FCs, currency gains or losses realized between the trade and settlement dates on securities transactions, the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books, and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at fiscal year end, resulting from changes in the exchange rate.

Use of Estimates

Other

Investment transactions are accounted for on a trade date basis. Realized gains and losses from investment transactions are recorded on an identified cost basis.

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

Year Ended November 30	2006					2005
Institutional Shares:	Shares			Amount		Shares			Amount
Shares sold	708,655		$	7,962,852		1,189,676		$	13,044,199
Shares issued to shareholders in payment of distributions declared	93,127			1,034,735		112,751			1,239,172
Shares redeemed	(1,728,619	)		(19,376,801	)	(2,384,608	)		(26,161,585	)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(926,837	)	$	(10,379,214	)	(1,082,181	)	$	(11,878,214	)

Year Ended November 30	2006					2005
Select Shares:	Shares			Amount		Shares			Amount
Shares sold	158,971		$	1,778,373		242,640		$	2,663,422
Shares issued to shareholders in payment of distributions declared	41,839			465,158		49,878			548,475
Shares redeemed	(929,854	)		(10,485,324	)	(862,411	)		(9,459,599	)
NET CHANGE RESULTING FROM SELECT SHARE TRANSACTIONS	(729,044	)	$	(8,241,793	)	(569,893	)	$	(6,247,702	)
NET CHANGE RESULTING FROM SHARE TRANSACTIONS	(1,655,881	)	$	(18,621,007	)	(1,652,074	)	$	(18,125,916	)

4. FEDERAL TAX INFORMATION

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are due in part to differing treatments for foreign currency transactions, discount accretion/premium amortization on debt securities and tax-allocated income from partnerships.

For the year ended November 30, 2006, permanent differences identified and reclassified among the components of net assets were as follows:

Increase (Decrease)
Paid-In Capital	Undistributed Net Investment Income	Accumulated Net Realized Gains
$(44,774)	$3,073	$41,701

Net investment income (loss), net realized gains (losses), and net assets were not affected by this reclassification.

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended November 30, 2006 and 2005, was as follows:

		2006		2005
Ordinary income¹		$1,809,896		$2,163,872

1 For tax purposes short-term capital gain distributions are considered ordinary income distributions.

As of November 30, 2006, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	417,091
Undistributed long-term capital gain	$	2,091,239
Net unrealized appreciation	$	6,261,256

The difference between book-basis and tax-basis net unrealized appreciation/depreciation is attributable in part to differing treatments for the tax deferral of losses on wash sales, defaulted bonds and discount accretion/premium amortization on debt securities.

At November 30, 2006, the cost of investments for federal tax purposes was $69,302,216. The net unrealized appreciation of investments for federal tax purposes was $6,261,256. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $6,404,168 and net unrealized depreciation from investments for those securities having an excess of cost over value of $142,912.

The Fund used capital loss carryforwards of $1,760,090 to offset taxable capital gains realized during the year ended November 30, 2006.

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Federated Equity Management Company of Pennsylvania, the Fund's investment adviser (the "Adviser"), receives for its services an annual investment adviser fee equal to 0.75% of the Fund's average daily net assets. For the year ended November 30, 2006, the Adviser voluntarily reimbursed $131,243 of its fee.

Certain of the Fund's assets are managed by Federated Investment Management Company (the "Sub-Adviser"). Under the terms of a sub-adviser agreement between the Adviser and the Sub-Adviser, the Sub-Adviser receives an allocable portion of the Fund's adviser fee. The fee is paid by the Adviser out of its resources and is not an incremental Fund expense. For the year ended November 30, 2006, the Sub-Adviser earned a sub-adviser fee of $106,684.

Administrative Fee

Maximum Administrative Fee		Average Aggregate Daily Net Assets of the Federated Funds
0.150%		on the first $5 billion
0.125%		on the next $5 billion
0.100%		on the next $10 billion
0.075%		on assets in excess of $20 billion

The administrative fee received during any fiscal year shall be at least $150,000 per portfolio and $40,000 per each additional class of Shares. For the year ended November 30, 2006, the net fee paid to FAS was 0.190% of average aggregate daily net assets of the Fund.

Distribution Services Fee

The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund's Select Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses of 0.75% of average daily net assets, annually, to compensate FSC. For the year ended November 30, 2006, FSC voluntarily waived $73,419 of its fee. When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the year ended November 30, 2006, FSC did not retain any fees paid by the Fund.

The Fund may invest in other funds distributed by FSC under the Plan. FSC has agreed to reimburse the Fund for certain distribution fees received by FSC as a result of these transactions. For the year ended November 30, 2006, FSC voluntarily reimbursed $1,127 of its fee.

Shareholder Services Fee

The Fund may pay fees (Service Fees) up to 0.25% of the average daily net assets of the Fund's Institutional Shares and Select Shares to financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. For the year ended November 30, 2006, FSSC voluntarily waived $37,667 of its fee and voluntarily reimbursed $45,328 of shareholder services fees. For the year ended November 30, 2006, FSSC did not receive any fees paid by the Fund.

The Fund may invest in other funds serviced by FSSC under this Agreement. FSSC has agreed to reimburse the Fund for certain shareholder services fees received by FSSC as a result of these transactions. For the year ended November 30, 2006, FSSC voluntarily reimbursed $20,504 of its fee.

Expense Limitation

The Adviser and its affiliates (which may include FSC, FAS and FSSC) have voluntarily agreed to waive their fees and/or reimburse expenses (including the distribution (12b-1) fee) so that the total operating expenses paid by the Fund's Institutional Shares and Select Shares (after the voluntary waivers and reimbursements) will not exceed 1.28% and 1.98%, respectively, for the fiscal year ending November 30, 2007. Although these actions are voluntary, the Adviser and its affiliates have agreed not to terminate these waivers and/or reimbursements until after January 31, 2008.

General

Certain of the Officers and Trustees of the Fund are Officers and Directors or Trustees of the above companies.

Transactions with Affiliated Companies

Affiliated holdings are mutual funds which are managed by the Adviser or an affiliate of the Adviser. The Adviser has agreed to reimburse the Fund for certain investment adviser fees as a result of transactions in other mutual funds. Transactions with affiliated companies during the year ended November 30, 2006 are as follows:

Affiliates	Balance of Shares Held at 11/30/2005	Purchases/ Additions	Sales/ Reductions	Balance of Shares Held 11/30/2006	Value at 11/30/2006	Dividend Income/ Allocated Investment Income
Capital Appreciation Core Fund	3,022,777	- -	723,814	2,298,963	$32,070,230	$ 657,817
Emerging Markets Fixed-Income Core Fund	36,322	56,486	51,714	41,094	$ 850,434	$ 43,112
Federated Intermediate Corporate Bond Fund, Institutional Shares	1,185,205	75,025	457,438	802,792	$ 8,076,084	$ 469,424
Federated International Bond Fund, Class A Shares	194,893	75,176	194,849	75,220	$ 836,446	$ 90,236
Federated International Capital Appreciation Fund, Class A Shares	450,178	- -	291,170	159,008	$ 2,033,709	$ 44,567
Federated Mortgage Core Portfolio	1,405,337	657,926	367,382	1,695,881	$16,890,972	$ 855,967
Federated U.S. Government Bond Fund	447,947	297,351	88,699	656,599	$ 7,465,529	$ 295,032
Federated U.S. Government Securities Fund 2-5 Years, Institutional Shares	976,245	102,512	580,262	498,495	$ 5,463,513	$ 344,955
High Yield Bond Portfolio	422,826	3,116	151,992	273,950	$ 1,876,555	$ 204,783
TOTAL OF AFFILIATED TRANSACTIONS	8,141,730	1,267,592	2,907,320	6,502,002	$75,563,472	$3,005,893

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for the year ended November 30, 2006, were as follows:

Purchases		$	11,370,000
Sales		$	29,920,000

7. RISKS OF INVESTING IN THE UNDERLYING FUNDS

Each of the Underlying Funds in which the Fund invests has its own investment risks, and those risks can affect the value of the Fund's investments and therefore the value of the Fund's shares. To the extent that the Fund invests more of its assets in one Underlying Fund than in another, the Fund will have greater exposure to the risks of that Underlying Fund.

8. LEGAL PROCEEDINGS

9. CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

On August 18, 2006, the Fund's Trustees , upon the recommendation of the Audit Committee, appointed KPMG LLP (KPMG) as the Fund's independent registered public accounting firm. On the same date, the Fund's previous independent registered public accounting firm, Deloitte & Touche LLP (D&T) resigned. The previous reports issued by D&T on the Fund's financial statements for the fiscal years ended November 30, 2005 and November 30, 2004, contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. During the Fund's fiscal years ended November 30, 2005 and November 30, 2004: (i) there were no disagreements with D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of D&T, would have caused it to make reference to the subject matter of the disagreements in connection with its reports on the financial statements for such years; and (ii) there were no reportable events of the kind described in Item 304(a) (1) (v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

As indicated above, the Fund has appointed KPMG as the independent registered public accounting firm to audit the Fund's financial statements for the fiscal year ending November 30, 2006. During the Fund's fiscal years ended November 30, 2005 and November 30, 2004 and the interim period commencing December 1, 2005 and ending August 18, 2006, neither the Fund nor anyone on its behalf has consulted KPMG on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Fund's financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a) (1) (iv) of Item 304 of Regulations S-K) or reportable events (as described in paragraph (a) (1) (v) of said Item 304).

10. RECENT ACCOUNTING PRONOUNCEMENTS

11. FEDERAL TAX INFORMATION (UNAUDITED)

For the fiscal year ended November 30, 2006, 34.7% of total income (including short-term capital gain) distributions made by the Fund are qualifying dividends which may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Act of 2003. Complete information is reported in conjunction with the reporting of your distributions on Form 1099-DIV.

Of the ordinary income (including short-term capital gain) distributions made by the Fund during the year ended November 30, 2006, 29.2% qualify for the dividend received deduction available to corporate shareholders.

12. SUBSEQUENT EVENT

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES OF FEDERATED MANAGED ALLOCATION PORTFOLIOS AND THE SHAREHOLDERS OF FEDERATED CONSERVATIVE ALLOCATION FUND:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Federated Conservative Allocation Fund (the "Fund"), as of November 30, 2006, and the related statement of operations, the statement of changes in net assets, and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit. The statement of changes in net assets for the year ended November 30, 2005 and the financial highlights for the periods presented prior to December 1, 2005, were audited by other auditors whose report thereon dated January 23, 2006, expressed an unqualified opinion on those statements.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Federated Conservative Allocation Fund as of November 30, 2006, and the results of its operations, the changes in its net assets and the financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.

KPMG LLP

Boston, Massachusetts
January 16, 2007

Board of Trustees and Trust Officers

The Board is responsible for managing the Trust's business affairs and for exercising all the Trust's powers except those reserved for the shareholders. The following tables give information about each Board member and the senior officers of the Fund. Where required, the tables separately list Board members who are "interested persons" of the Fund (i.e., "Interested" Board members) and those who are not (i.e., "Independent" Board members). Unless otherwise noted, the address of each person listed is Federated Investors Tower, 1001 Liberty Avenue, Pittsburgh, PA. As of December 31, 2006, the Trust comprised7 portfolios, and the Federated Fund Complex consisted of 45 investment companies (comprising 148 portfolios). Unless otherwise noted, each Officer is elected annually. Unless otherwise noted, each Board member oversees all portfolios in the Federated Fund Complex and serves for an indefinite term. The Fund's Statement of Additional Information includes additional information about Trust Trustees and is available, without charge and upon request, by calling 1-800-341-7400.

INTERESTED TRUSTEES BACKGROUND


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 TRUSTEE Began serving: November 1993		Principal Occupations : Director or Trustee of the Federated Fund Complex; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Complex's Executive Committee. Previous Positions : Chairman of the Federated Fund Complex; Trustee, Federated Investment Management Company and Chairman and Director, Federated Investment Counseling.


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
J. Christopher Donahue* Birth Date: April 11, 1949 PRESIDENT AND TRUSTEE Began serving: August 2000		Principal Occupations : Principal Executive Officer and President of the Federated Fund Complex; Director or Trustee of some of the Funds in the Federated Fund Complex; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (Investment advisory subsidiary of Federated) Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions : President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd.

Lawrence D. Ellis, M.D.* Birth Date: October 11, 1932 3471 Fifth Avenue Suite 1111 Pittsburgh, PA TRUSTEE Began serving: November 1993		Principal Occupations : Director or Trustee of the Federated Fund Complex; Professor of Medicine, University of Pittsburgh; Medical Director, University of Pittsburgh Medical Center Downtown; Hematologist, Oncologist and Internist, University of Pittsburgh Medical Center. Other Directorships Held : Member, National Board of Trustees, Leukemia Society of America. Previous Positions : Trustee, University of Pittsburgh; Director, University of Pittsburgh Medical Center.

INDEPENDENT TRUSTEES BACKGROUND


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
Thomas G. Bigley Birth Date: February 3, 1934 15 Old Timber Trail Pittsburgh, PA TRUSTEE Began serving: November 1994		Principal Occupation : Director or Trustee of the Federated Fund Complex. Other Directorships Held : Director, Member of Executive Committee, Children's Hospital of Pittsburgh; Director, University of Pittsburgh. Previous Position : Senior Partner, Ernst & Young LLP.

John T. Conroy, Jr. Birth Date: June 23, 1937 Investment Properties Corporation 3838 North Tamiami Trail Suite 402 Naples, FL TRUSTEE Began serving: November 1993		Principal Occupations : Director or Trustee of the Federated Fund Complex; Chairman of the Board, Investment Properties Corporation; Partner or Trustee in private real estate ventures in Southwest Florida. Previous Positions : President, Investment Properties Corporation; Senior Vice President, John R. Wood and Associates, Inc., Realtors; President, Naples Property Management, Inc. and Northgate Village Development Corporation.

Nicholas P. Constantakis Birth Date: September 3, 1939 175 Woodshire Drive Pittsburgh, PA TRUSTEE Began serving: January 2000		Principal Occupation : Director or Trustee of the Federated Fund Complex. Other Directorships Held : Director and Member of the Audit Committee, Michael Baker Corporation (engineering and energy services worldwide). Previous Position : Partner, Andersen Worldwide SC.


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John F. Cunningham Birth Date: March 5, 1943 353 El Brillo Way Palm Beach, FL TRUSTEE Began serving: January 1999		Principal Occupation : Director or Trustee of the Federated Fund Complex; Director, WinsorTech. Other Directorships Held : Chairman, President and Chief Executive Officer, Cunningham & Co., Inc. (strategic business consulting); Trustee Associate, Boston College. Previous Positions : Director, Redgate Communications and EMC Corporation (computer storage systems); Chairman of the Board and Chief Executive Officer, Computer Consoles, Inc.; President and Chief Operating Officer, Wang Laboratories; Director, First National Bank of Boston; Director, Apollo Computer, Inc.

Peter E. Madden Birth Date: March 16, 1942 One Royal Palm Way 100 Royal Palm Way Palm Beach, FL TRUSTEE Began serving: November 1993		Principal Occupation : Director or Trustee of the Federated Fund Complex. Other Directorships Held : Board of Overseers, Babson College. Previous Positions : Representative, Commonwealth of Massachusetts General Court; President, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange.

Charles F. Mansfield, Jr. Birth Date: April 10, 1945 80 South Road Westhampton Beach, NY TRUSTEE Began serving: January 1999		Principal Occupations : Director or Trustee of the Federated Fund Complex; Management Consultant. Previous Positions : Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly, Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President DVC Group, Inc. (marketing, communications and technology).


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John E. Murray, Jr., J.D., S.J.D. Birth Date: December 20, 1932 Chancellor, Duquesne University Pittsburgh, PA TRUSTEE Began serving: February 1995		Principal Occupations : Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Complex; Chancellor and Law Professor, Duquesne University; Partner, Murray, Hogue & Lannis. Other Directorships Held : Director, Michael Baker Corp. (engineering, construction, operations and technical services). Previous Positions : President, Duquesne University; Dean and Professor of Law, University of Pittsburgh School of Law; Dean and Professor of Law, Villanova University School of Law.

Thomas M. O'Neill Birth Date: June 14, 1951 95 Standish Street P.O. Box 2779 Duxbury, MA TRUSTEE Began serving: October 2006		Principal Occupations : Director or Trustee of the Federated Fund Complex; Managing Director and Partner, Navigator Management Company, L.P. (investment and strategic consulting). Other Directorships Held : Director, Midway Pacific (lumber); Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College. Previous Positions : Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; and Credit Analyst and Lending Officer, Fleet Bank.

Marjorie P. Smuts Birth Date: June 21, 1935 4905 Bayard Street Pittsburgh, PA TRUSTEE Began serving: November 1993		Principal Occupations : Director or Trustee of the Federated Fund Complex; Public Relations/Marketing Consultant/ Conference Coordinator. Previous Positions : National Spokesperson, Aluminum Company of America; television producer; President, Marj Palmer Assoc.; Owner, Scandia Bord.


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John S. Walsh Birth Date: November 28, 1957 2604 William Drive Valparaiso, IN TRUSTEE Began serving: January 1999		Principal Occupations : Director or Trustee of the Federated Fund Complex; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Previous Position : Vice President, Walsh & Kelly, Inc.

James F. Will Birth Date: October 12, 1938 Saint Vincent College Latrobe, PA TRUSTEE Began serving: April 2006		Principal Occupations : Director or Trustee of the Federated Fund Complex; Vice Chancellor and President, Saint Vincent College Other Directorships Held : Allegheny Corporation. Previous Positions : Chairman, President and Chief Executive Officer, Armco, Inc.; President and Chief Executive Officer, Cyclops Industries; President and Chief Operating Officer, Kaiser Steel Corporation.

OFFICERS


Name Birth Date Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years and Previous Position(s)
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Began serving: November 1993		Principal Occupations : Executive Vice President and Secretary of the Federated Fund Complex; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions : Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp.

Richard A. Novak Birth Date: December 25, 1963 TREASURER Began serving: January 2006		Principal Occupations : Principal Financial Officer and Treasurer of the Federated Fund Complex; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. Previous Positions : Controller of Federated Investors, Inc.; Vice President, Finance of Federated Services Company; held various financial management positions within The Mercy Hospital of Pittsburgh; Auditor, Arthur Andersen & Co.


Name Birth Date Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years and Previous Position(s)
Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Began serving: November 1993		Principal Occupations : Vice Chairman or Vice President of some of the Funds in the Federated Fund Complex; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions : President and Director or Trustee of some of the Funds in the Federated Fund Complex; Executive Vice President, Federated Investors, Inc. and Director and Chief Executive Officer, Federated Securities Corp.

Brian P. Bouda Birth Date: February 28, 1947 SENIOR VICE PRESIDENT AND CHIEF COMPLIANCE OFFICER Began serving: August 2004		Principal Occupations : Senior Vice President and Chief Compliance Officer of the Federated Fund Complex; Vice President and Chief Compliance Officer of Federated Investors, Inc.; and Chief Compliance Officer of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin.

Stephen F. Auth Birth Date: September 3, 1956 CHIEF INVESTMENT OFFICER Began serving: November 2002		Principal Occupations : Chief Investment Officer of this Fund and various other Funds in the Federated Fund Complex; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania Previous Positions : Executive Vice President, Federated Investment Management Company, and Passport Research, Ltd. (Investment advisory subsidiary of Federated) Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments.

John W. Harris Birth Date: June 6, 1954 VICE PRESIDENT Began serving: November 1999		John W. Harris has been the Fund's Portfolio Manager since inception. He is Vice President of the Trust. Mr. Harris initially joined Federated in 1987 as an Investment Analyst. He served as an Investment Analyst and an Assistant Vice President from 1990 through 1992 and as a Senior Investment Analyst and Vice President through May 1993. After leaving the money management field to travel extensively, he rejoined Federated in 1997 as a Senior Investment Analyst and became a Portfolio Manager and an Assistant Vice President of the Fund's Adviser in December 1998. Mr. Harris continues to be a Portfolio Manager of certain Federated Funds. In January 2000, Mr. Harris became a Vice President of the Fund's Adviser. Mr. Harris is a Chartered Financial Analyst. He received his M.B.A. from the University of Pittsburgh.

Evaluation and Approval of Advisory Contract

FEDERATED CONSERVATIVE ALLOCATION FUND (THE "FUND")

The Fund's Board reviewed the Fund's investment advisory contract and subadvisory contract at meetings held in May 2006. The Board's decision regarding these contracts reflects the exercise of its business judgment on whether to continue the existing arrangements.

During its review of these contracts, the Board considered compensation and benefits received by the Adviser and subadviser. This included the fees received for services provided to the Fund by other entities in the Federated organization and research services received by the Adviser from brokers that execute Federated fund trades, as well as advisory fees. The Board is also familiar with judicial decisions concerning allegedly excessive investment advisory fees which have indicated that the following factors may be relevant to an Adviser's fiduciary duty with respect to its receipt of compensation from a fund: the nature and quality of the services provided by the Adviser, including the performance of the Fund; the Adviser's cost of providing the services; the extent to which the Adviser may realize "economies of scale" as the Fund grows larger; any indirect benefits that may accrue to the Adviser and its affiliates as a result of the Adviser's relationship with the Fund; performance and expenses of comparable funds; and the extent to which the independent Board members are fully informed about all facts the Board deems relevant bearing on the Adviser's services and fees. The Board further considered management fees (including any components thereof) charged to institutional and other clients of the Adviser for like services and costs to the Adviser and its affiliates of supplying services pursuant to the management fee agreements, excluding any intra-corporate profit and profit margins of the Adviser and its affiliates from supplying such services. The Board was aware of these considerations and was guided by them in its review of the Fund's advisory contract and subadvisory contract to the extent they are appropriate and relevant, as discussed further below.

The Board considered and weighed these circumstances in light of its substantial accumulated experience in governing the Fund and working with Federated on matters relating to the Federated funds, and was assisted in its deliberations by the advice of independent legal counsel. Throughout the year, the Board has requested and received substantial and detailed information about the Fund and the Federated organization that was in addition to the extensive materials that comprise the Senior Officer's evaluation. Federated provided much of this information at each regular meeting of the Board, and furnished additional reports in connection with the particular meeting at which the Board's formal review of the advisory contract occurred. Between regularly scheduled meetings, the Board has received information on particular matters as the need arose. Thus, the Board's consideration of the advisory contract included review of the Senior Officer's evaluation, accompanying data and additional reports covering such matters as: the Adviser's and subadviser's investment philosophy, revenue, profitability, personnel and processes; investment and operating strategies; the Fund's short- and long-term performance (in absolute terms, both on a gross basis and net of expenses, as well as in relationship to its particular investment program and certain competitor or "peer group" funds and/or other benchmarks, as appropriate), and comments on the reasons for performance; the Fund's investment objectives; the Fund's expenses (including the advisory fee itself and the overall expense structure of the Fund, both in absolute terms and relative to similar and/or competing funds, with due regard for contractual or voluntary expense limitations); the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities (if any); the nature, quality and extent of the advisory and other services provided to the Fund by the Adviser and its affiliates; the preferences and expectations of Fund shareholders and their relative sophistication; the continuing state of competition in the mutual fund industry and market practices; the range of comparable fees for similar funds in the mutual fund industry; the Fund's relationship to the Federated family of funds which include a comprehensive array of funds with different investment objectives, policies and strategies which are available for exchange without the incurrence of additional sales charges; compliance and audit reports concerning the Federated funds and the Federated companies that service them (including communications from regulatory agencies), as well as Federated's responses to any issues raised therein; and relevant developments in the mutual fund industry and how the Federated funds and/or Federated are responding to them. The Board's evaluation process is evolutionary. The criteria considered and the emphasis placed on relevant criteria change in recognition of changing circumstances in the mutual fund marketplace.

With respect to the Fund's performance and expenses in particular, the Board has found the use of comparisons to other mutual funds with comparable investment programs to be particularly useful, given the high degree of competition in the mutual fund business. The Board focused on comparisons with other similar mutual funds more heavily than non-mutual fund products or services because, simply put, they are more relevant. For example, other mutual funds are the products most like the Fund, they are readily available to Fund shareholders as alternative investment vehicles, and they are the type of investment vehicle in fact chosen and maintained by the Fund's investors. The range of their fees and expenses therefore appears to be a generally reliable indication of what consumers have found to be reasonable in the precise marketplace in which the Fund competes. The Fund's ability to deliver competitive performance when compared to its peer group was a useful indicator of how the Adviser is executing the Fund's investment program, which in turn assisted the Board in reaching a conclusion that the nature, extent, and quality of the Adviser's investment management services were such as to warrant continuation of the advisory contract. In this regard, the Senior Officer has reviewed Federated's fees for providing advisory services to products outside the Federated family of funds (e.g., institutional and separate accounts). He concluded that mutual funds and institutional accounts are inherently different products. Those differences included, but are not limited to targeting different investors, being subject to different laws and regulations, different legal structure, distribution costs, average account size and portfolio management techniques made necessary by different cash flows. The Senior Officer did not consider these fee schedules to be significant in determining the appropriateness of mutual fund advisory contracts.

The Senior Officer reviewed reports compiled by Federated, and directed the preparation of independent reports, regarding the performance of, and fees charged by, other mutual funds, noting his view that comparisons to fund peer groups is of significance in judging the reasonableness of proposed fees.

For the periods ending December 31, 2005, the Fund's performance for the three year period was above the median of the relevant peer group, and the Fund's performance fell below the median of the relevant peer group for the one year period. The Board discussed the Fund's performance with the Adviser and recognized the efforts being undertaken by the Adviser. The Board will continue to monitor these efforts and the performance of the Fund.

The Board also received financial information about Federated, including reports on the compensation and benefits Federated derived from its relationships with the Federated funds. These reports covered not only the fees under the advisory contracts, but also fees received by Federated's subsidiaries for providing other services to the Federated funds under separate contracts (e.g., for serving as the Federated funds' administrator). The reports also discussed any indirect benefit Federated may derive from its receipt of research services from brokers who execute Federated fund trades as well as waivers of fees and/or reimbursements of expenses. In order for a fund to be competitive in the marketplace, Federated and its affiliates frequently waived fees and/or reimbursed expenses and have indicated to the Board their intention to do so in the future, where appropriate.

Federated furnished reports, requested by the Senior Officer, that reported revenues on a fund by fund basis and made estimates of the allocation of expenses on a fund by fund basis, using allocation methodologies specified by the Senior Officer. The Senior Officer noted that, although they may apply consistent allocation processes, the inherent difficulties in allocating costs and the lack of consensus on how to allocate those costs causes such allocation reports to be of questionable value. The allocation reports were considered in the analysis by the Board but were determined to be of limited use.

During the year ending December 31, 2005, the Fund's investment advisory fee after waivers and expense reimbursements, if any, was above the median of the relevant peer group. The Board reviewed the fees and other expenses of the Fund with the Adviser and was satisfied that the overall expense structure of the Fund remained competitive. The Board will continue to monitor advisory fees and other expenses borne by the Fund.

No changes were recommended to, and no objection was raised to the continuation of the Fund's advisory contract, and the Senior Officer noted that Federated appeared to provide appropriate administrative services to the Fund for the fees paid. For 2005, the Board concluded that the nature, quality and scope of services provided the Fund by the Adviser and its affiliates was satisfactory.

In its decision to continue an existing investment advisory contract, the Board was mindful of the potential disruptions of the Fund's operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew an advisory contract. In particular, the Board recognized that most shareholders have invested in the Fund on the strength of the Adviser's industry standing and reputation and in the expectation that the Adviser will have a continuing role in providing advisory services to the Fund. Thus, the Board's approval of the advisory contract reflected the fact that it is the shareholders who have effectively selected the Adviser by virtue of having invested in the Fund.

The Board based its decision to approve the advisory contract on the totality of the circumstances and relevant factors and with a view to past and future long-term considerations. Not all of the factors and considerations identified above were relevant to every Federated fund, nor did the Board consider any one of them to be determinative. With respect to the factors that were relevant, the Board's decision to approve the contract reflects its determination that Federated's performance and actions provided a satisfactory basis to support the decision to continue the existing arrangements.

The Senior Officer also made recommendations relating to the organization and availability of data and verification of processes for purposes of implementing future evaluations which the Adviser has agreed to implement.

Voting Proxies on Fund Portfolio Securities

A description of the policies and procedures that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio is available, without charge and upon request, by calling 1-800-341-7400. A report on "Form N-PX" of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available through Federated's website. Got to FederatedInvestors.com, select "Products," select the "Prospectuses and Regulatory Reports" link, then select the Fund to access the link to Form N-PX. This information is also available from the EDGAR database on the SEC's website at www.sec.gov.

Quarterly Portfolio Schedule

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on "Form N-Q." These filings are available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.) You may also access this information from the "Products" section of the Federated Investors website at FederatedInvestors.com by clicking on "Portfolio Holdings" and selecting the name of the Fund, or by selecting the name of the Fund and clicking on "Portfolio Holdings." You must register on the website the first time you wish to access this information.

Federated
World-Class Investment Manager

Federated Conservative Allocation Fund
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
Contact us at FederatedInvestors.com
or call 1-800-341-7400.

Federated Securities Corp., Distributor

Cusip 314212408
Cusip 314212309

G00872-01 (1/07)

Federated is a registered mark of Federated Investors, Inc. 2007 (c)Federated Investors, Inc.

Federated
World-Class Investment Manager

Federated Growth Allocation Fund

A Portfolio of Federated Managed Allocation Portfolios

ANNUAL SHAREHOLDER REPORT

November 30, 2006

Institutional Shares
Select Shares

Not FDIC Insured * May Lose Value * No Bank Guarantee

Federated Investors 50 Years of Growth & Innovation

Financial Highlights - Institutional Shares

(For a Share Outstanding Throughout Each Period)

Year Ended November 30	2006	¹	2005		2004		2003		2002
Net Asset Value, Beginning of Period	$12.86		$12.29		$11.30		$ 9.93		$11.39
Income From Investment Operations:
Net investment income	0.13	²	0.09	²	0.10	²	0.08	²	0.12
Net realized and unrealized gain (loss) on investments, foreign currency transactions and futures contracts	1.74		0.60		0.93		1.36		(1.47	)
TOTAL FROM INVESTMENT OPERATIONS	1.87		0.69		1.03		1.44		(1.35	)
Less Distributions:
Distributions from net investment income	(0.12	)	(0.12	)	(0.04	)	(0.07	)	(0.11	)
Net Asset Value, End of Period	$14.61		$12.86		$12.29		$11.30		$ 9.93
Total Return³	14.60	%	5.60	%	9.11	%	14.56	%	(11.95	)%

Ratios to Average Net Assets:
Net expenses	1.40	%	1.27	%	1.30	%	1.41	%	1.28	%⁴
Net investment income	0.94	%	0.75	%	0.78	%	0.78	%	0.98	%
Expense waiver/reimbursement⁵	0.34	%	0.38	%	0.36	%	0.22	%	0.20	%
Supplemental Data:
Net assets, end of period (000 omitted)	$32,894		$37,097		$43,261		$46,069		$48,840
Portfolio turnover	3	%	5	%	20	%	145	%	14	%

1 For the year ended November 30, 2006, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm.

2 Per share numbers have been calculated using the average shares method.

4 The net expense ratio is calculated without the reduction for fees paid indirectly for directed brokerage arrangements.

5 This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Financial Highlights - Select Shares

(For a Share Outstanding Throughout Each Period)

Year Ended November 30	2006	¹	2005		2004		2003		2002
Net Asset Value, Beginning of Period	$12.77		$12.22		$11.28		$ 9.92		$11.38
Income From Investment Operations:
Net investment income	0.03	²	0.01	²	0.01	²	0.01	²	0.03
Net realized and unrealized gain (loss) on investments, foreign currency transactions and futures contracts	1.74		0.58		0.93		1.36		(1.46	)
TOTAL FROM INVESTMENT OPERATIONS	1.77		0.59		0.94		1.37		(1.43	)
Less Distributions:
Distributions from net investment income	(0.03	)	(0.04	)	(0.00	)³	(0.01	)	(0.03	)
Net Asset Value, End of Period	$14.51		$12.77		$12.22		$11.28		$ 9.92
Total Return⁴	13.85	%	4.82	%	8.33	%⁵	13.81	%	(12.60	)%

Ratios to Average Net Assets:
Net expenses	2.10	%	1.97	%	2.00	%	2.11	%	1.98	%⁶
Net investment income	0.25	%	0.06	%	0.10	%	0.08	%	0.28	%
Expense waiver/reimbursement⁷	0.43	%	0.45	%	0.41	%	0.27	%	0.25	%
Supplemental Data:
Net assets, end of period (000 omitted)	$30,543		$35,183		$38,684		$38,481		$38,719
Portfolio turnover	3	%	5	%	20	%	145	%	14	%

1 For the year ended November 30, 2006, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm.

2 Per share numbers have been calculated using the average shares method.

3 Represents less than $0.01.

4 Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized.

5 During the year ended November 30, 2004, the Fund was reimbursed by the Adviser, which had an impact of 0.09% on the total return.

6 The net expense ratio is calculated without the reduction for fees paid indirectly for directed brokerage arrangements.

7 This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Shareholder Expense Example

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

	Beginning Account Value 6/1/2006	Ending Account Value 11/30/2006	Expenses Paid During Period¹
Actual:
Institutional Shares	$1,000	$ 1,117.20	$ 7.70
Select Shares	$1,000	$1,114.40	$11.34
Hypothetical (assuming a 5% return before expenses):
Institutional Shares	$1,000	$ 1,017.80	$ 7.33
Select Shares	$1,000	$1,014.34	$10.81

Institutional Shares		1.45%
Select Shares		2.14%

Management's Discussion of Fund Performance

Federated Growth Allocation Fund's Institutional Shares and Select Shares had total returns of 14.60% and 13.85%, respectively, based on net asset value, for the one-year reporting period ended November 30, 2006. The Standard & Poor's 500 Index (S&P 500)¹and the Lehman Brothers Aggregate Bond Index (LBAB)² had total returns of 14.23% and 5.94%, respectively.

MARKETS

Stock prices rose during the first five months of the reporting period before falling during May and June. The total return of the S&P 500 from December to April was 5.64%, and from May to June was (2.75)%. Stock prices rose again in the final five months of the reporting period with the S&P 500 returning 11.18%. Foreign stock returns, aided by currency gains, were significantly higher than U.S. stock returns. Total returns for the Morgan Stanley Capital International (MSCI) All Country World Ex. U.S. Index³was 28.73% in U.S. dollars and 18.77% in local currency.

FUND

The asset allocation of the fund is set relative to a neutral position of 80% in equities and 20% in fixed income. During the reporting period, the fund benefited from a larger than neutral allocation to stocks that was maintained for the entire period. The benefits from this larger allocation to stocks were greatest during the stock market rally from July to November. The returns of the fund were reduced by this strategy during May and June when stock prices declined. Within the equity portion, the fund maintained a larger than normal allocation to foreign stocks⁴ that increased returns. Relative to their benchmarks, the returns of the stock portion of the fund were positively impacted by the performance of the Capital Appreciation Core Fund and negatively affected by the performance of the Federated International Capital Appreciation Fund.

Within the bond portion, the fund benefited from maintaining a shorter duration⁵ than the LBAB during the period of rising interest rates in the first seven months of the reporting period and a slightly longer duration than the index during the last portion of the year when interest rates were falling. In addition, the fund benefited from exposure to high yield bonds and foreign bonds⁶ that are not part of the fixed-income benchmark.

In addition, the total return of the fund's shares reflects the negative impact of actual cash flows, transaction costs and other expenses.

4 International investing involves special risks including currency risk, increased volatility of foreign securities, political risks and differences in auditing and other financial standards.

GROWTH OF A $25,000 INVESTMENT -- INSTITUTIONAL SHARES

The graph below illustrates the hypothetical investment of $25,000¹ in Federated Growth Allocation Fund (Institutional Shares) (the "Fund") from November 30, 1996 to November 30, 2006 compared to the Lehman Brothers Aggregate Bond Index (LBAB),²the Standard and Poor's 500 Index (S&P 500)² and the 80% Standard and Poor's 500 Index/20% Lehman Brothers Aggregate Bond Index (80% S&P 500/20% LBAB).²

Average Annual Total Returns for the Period Ended 11/30/2006
1 Year	14.60%
5 Years	5.90%
10 Years	5.26%

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month-end performance and after-tax returns, visit FederatedInvestors.com or call 1-800-341-7400. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of fund shares. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

1 Represents a hypothetical investment of $25,000 in the Fund. The Fund's performance assumes the reinvestment of all dividends and distributions. The LBAB, S&P 500 and the 80% S&P 500/20% LBAB have been adjusted to reflect reinvestment of dividends on securities in the indexes.

2 The LBAB, S&P 500 and the 80% S&P 500/20% LBAB are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission (SEC) requires to be reflected in the Fund's performance. The 80% S&P 500/20% LBAB is a weighted index that combines components of the S&P 500 and the LBAB. Figures shown for the index assume constant weighting of 80% S&P 500 and 20% LBAB throughout the period. The indexes are unmanaged and, unlike the Fund, are not affected by cash flows. It is not possible to invest directly in an index.

GROWTH OF A $10,000 INVESTMENT -- SELECT SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in Federated Growth Allocation Fund (Select Shares) (the "Fund") from November 30, 1996 to November 30, 2006 compared to the Lehman Brothers Aggregate Bond Index (LBAB),² the Standard & Poor's 500 Index (S&P 500)² and the 80% Standard & Poor's 500 Index/20% Lehman Brothers Aggregate Bond Index (80% S&P 500/20% LBAB).²

Average Annual Total Returns for the Period Ended 11/30/2006
1 Year	13.85%
5 Years	5.16%
10 Years	4.52%

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month-end performance and after-tax returns, visit FederatedInvestors.com or call 1-800-341-7400. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of fund shares. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

1 Represents a hypothetical investment of $10,000 in the Fund. The Fund's performance assumes the reinvestment of all dividends and distributions. The LBAB, S&P 500 and the 80% S&P 500/20% LBAB have been adjusted to reflect reinvestment of dividends on securities in the indexes.

2 The LBAB, S&P 500 and the 80% S&P 500/20% LBAB are not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The 80% S&P 500/20% LBAB is a weighted index that combines components of the S&P 500 and the LBAB. Figures shown for the index assume constant weighting of 80% S&P 500 and 20% LBAB throughout the period. The indexes are unmanaged and, unlike the Fund, are not affected by cash flows. It is not possible to invest directly in an index.

Portfolio of Investments Summary Table

At November 30, 2006, the Fund's portfolio composition¹ was as follows:

Asset Class	Percentage of Total Net Assets
Equity Funds	88.1	%
Fixed-Income Funds	11.2	%
Cash Equivalents²	1.0	%
Other Assets and Liabilities--Net³	(0.3	)%
TOTAL	100.0	%

1 See the Fund's Prospectus for a description of the principal types of securities in which the Fund invests.

2 Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements.

3 Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Portfolio of Investments

November 30, 2006

Shares or Principal Amount				Value
		MUTUAL FUNDS--99.3%¹
	3,765,535	Capital Appreciation Core Fund	$	52,528,714
	7,023	Emerging Markets Fixed Income Core Fund		145,347
	137,801	Federated Intermediate Corporate Bond Fund, Institutional Shares		1,386,275
	12,949	Federated International Bond Fund, Class A Shares		143,990
	260,726	Federated International Capital Appreciation Fund, Class A Shares		3,334,681
	291,207	Federated Mortgage Core Portfolio		2,900,417
	112,646	Federated U.S. Government Bond Fund		1,280,781
	85,649	Federated U.S. Government Securities Fund 2-5 Years, Institutional Shares		938,716
	47,042	High Yield Bond Portfolio		322,238
		TOTAL MUTUAL FUNDS (IDENTIFIED COST $54,115,032)		62,981,159
		REPURCHASE AGREEMENT--1.0%
$	655,000	Interest in $2,000,000,000 joint repurchase agreement 5.32%, dated 11/30/2006, under which Credit Suisse First Boston LLC will repurchase U.S. Government Agency securities with various maturities to 8/16/2043 for $2,000,295,556 on 12/1/2006. The market value of the underlying securities at the end of the period was $2,060,008,358 (AT COST)		655,000
		TOTAL INVESTMENTS--100.3% (IDENTIFIED COST $54,770,032)²		63,636,159
		OTHER ASSETS AND LIABILITIES - NET--(0.3)%		(199,439	)
		TOTAL NET ASSETS--100%	$	63,436,720

1 Affiliated companies.

2 The cost of investments for federal tax purposes amounts to $54,828,441.

Note: The categories of investments are shown as a percentage of total net assets at November 30, 2006.

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

November 30, 2006

Assets:
Total investments in securities, at value including $62,981,159 of investments in affiliated issuers (Note 5) (identified cost $54,770,032)			$	63,636,159
Cash				7,501
Income receivable				29,613
Receivable for shares sold				13,301
TOTAL ASSETS				63,686,574
Liabilities:
Payable for shares redeemed	$	138,736
Payable for custodian fees		1,491
Payable for transfer and dividend disbursing agent fees and expenses		41,673
Payable for auditing fees		20,000
Payable for distribution services fee (Note 5)		12,517
Payable for shareholder services fee (Note 5)		13,163
Payable for share registration costs		11,081
Accrued expenses		11,193
TOTAL LIABILITIES				249,854
Net assets for 4,356,800 shares outstanding			$	63,436,720
Net Assets Consist of:
Paid-in capital			$	58,354,959
Net unrealized appreciation of investments and translation of assets and liabilities in foreign currency				8,866,127
Accumulated net realized loss on investments, foreign currency transactions and futures contracts				(3,926,748	)
Undistributed net investment income				142,382
TOTAL NET ASSETS			$	63,436,720
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
$32,893,776 ÷ 2,251,236 shares outstanding, no par value, unlimited shares authorized				$14.61
Select Shares:
$30,542,944 ÷ 2,105,564 shares outstanding, no par value, unlimited shares authorized				$14.51

See Notes which are an integral part of the Financial Statements

Statement of Operations

Year Ended November 30, 2006

Investment Income:
Dividends received from affiliated issuers (Note 5)							$	479,213
Interest								68,326
Investment income allocated from affiliated partnerships (Note 5)								1,038,222
TOTAL INCOME								1,585,761
Expenses:
Investment adviser fee (Note 5)				$	507,855
Administrative personnel and services fee (Note 5)					190,000
Custodian fees					7,144
Transfer and dividend disbursing agent fees and expenses					143,693
Directors'/Trustees' fees					3,989
Auditing fees					20,048
Legal fees					8,402
Portfolio accounting fees					53,961
Distribution services fee--Select Shares (Note 5)					247,773
Shareholder services fee--Institutional Shares (Note 5)					73,620
Shareholder services fee--Select Shares (Note 5)					81,176
Share registration costs					29,426
Printing and postage					29,475
Insurance premiums					6,642
Miscellaneous					4,231
EXPENSES BEFORE ALLOCATION					1,407,435
Expenses allocated from affiliated partnerships					31,533
TOTAL EXPENSES					1,438,968
Waivers and Reimbursements (Note 5):
Reimbursement of investment adviser fee	$	(74,675	)
Waiver of administrative personnel and services fee		(34,323	)
Waiver of distribution services fee--Select Shares		(82,591	)
Waiver of shareholder services fee--Institutional Shares		(25,845	)
Reimbursement of other operating expenses		(14,234	)
Reimbursement of shareholder services fee--Institutional Shares		(30,441	)
TOTAL WAIVERS AND REIMBURSEMENTS				$	(262,109	)
Net expenses								1,176,859
Net investment income								408,902
Realized and Unrealized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments from affiliated issuers and foreign currency transactions								1,378,555
Net realized gain allocated from affiliated partnerships								5,250,174
Realized gain distributions from affiliated investment company shares								153,459
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency								1,429,362
Net realized and unrealized gain on investments and foreign currency transactions								8,211,550
Change in net assets resulting from operations							$	8,620,452

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

Year Ended November 30		2006			2005
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	408,902		$	326,731
Net realized gain on investments including allocations from affiliated partnerships and foreign currency transactions		6,628,729			2,404,615
Realized gain distributions from affiliated investment company shares		153,459			23,345
Net change in unrealized appreciation/depreciation of investments and translation of assets and liabilities in foreign currency		1,429,362			1,133,880
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		8,620,452			3,888,571
Distributions to Shareholders:
Distributions from net investment income
Institutional Shares		(310,209	)		(386,714	)
Select Shares		(70,485	)		(119,350	)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS		(380,694	)		(506,064	)
Share Transactions:
Proceeds from sale of shares		10,611,540			12,325,582
Net asset value of shares issued to shareholders in payment of distributions declared		340,057			454,294
Cost of shares redeemed		(28,034,525	)		(25,828,314	)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		(17,082,928	)		(13,048,438	)
Change in net assets		(8,843,170	)		(9,665,931	)
Net Assets:
Beginning of period		72,279,890			81,945,821
End of period (including undistributed net investment income of $142,382 and $112,973, respectively)	$	63,436,720		$	72,279,890

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

November 30, 2006

1. ORGANIZATION

Federated Managed Allocation Portfolios (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust consists of seven portfolios. The financial statements included herein are only those of Federated Growth Allocation Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The Fund offers two classes of shares: Institutional Shares and Select Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The primary investment objective of the Fund is to seek capital appreciation.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Market values of the Fund's portfolio securities are determined as follows:

for equity securities, according to the last sale price or official closing price reported in the market in which they are primarily traded (either a national securities exchange or the over-the-counter market), if available;
in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices;
futures contracts and options are generally valued at market values established by the exchanges on which they are traded at the close of trading on such exchanges. Options traded in the over-the-counter market are generally valued according to the mean between the last bid and the last asked price for the option as provided by an investment dealer or other financial institution that deals in the option. The Board of Trustees (the "Trustees") may determine in good faith that another method of valuing such investments is necessary to appraise their fair market value;
for mortgage-backed securities, based on the aggregate investment value of the projected cash flows to be generated by the security, as furnished by an independent pricing service;
for investments in other open-end regulated investment companies, based on net asset value;
for other fixed-income securities, according to prices as furnished by an independent pricing service, except that fixed-income securities with remaining maturities of less than 60 days at the time of purchase are valued at amortized cost; and
for all other securities at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees.

Fund		Investment Objective
Federated Intermediate Corporate Bond Fund, Institutional Shares (Intermediate Corporate Bond)		To provide current income.
Federated International Bond Fund, Class A Shares (International Bond)		To obtain total return.
Federated International Capital Appreciation Fund, Class A Shares (International Capital Appreciation)		To provide long-term growth of capital.
Federated Mortgage Core Portfolio (Mortgage Core)		To provide total return.
Federated U.S. Government Securities Fund 2-5 Years, Institutional Shares (Gov 2-5)		To provide current income.
Federated U.S. Government Bond Fund (Government Bond)		To pursue total return.
High Yield Bond Portfolio (HYCORE)		To seek high current income.

Income distributions from Intermediate Corporate Bond, Mortgage Core, Gov 2-5, Government Bond and HYCORE are declared daily and paid monthly. Income distributions from International Bond and International Capital Appreciation are declared and paid annually. All income distributions are recorded by the Fund as dividend income. Capital gain distributions of the Fund Investments, if any, are declared and paid annually, and are recorded by Fund as capital gains received. The performance of the Fund is directly affected by the performance of the Fund Investments. A copy of each Fund Investment's financial statements is available on the EDGAR Database on the SEC's website at www.sec.gov, at the Commission's public reference room in Washington, DC or upon request from the Fund by calling 1-800-341-7400.

Fund		Investment Objective
Capital Appreciation Core Fund (Capital Core)		To provide capital appreciation.
Emerging Markets Fixed Income Core Fund (EMCORE)		To achieve total return and secondarily to achieve high current income.

The Fund records daily its proportionate share of income, expenses, unrealized gains and losses and realized gains and losses from the Portfolios. The performance of the Fund is directly affected by the performance of the Portfolios. A copy of EMCORE's financial statements is available on the EDGAR Database on the SEC's website, at the Commission's public reference room in Washington, DC or upon request from the Fund by calling 1-800-341-7400. The financial statements of Capital Core are included within this report to illustrate the security holdings, financial condition, results of operations and changes in net assets of the Portfolio in which the Fund invested 82.8% of its net assets at November 30, 2006. The financial statements of Capital Core should be read in conjunction with the Fund's financial statements. The valuation of securities held by Capital Core is discussed in the notes to its financial statements.

Repurchase Agreements

Investment Income, Gains and Losses, Expenses and Distributions

Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income are declared and paid quarterly. Non-cash dividends included in dividend income, if any, are recorded at fair value. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that each class bears certain expenses unique to that class such as distribution and shareholder services fees. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Premium and Discount Amortization

All premiums and discounts on fixed-income securities are amortized/accreted for financial statement purposes.

Federal Taxes

When-Issued and Delayed Delivery Transactions

Foreign Exchange Contracts

Foreign exchange contracts outstanding at year end, if any, are listed after the Fund's portfolio of investments.

Foreign Currency Translation

Use of Estimates

Other

Investment transactions are accounted for on a trade date basis. Realized gains and losses from investment transactions are recorded on an identified cost basis.

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

Year Ended November 30	2006					2005
Institutional Shares:	Shares			Amount		Shares			Amount
Shares sold	555,522		$	7,449,885		632,692		$	7,933,393
Shares issued to shareholders in payment of distributions declared	20,599			271,069		26,943			338,655
Shares redeemed	(1,209,014	)		(16,114,878	)	(1,294,566	)		(16,194,280	)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(632,893	)	$	(8,393,924	)	(634,931	)	$	(7,922,232	)

Year Ended November 30	2006					2005
Select Shares:	Shares			Amount		Shares			Amount
Shares sold	238,938		$	3,161,655		353,437		$	4,392,189
Shares issued to shareholders in payment of distributions declared	5,319			68,988		9,280			115,639
Shares redeemed	(893,037	)		(11,919,647	)	(774,021	)		(9,634,034	)
NET CHANGE RESULTING FROM SELECT SHARE TRANSACTIONS	(648,780	)	$	(8,689,004	)	(411,304	)	$	(5,126,206	)
NET CHANGE RESULTING FROM SHARE TRANSACTIONS	(1,281,673	)	$	(17,082,928	)	(1,046,235	)	$	(13,048,438	)

4. FEDERAL TAX INFORMATION

For the year ended November 30, 2006, permanent differences identified and reclassified among the components of net assets were as follows:

Increase (Decrease)
Paid-In Capital	Undistributed Net Investment Income	Accumulated Net Realized Losses
$369,102	$1,201	$(370,303)

Net investment income (loss), net realized gains (losses), and net assets were not affected by this reclassification.

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended November 30, 2006 and 2005, was as follows:

		2006		2005
Ordinary income¹		$380,694		$506,064

1 For tax purposes short-term capital gain distributions are considered ordinary income distributions.

As of November 30, 2006, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	141,731
Net unrealized appreciation	$	8,807,718
Capital loss carryforward	$	(3,867,688	)

The difference between book-basis and tax-basis net unrealized appreciation/depreciation is attributable in part to differing treatments for tax deferral of losses on wash sales, defaulted bonds and discount accretion/premium amortization on debt securities.

At November 30, 2006, the cost of investments for federal tax purposes was $54,828,441. The net unrealized appreciation of investments for federal tax purposes was $8,807,718. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $8,809,988 and net unrealized depreciation from investments for those securities having an excess of cost over value of $2,270.

At November 30, 2006, the Fund had a capital loss carryforward of $3,867,688 which will reduce the Fund's taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, such capital loss carryforward will expire in 2010.

The Fund used capital loss carryforwards of $6,436,336 to offset taxable capital gains realized during the year ended November 30, 2006.

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Administrative Fee

Maximum Administrative Fee		Average Aggregate Daily Net Assets of the Federated Funds
0.150%		on the first $5 billion
0.125%		on the next $5 billion
0.100%		on the next $10 billion
0.075%		on assets in excess of $20 billion

The administrative fee received during any fiscal year shall be at least $150,000 per portfolio and $40,000 per each additional class of Shares. For the year ended November 30, 2006, the net fee paid to FAS was 0.230% of average aggregate daily net assets of the Fund.

Distribution Services Fee

The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund's Select Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses of 0.75% of average daily net assets, annually, to compensate FSC. For the year ended November 30, 2006, FSC voluntarily waived $82,591 of its fee. When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the year ended November 30, 2006, FSC retained $3,057 of fees paid by the Fund.

The Fund may invest in other funds distributed by FSC under the Plan. FSC has agreed to reimburse the Fund for certain distribution fees received by FSC as a result of these transactions. For the year ended November 30, 2006, FSC voluntarily reimbursed $207 of its fee.

Shareholder Services Fee

The Fund may pay fees (Service Fees) up to 0.25% of the average daily net assets of the Fund's Institutional Shares and Select Shares to financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. For the year ended November 30, 2006, FSSC voluntarily waived $25,845 of its fee and voluntarily reimbursed $30,441 of shareholder services fees. For the year ended November 30, 2006, FSSC did not receive any fees paid by the Fund.

The Fund may invest in other funds serviced by FSSC under this Agreement. FSSC has agreed to reimburse the Fund for certain shareholder services fees received by FSSC as a result of these transactions. For the year ended November 30, 2006, FSSC voluntarily reimbursed $14,027 of its fee.

Expense Limitation

The Adviser and its affiliates (which may include FSC, FAS and FSSC) have voluntarily agreed to waive their fees and/or reimburse expenses (including the distribution (12b-1) fee) so that the total operating expenses paid by the Fund's Institutional Shares and Select Shares (after the voluntary waivers and reimbursements) will not exceed 1.45% and 2.15%, respectively, for the fiscal year ending November 30, 2007. Although these actions are voluntary, the Adviser and its affiliates have agreed not to terminate these waivers and/or reimbursements until after January 31, 2008.

General

Certain of the Officers and Directors of the Fund are Officers and Directors or Trustees of the above companies.

Transactions with Affiliated Companies

Affiliated holdings are mutual funds which are managed by the Adviser or an affiliate of the Adviser. The Adviser has agreed to reimburse the Fund for certain investment adviser fees as a result of transactions in other mutual funds. Transactions with affiliated companies during the year ended November 30, 2006, are as follows:

Affiliates	Balance of Shares Held at 11/30/2005	Purchases/ Additions	Sales/ Reductions	Balance of Shares Held 11/30/2006	Value at 11/30/2006	Dividend Income/ Allocated Investment Income
Capital Appreciation Core Fund	4,627,185	- --	861,650	3,765,535	$52,528,714	$1,031,677
Emerging Markets Fixed Income Core Fund	7,007	8,965	8,949	7,023	$ 145,347	$ 6,545
Federated Intermediate Corporate Bond Fund, Institutional Shares	228,629	14,343	105,171	137,801	$ 1,386,275	$ 85,811
Federated International Bond Fund, Class A Shares	37,569	10,222	34,842	12,949	$ 143,990	$ 17,395
Federated International Capital Appreciation Fund, Class A Shares	678,423	- --	417,697	260,726	$ 3,334,681	$ 67,164
Federated Mortgage Core Portfolio	270,847	56,206	35,846	291,207	$ 2,900,417	$ 154,774
Federated U.S. Government Bond Fund	86,400	52,928	26,682	112,646	$ 1,280,781	$ 53,071
Federated U.S. Government Securities Fund 2-5 Years, Institutional Shares	188,031	18,073	120,455	85,649	$ 938,716	$ 63,446
High Yield Bond Portfolio	81,494	593	35,045	47,042	$ 322,238	$ 37,552
TOTAL OF AFFILIATED TRANSACTIONS	6,205,585	161,330	1,646,337	4,720,578	$62,981,159	$1,517,435

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for the year ended November 30, 2006, were as follows:

Purchases		$	1,744,000
Sales		$	19,344,731

7. RISKS OF INVESTING IN THE UNDERLYING FUNDS

8. LEGAL PROCEEDINGS

9. CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

As indicated above, the Fund has appointed KPMG as the independent registered public accounting firm to audit the Fund's financial statements for the fiscal year ending November 30, 2006. During the Fund's fiscal years ended November 30, 2005 and November 30, 2004 and the interim period commencing December 1, 2005 and ending August 18, 2006, neither the Fund nor anyone on its behalf has consulted KPMG on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Fund's financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a) (1) (iv) of Item 304 of Regulations S-K) or reportable events (as described in paragraph (a) (1) (v) of said Item 304).

10. RECENT ACCOUNTING PRONOUNCEMENTS

11. FEDERAL TAX INFORMATION (UNAUDITED)

For the fiscal year ended November 30, 2006, 100.0% of total income (including short-term capital gain) distributions made by the Fund are qualifying dividends which may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Act of 2003. Complete information is reported in conjunction with the reporting of your distributions on Form 1099-DIV.

Of the ordinary income (including short-term capital gain) distributions made by the Fund during the year ended November 30, 2006, 100.0% qualify for the dividend received deduction available to corporate shareholders.

12. SUBSEQUENT EVENT

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES OF FEDERATED MANAGED ALLOCATION PORTFOLIOS AND THE SHAREHOLDERS OF FEDERATED GROWTH ALLOCATION FUND:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Federated Growth Allocation Fund (the "Fund"), as of November 30, 2006, and the related statement of operations, the statement of changes in net assets, and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit. The statement of changes in net assets for the year ended November 30, 2005 and the financial highlights for the periods presented prior to December 1, 2005, were audited by other auditors whose report thereon dated January 23, 2006, expressed an unqualified opinion on those statements.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Federated Growth Allocation Fund as of November 30, 2006, and the results of its operations, the changes in its net assets and the financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.

KPMG LLP

Boston, Massachusetts
January 16, 2007

Financial Highlights-
Capital Appreciation Core Fund

(For a Share Outstanding Throughout Each Period)

	Year Ended November 30,									Period Ended
	2006			2005			2004			11/30/2003	¹
Net Asset Value, Beginning of Period	$11.95			$11.21			$10.14			$10.00
Income From Investment Operations:
Net investment income	0.24			0.22	²		0.25			0.01
Net realized and unrealized gain on investments	1.76			0.52			0.82			0.13
TOTAL FROM INVESTMENT OPERATIONS	2.00			0.74			1.07			0.14
Net Asset Value, End of Period	$13.95			$11.95			$11.21			$10.14
Total Return³	16.74	%		6.60	%		10.55	%		1.40	%

Ratios to Average Net Assets:
Net expenses	0.05	%⁴		0.05	%⁴		0.05	%		0.05	%⁵
Net investment income	1.90	%		1.89	%		2.09	%		2.21	%⁵
Expense waiver/reimbursement⁶	0.14	%		0.11	%		0.08	%		0.49	%⁵
Supplemental Data:
Net assets, end of period (000 omitted)	$152,042		$162,139			$197,818			$185,555
Portfolio turnover	137	%		51	%		55	%		8	%

1 Reflects operations for the period from October 28, 2003 (date of initial investment) to November 30, 2003.

2 Per share numbers have been calculated using the average shares method.

4 The net expense ratio is calculated without reduction for fees paid indirectly for directed brokerage arrangements. The net expense ratios for the years ended November 30, 2006 and 2005 are 0.04% and 0.05%, respectively, after taking into account these expense reductions.

5 Computed on an annualized basis.

6 This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Shareholder Expense Example-Capital Appreciation Core Fund

As a shareholder of the Fund, you incur ongoing costs, to the extent applicable, management fees, distribution (12b-1) fees and/or shareholder services fees; and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2006 to November 30, 2006.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

	Beginning Account Value 6/1/2006	Ending Account Value 11/30/2006	Expenses Paid During Period¹
Actual	$1,000	$1,139.70	$0.27
Hypothetical (assuming a 5% return before expenses)	$1,000	$1,024.82	$0.25

1 Expenses are equal to the Fund's annualized net expense ratio of 0.05%, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

Management's Discussion of Fund Performance-Capital Appreciation Core Fund

This report covers Capital Appreciation Core Fund's fiscal year performance period from December 1, 2005 through November 30, 2006. During this reporting period, the Fund produced a total return of 16.74%, based on net asset value. The S&P 500 Index,¹ the fund's benchmark, returned 14.23% during the reporting period.

During the reporting period Energy stocks were the best performing stocks (up 27.2%) followed by the Telecommunications Services sector (up 26.1%). Also, up strongly were the Materials sector (up 21.2%) and the Utilities sector (up 21.0%). The rest of the sector performance ranked as follows: Financials (up 15.0%), Consumer Discretionary (up 14.9%), Industrials (up 12.5%), Consumer Staples (up 11.5%), Health Care (up 9.9%) and Information Technology (up 6.9%).

The portfolio benefited from stock selection in Pharmaceuticals where the smaller companies held in the portfolio dramatically outperformed the large pharmaceutical companies due to positive news regarding their drug research trials; in Consumer Staples where Diageo PLC significantly outperformed the sector; and in Telecommunications Services where BellSouth Corp. and AT&T, Inc. also outperformed the sector. An overweight in the Energy sector also added to performance. The biggest detriment to relative performance in the year was in stock selection within the Information Technology sector. EMC Corp. in particular subtracted from performance. Underweighted positions in Financials and Consumer Discretionary sectors also detracted from performance as did stock selection in Consumer Discretionary and Energy sectors.

Top contributors during the year were: Cephalon, Inc., Diageo PLC, Shire PLC, Bell South Corp., and Deere & Co. Bottom contributors were: EMC Corp., Massey Energy, Alcan Inc., Tyco International Ltd. and Nike, Inc.

1 The S&P 500 Index is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Investments cannot be made directly in an index.

GROWTH OF A $10,000 INVESTMENT

The graph below illustrates the hypothetical investment of $10,000¹ in Capital Appreciation Core Fund (the "Fund") from October 28, 2003 (start of performance) to November 30, 2006, compared to the S&P 500 Index (S&P 500).²

Average Annual Total Returns for the Periods Ended 11/30/2006
1 Year		16.74%
Start of Performance (10/28/2003)		11.36%

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month-end performance and after-tax returns, call 1-800-341-7400. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

1 Represents a hypothetical investment of $10,000. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of dividends on securities in the index.

2 The S&P 500 is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The S&P 500 is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund's performance. The index is unmanaged, and unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an index.

Portfolio of Investments Summary Table-Capital Appreciation Core Fund

At November 30, 2006, the Fund's sector composition¹was as follows:

Sector		Percentage of Total Net Assets
Financials		16.0%
Information Technology		14.7%
Energy		13.3%
Health Care		13.2%
Industrials		12.5%
Consumer Staples		7.3%
Consumer Discretionary		6.8%
Materials		5.6%
Telecommunication Services		4.6%
Utilities		3.5%
Cash Equivalents²		2.4%
Other Assets and Liabilities--Net³		0.1%
TOTAL		100.0%

1 Except for Cash Equivalents and Other Assets and Liabilities, sector classifications are based upon, and individual portfolio securities are assigned to, the classifications of the Global Industry Classification Standard (GICS) except that the adviser assigns a classification to securities not classified by the GICS and to securities for which the adviser does not have access to the classification made by the GICS.

2 Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements.

3 Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Portfolio of Investments-
Capital Appreciation Core Fund

November 30, 2006

Shares					Value
			COMMON STOCKS--97.5%
			Consumer Discretionary--6.8%
	66,600	¹	Coach, Inc.	$	2,877,786
	14,300	¹	GameStop Corp.		801,515
	69,300		Hilton Hotels Corp.		2,275,119
	69,100		McDonald's Corp.		2,900,127
	26,500		Target Corp.		1,539,385
			TOTAL		10,393,932
			Consumer Staples--7.3%
	45,600		Altria Group, Inc.		3,839,976
	52,200		Diageo PLC, ADR		4,034,538
	123,700		Unilever N.V., ADR		3,276,813
			TOTAL		11,151,327
			Energy--13.3%
	46,600		Apache Corp.		3,258,738
	70,764		Exxon Mobil Corp.		5,435,383
	48,700		Schlumberger Ltd.		3,334,976
	31,400	¹	Transocean Sedco Forex, Inc.		2,447,630
	46,200	¹	Weatherford International Ltd.		2,074,842
	71,400		XTO Energy, Inc.		3,612,840
			TOTAL		20,164,409
			Financials--16.0%
	42,300		Ace Ltd.		2,404,332
	87,016		American International Group, Inc.		6,118,965
	27,000		Chubb Corp.		1,397,520
	63,765		Citigroup, Inc.		3,162,107
	20,700		Merrill Lynch & Co., Inc.		1,809,801
	37,200		MetLife, Inc.		2,184,756
	35,800		Morgan Stanley		2,726,528
	19,400		Prudential Financial, Inc.		1,580,712
	85,200		U.S. Bancorp		2,866,128
			TOTAL		24,250,849
Shares					Value
			COMMON STOCKS--continued
			Health Care--13.2%
	20,300	¹	Cephalon, Inc.	$	1,519,658
	42,500	¹	Forest Laboratories, Inc., Class A		2,069,750
	21,200	¹	Genzyme Corp.		1,365,280
	33,800		Johnson & Johnson		2,227,758
	40,200		McKesson HBOC, Inc.		1,985,880
	45,800	¹	Medimmune, Inc.		1,497,202
	49,200		Novartis AG, ADR		2,873,772
	42,400	¹	Sepracor, Inc.		2,366,344
	37,600		Shire PLC, ADR		2,278,560
	43,900	¹	Vertex Pharmaceuticals, Inc.		1,944,770
			TOTAL		20,128,974
			Industrials--12.5%
	60,100	¹	AGCO Corp.		1,876,923
	34,000		Avery Dennison Corp.		2,293,980
	69,348	¹	Foster Wheeler Ltd.		3,744,792
	52,000		Northrop Grumman Corp.		3,480,360
	27,600		Trinity Industries, Inc.		1,043,280
	54,900		United Technologies Corp.		3,542,697
	80,500		Waste Management, Inc.		2,947,105
			TOTAL		18,929,137
			Information Technology--14.7%
	128,700	¹	Cadence Design Systems, Inc.		2,365,506
	141,700	¹	Cisco Systems, Inc.		3,808,896
	66,445	¹	Citrix Systems, Inc.		1,909,629
	144,800		EMC Corp. Mass		1,898,328
	1,500	¹	Google, Inc.		727,380
	52,100		Hewlett-Packard Co.		2,055,866
	18,600		IBM Corp.		1,709,712
	33,300		Linear Technology Corp.		1,070,262
	115,400	¹	Marvell Technology Group Ltd.		2,381,856
	102,600		Microsoft Corp.		3,009,258
	8,500	¹	NVIDIA Corp.		314,415
	36,700		Texas Instruments, Inc.		1,084,485
			TOTAL		22,335,593
Shares or Principal Amount					Value
			COMMON STOCKS--continued
			Materials--5.6%
	44,100		Praxair, Inc.	$	2,751,840
	14,400		Rio Tinto PLC, ADR		3,090,096
	30,700		Vulcan Materials Co.		2,723,704
			TOTAL		8,565,640
			Telecommunication Services--4.6%
	138,300		AT&T, Inc.		4,689,753
	121,500		Sprint Nextel Corp.		2,370,465
			TOTAL		7,060,218
			Utilities--3.5%
	82,200		Consolidated Edison Co.		3,963,684
	31,700		SCANA Corp.		1,307,942
			TOTAL		5,271,626
			TOTAL COMMON STOCKS (IDENTIFIED COST $125,611,448)		148,251,705
			REPURCHASE AGREEMENT--2.4%
$	3,623,000		Interest in $2,000,000,000 joint repurchase agreement 5.32%, dated 11/30/2006 under which Credit Suisse First Boston LLC will repurchase U.S. Government Agency securities with various maturities to 8/16/2043 for $2,000,295,556 on 12/1/2006. The market value of the underlying securities at the end of the period was $2,060,008,358. (AT COST)		3,623,000
			TOTAL INVESTMENTS--99.9% (IDENTIFIED COST $129,234,448)²		151,874,705
			OTHER ASSETS AND LIABILITIES - NET--0.1%		167,181
			TOTAL NET ASSETS--100%	$	152,041,886

1 Non-income producing security.

2 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of total net assets at November 30, 2006.

The following acronym is used throughout this portfolio:

ADR	- --American Depositary Receipt

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities-Capital Appreciation Core Fund

November 30, 2006

Assets:
Total investments in securities, at value (identified cost $129,234,448)			$	151,874,705
Cash				46
Income receivable				348,437
TOTAL ASSETS				152,223,188
Liabilities:
Payable for investments purchased	$	142,367
Payable for custodian fees		2,579
Payable for transfer and dividend disbursing agent fees and expenses		3,224
Payable for Directors'/Trustees' fees		266
Payable for audit fees		17,733
Payable for portfolio accounting fees		7,088
Accrued expenses		8,045
TOTAL LIABILITIES				181,302
Net assets for 10,899,162 shares outstanding			$	152,041,886
Net Assets Consist of:
Paid-in capital			$	93,950,098
Net unrealized appreciation of investments				22,640,257
Accumulated net realized gain on investments				24,581,937
Undistributed net investment income				10,869,594
TOTAL NET ASSETS			$	152,041,886
Net Asset Value, Offering Price and Redemption Proceeds Per Share
$152,041,886 ÷ 10,899,162 shares outstanding, no par value, unlimited shares authorized				$13.95

See Notes which are an integral part of the Financial Statements

Statement of Operations-Capital Appreciation Core Fund

Year Ended November 30, 2006

Investment Income:
Dividends (net of foreign taxes withheld of $24,257)							$	2,715,533
Interest								256,011
TOTAL INCOME								2,971,544
Expenses:
Administrative personnel and services fee (Note 5)				$	150,000
Custodian fees					14,102
Transfer and dividend disbursing agent fees and expenses					13,960
Directors'/Trustees' fees					6,295
Auditing fees					19,937
Legal fees					8,340
Portfolio accounting fees					70,815
Insurance premiums					6,944
Taxes					67
Miscellaneous					689
TOTAL EXPENSES					291,149
Waiver, Reimbursement and Expense Reduction (Note 5):
Waiver of administrative personnel and services fee	$	(150,000	)
Reimbursement of other operating expenses		(57,297	)
Fees paid indirectly from directed brokerage arrangements		(16,639	)
TOTAL WAIVER, REIMBURSEMENT AND EXPENSE REDUCTION					(223,936	)
Net expenses								67,213
Net investment income								2,904,331
Realized and Unrealized Gain on Investments:
Net realized gain on investments								15,254,940
Net change in unrealized appreciation of investments								5,143,798
Net realized and unrealized gain on investments								20,398,738
Change in net assets resulting from operations							$	23,303,069

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets-Capital Appreciation Core Fund

Year Ended November 30		2006			2005
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	2,904,331		$	3,379,701
Net realized gain on investments		15,254,940			5,684,190
Net change in unrealized appreciation/depreciation of investments		5,143,798			2,406,695
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		23,303,069			11,470,586
Share Transactions:
Withdrawals		(33,400,000	)		(47,150,000	)
Change in net assets		(10,096,931	)		(35,679,414	)
Net Assets:
Beginning of period		162,138,817			197,818,231
End of period (including undistributed net investment income of $10,869,594 and $7,965,263, respectively)	$	152,041,886		$	162,138,817

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements-Capital Appreciation Core Fund

November 30, 2006

1. ORGANIZATION

Capital Appreciation Core Fund (the "Fund") is a diversified portfolio of Federated Core Trust II, L.P. (the "Trust"). The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"). The Trust is a limited partnership that was established under the laws of the State of Delaware on November 13, 2000 and offered only to registered investment companies and other accredited investors. The Trust consists of three portfolios. The financial statements included herein are only those of the Fund. The investment objective of the Fund is to provide capital appreciation.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Market values of the Fund's portfolio securities are determined as follows:

for equity securities, according to the last sale price or official closing price reported in the market in which they are primarily traded (either a national securities exchange or the over-the-counter market), if available;
in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices;
futures contracts and options are generally valued at market values established by the exchanges on which they are traded at the close of trading on such exchanges. Options traded in the over-the-counter market are generally valued according to the mean between the last bid and the last asked price for the option as provided by an investment dealer or other financial institution that deals in the option. The Board of Directors (the "Directors") may determine in good faith that another method of valuing such investments is necessary to appraise their fair market value;
for investments in other open-end regulated investment companies, based on net asset value;
for fixed-income securities, according to prices as furnished by an independent pricing service, except that fixed-income securities with remaining maturities of less than 60 days at the time of purchase are valued at amortized cost; and
for all other securities at fair value as determined in accordance with procedures established by and under the general supervision of the Directors.

Prices for fixed-income securities furnished by a pricing service may be based on a valuation matrix which incorporates both dealer-supplied valuations and electronic data processing techniques. Such prices are generally intended to be indicative of the bid prices currently offered to institutional investors for the securities, except that prices for corporate fixed-income securities traded in the United States are generally intended to be indicative of the mean between such bid prices and asked prices. The Directors have approved the use of such pricing services. A number of pricing services are available, and the Fund may use various pricing services or discontinue the use of any pricing service.

Trading in foreign securities may be completed at times which vary from the closing of the New York Stock Exchange (NYSE). In computing its net asset value, the Fund values foreign securities using the latest closing price on the exchange on which they are traded immediately prior to the closing of the NYSE. Certain foreign currency exchange rates are generally determined at the latest rate prior to the closing of the NYSE. Foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. Events that affect these values and exchange rates may occur between the times at which they are determined and the closing of the NYSE. If such events materially affect the value of portfolio securities, these securities may be valued at their fair value as determined in good faith by the Directors, although the actual calculation may be done by others.

Repurchase Agreements

Investment Income, Expenses and Distributions

Interest income and expenses are accrued daily. Dividend income is recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair value. All net income and gain/loss (realized and unrealized) will be allocated daily to the shareholders based on their capital contributions to the Fund. The Fund does not currently intend to declare and pay distributions.

Premium and Discount Amortization

All premiums and discounts on fixed-income securities are amortized/accreted for financial statement purposes.

Federal Taxes

As a partnership, the Fund is not subject to U.S. federal income tax. Instead, each investor reports separately on its own federal income tax return its allocated portion of the Fund's income, gains, losses, deductions and credits.

When-Issued and Delayed Delivery Transactions

Use of Estimates

Other

Investment transactions are accounted for on a trade date basis. Realized gains and losses from investment transactions are recorded on an identified cost basis.

3. CONTRIBUTIONS/WITHDRAWALS

Transactions in shares were as follows:

Year Ended November 30	2006		2005
Fair value of withdrawals	(2,663,980	)	(4,089,855	)
TOTAL CHANGE RESULTING FROM CONTRIBUTIONS/WITHDRAWALS	(2,663,980	)	(4,089,855	)

4. FEDERAL TAX INFORMATION

At November 30, 2006, the cost of investments for federal tax purposes was $129,234,448. The net unrealized appreciation of investments for federal tax purposes was $22,640,257. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $22,864,973 and net unrealized depreciation from investments for those securities having an excess of cost over value of $224,716.

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Federated Investment Counseling is the Fund's investment adviser (the "Adviser"), subject to the oversight of the Directors. The Adviser provides investment adviser services at no fee. The Adviser may voluntarily choose to reimburse certain operating expenses of the Fund. The Adviser can modify or terminate this voluntary reimbursement at any time at its sole discretion. For the year ended November 30, 2006, the Adviser voluntarily reimbursed $57,297 of other operating expenses.

Administrative Fee

Federated Administrative Services, Inc. (FASI), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. The fee paid to FASI is based on the average aggregate daily net assets of the Trust as specified below:

Maximum Administrative Fee		Average Aggregate Daily Net Assets of the Trust
0.150%		on the first $5 billion
0.125%		on the next $5 billion
0.100%		on the next $10 billion
0.075%		on assets in excess of $20 billion

The administrative fee received during any fiscal year shall be at least $150,000 per portfolio. FASI may voluntarily choose to waive any portion of its fee. FASI can modify or terminate this voluntary waiver at any time at its sole discretion. For the year ended November 30, 2006, FASI voluntarily waived its entire fee.

Expense Reduction

The Fund directs portfolio trades to a broker that in turn pays a portion of the Fund's operating expenses. For the year ended November 30, 2006, the Fund's expenses were reduced by $16,639 under these arrangements.

General

Certain of the Officers and Directors of the Fund are Officers and Directors or Trustees of the above companies.

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for the year ended November 30, 2006, were as follows:

Purchases		$	202,203,628
Sales		$	234,327,157

7. LEGAL PROCEEDINGS

8. RECENT ACCOUNTING PRONOUNCEMENTS

In September 2006, FASB issued Statement on Financial Accounting Standards No. 157, "Fair Value Measurements" (FAS 157) which is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of FAS 157 will have on the Funds' financial statement disclosures.

9. SUBSEQUENT EVENT

Report of Independent Auditors

TO THE BOARD OF DIRECTORS OF FEDERATED CORE TRUST II, L.P. AND SHAREHOLDERS OF CAPITAL APPRECIATION CORE FUND:

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Capital Appreciation Core Fund (the "Fund") (one of the portfolios constituting Federated Core Trust II, L.P.) as of November 30, 2006, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of November 30, 2006, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Capital Appreciation Core Fund, a portfolio of Federated Core Trust II, L.P., at November 30, 2006, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States.

Ernst & Young LLP

Boston, Massachusetts
January 12, 2007

Board of Trustees and Trust Officers

INTERESTED TRUSTEES BACKGROUND


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 TRUSTEE Began serving: November 1993		Principal Occupations : Director or Trustee of the Federated Fund Complex; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Complex's Executive Committee. Previous Positions : Chairman of the Federated Fund Complex; Trustee, Federated Investment Management Company and Chairman and Director, Federated Investment Counseling.

J. Christopher Donahue* Birth Date: April 11, 1949 PRESIDENT AND TRUSTEE Began serving: August 2000		Principal Occupations : Principal Executive Officer and President of the Federated Fund Complex; Director or Trustee of some of the Funds in the Federated Fund Complex; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (Investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions : President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd.


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
Lawrence D. Ellis, M.D.* Birth Date: October 11, 1932 3471 Fifth Avenue Suite 1111 Pittsburgh, PA TRUSTEE Began serving: November 1993		Principal Occupations : Director or Trustee of the Federated Fund Complex; Professor of Medicine, University of Pittsburgh; Medical Director, University of Pittsburgh Medical Center Downtown; Hematologist, Oncologist and Internist, University of Pittsburgh Medical Center. Other Directorships Held : Member, National Board of Trustees, Leukemia Society of America. Previous Positions : Trustee, University of Pittsburgh; Director, University of Pittsburgh Medical Center.

INDEPENDENT TRUSTEES BACKGROUND


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
Thomas G. Bigley Birth Date: February 3, 1934 15 Old Timber Trail Pittsburgh, PA TRUSTEE Began serving: November 1994		Principal Occupation : Director or Trustee of the Federated Fund Complex. Other Directorships Held : Director, Member of Executive Committee, Children's Hospital of Pittsburgh; Director, University of Pittsburgh. Previous Position : Senior Partner, Ernst & Young LLP.

John T. Conroy, Jr. Birth Date: June 23, 1937 Investment Properties Corporation 3838 North Tamiami Trail Suite 402 Naples, FL TRUSTEE Began serving: November 1993		Principal Occupations : Director or Trustee of the Federated Fund Complex; Chairman of the Board, Investment Properties Corporation; Partner or Trustee in private real estate ventures in Southwest Florida. Previous Positions : President, Investment Properties Corporation; Senior Vice President, John R. Wood and Associates, Inc., Realtors; President, Naples Property Management, Inc. and Northgate Village Development Corporation.


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
Nicholas P. Constantakis Birth Date: September 3, 1939 175 Woodshire Drive Pittsburgh, PA TRUSTEE Began serving: January 2000		Principal Occupation : Director or Trustee of the Federated Fund Complex. Other Directorships Held : Director and Member of the Audit Committee, Michael Baker Corporation (engineering and energy services worldwide). Previous Position : Partner, Andersen Worldwide SC.

John F. Cunningham Birth Date: March 5, 1943 353 El Brillo Way Palm Beach, FL TRUSTEE Began serving: January 1999		Principal Occupation : Director or Trustee of the Federated Fund Complex; Director, WinsorTech. Other Directorships Held : Chairman, President and Chief Executive Officer, Cunningham & Co., Inc. (strategic business consulting); Trustee Associate, Boston College. Previous Positions : Director, Redgate Communications and EMC Corporation (computer storage systems); Chairman of the Board and Chief Executive Officer, Computer Consoles, Inc.; President and Chief Operating Officer, Wang Laboratories; Director, First National Bank of Boston; Director, Apollo Computer, Inc.

Peter E. Madden Birth Date: March 16, 1942 One Royal Palm Way 100 Royal Palm Way Palm Beach, FL TRUSTEE Began serving: November 1993		Principal Occupation : Director or Trustee of the Federated Fund Complex. Other Directorships Held : Board of Overseers, Babson College. Previous Positions : Representative, Commonwealth of Massachusetts General Court; President, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange.

Charles F. Mansfield, Jr. Birth Date: April 10, 1945 80 South Road Westhampton Beach, NY TRUSTEE Began serving: January 1999		Principal Occupations : Director or Trustee of the Federated Fund Complex; Management Consultant. Previous Positions : Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly, Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President DVC Group, Inc. (marketing, communications and technology).


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John E. Murray, Jr., J.D., S.J.D. Birth Date: December 20, 1932 Chancellor, Duquesne University Pittsburgh, PA TRUSTEE Began serving: February 1995		Principal Occupations : Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Complex; Chancellor and Law Professor, Duquesne University; Partner, Murray, Hogue & Lannis. Other Directorships Held : Director, Michael Baker Corp. (engineering, construction, operations and technical services). Previous Positions : President, Duquesne University; Dean and Professor of Law, University of Pittsburgh School of Law; Dean and Professor of Law, Villanova University School of Law.

Thomas M. O'Neill Birth Date: June 14, 1951 95 Standish Street P.O. Box 2779 Duxbury, MA TRUSTEE Began serving: October 2006		Principal Occupations : Director or Trustee of the Federated Fund Complex; Managing Director and Partner, Navigator Management Company, L.P. (investment and strategic consulting). Other Directorships Held : Director, Midway Pacific (lumber); Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College. Previous Positions : Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; and Credit Analyst and Lending Officer, Fleet Bank.

Marjorie P. Smuts Birth Date: June 21, 1935 4905 Bayard Street Pittsburgh, PA TRUSTEE Began serving: November 1993		Principal Occupations : Director or Trustee of the Federated Fund Complex; Public Relations/Marketing Consultant/ Conference Coordinator. Previous Positions : National Spokesperson, Aluminum Company of America; television producer; President, Marj Palmer Assoc.; Owner, Scandia Bord.

John S. Walsh Birth Date: November 28, 1957 2604 William Drive Valparaiso, IN TRUSTEE Began serving: January 1999		Principal Occupations : Director or Trustee of the Federated Fund Complex; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Previous Position : Vice President, Walsh & Kelly, Inc.

James F. Will Birth Date: October 12, 1938 Saint Vincent College Latrobe, PA TRUSTEE Began serving: April 2006		Principal Occupations : Director or Trustee of the Federated Fund Complex; Vice Chancellor and President, Saint Vincent College. Other Directorships Held: Alleghany Corporation. Previous Positions: Chairman, President and Chief Executive Officer, Armco, Inc.; President and Chief Executive Officer, Cyclops Industries; President and Chief Operating Officer, Kaiser Steel Corporation.

OFFICERS


Name Birth Date Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years and Previous Position(s)
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Began serving: November 1993		Principal Occupations : Executive Vice President and Secretary of the Federated Fund Complex; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions : Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp.

Richard A. Novak Birth Date: December 25, 1963 TREASURER Began serving: January 2006		Principal Occupations : Principal Financial Officer and Treasurer of the Federated Fund Complex; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. Previous Positions : Controller of Federated Investors, Inc.; Vice President, Finance of Federated Services Company; held various financial management positions within The Mercy Hospital of Pittsburgh; Auditor, Arthur Andersen & Co.

Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Began serving: November 1993		Principal Occupations : Vice Chairman or Vice President of some of the Funds in the Federated Fund Complex; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions : President and Director or Trustee of some of the Funds in the Federated Fund Complex; Executive Vice President, Federated Investors, Inc. and Director and Chief Executive Officer, Federated Securities Corp.

Brian P. Bouda Birth Date: February 28, 1947 SENIOR VICE PRESIDENT AND CHIEF COMPLIANCE OFFICER Began serving: August 2004		Principal Occupations : Senior Vice President and Chief Compliance Officer of the Federated Fund Complex; Vice President and Chief Compliance Officer of Federated Investors, Inc.; and Chief Compliance Officer of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin.


Name Birth Date Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years and Previous Position(s)
Stephen F. Auth Birth Date: September 3, 1956 CHIEF INVESTMENT OFFICER Began serving: November 2002		Principal Occupations : Chief Investment Officer of this Fund and various other Funds in the Federated Fund Complex; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions : Executive Vice President, Federated Investment Management Company, and Passport Research, Ltd. (Investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments.

John W. Harris Birth Date: June 6, 1954 VICE PRESIDENT Began serving: November 1999		John W. Harris has been the Fund's Portfolio Manager since inception. He is Vice President of the Trust. Mr. Harris initially joined Federated in 1987 as an Investment Analyst. He served as an Investment Analyst and an Assistant Vice President from 1990 through 1992 and as a Senior Investment Analyst and Vice President through May 1993. After leaving the money management field to travel extensively, he rejoined Federated in 1997 as a Senior Investment Analyst and became a Portfolio Manager and an Assistant Vice President of the Fund's Adviser in December 1998. Mr. Harris continues to be a Portfolio Manager of certain Federated Funds. In January 2000, Mr. Harris became a Vice President of the Fund's Adviser. Mr. Harris is a Chartered Financial Analyst. He received his M.B.A. from the University of Pittsburgh.

Evaluation and Approval of Advisory Contract

FEDERATED GROWTH ALLOCATION FUND (THE "FUND")

The Fund's performance fell below the median of the relevant peer group for both the one and three year periods ending December 31, 2005. The Board discussed the Fund's performance with the Adviser and recognized the efforts being undertaken by the Adviser. The Board will continue to monitor these efforts and the performance of the Fund.

Voting Proxies on Fund Portfolio Securities

A description of the policies and procedures that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio is available, without charge and upon request, by calling 1-800-341-7400. A report on "Form N-PX" of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available through Federated's website. Got to FederatedInvestors.com, select "Products," select the "Prospectuses and Regulatory Reports" link, then select the Fund to access the link to Form N-PX. This information is also available from the EDGAR database on the SEC's website at www.sec.gov.

Quarterly Portfolio Schedule

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on "Form N-Q." These filings are available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.) You may also access this information from the "Products" section of the Federated Investors website at FederatedInvestors.com by clicking on "Portfolio Holdings" and selecting the name of the Fund, or by selecting the name of the Fund and clicking on "Portfolio Holdings." You must register on the website the first time you wish to access this information.

Federated
World-Class Investment Manager

Federated Growth Allocation Fund
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
Contact us at FederatedInvestors.com
or call 1-800-341-7400.

Federated Securities Corp., Distributor

Cusip 314212200
Cusip 314212101

G00769-01 (1/07)

Federated is a registered mark of Federated Investors, Inc. 2007 (c)Federated Investors, Inc.

Federated
World-Class Investment Manager

Federated Moderate Allocation Fund

A Portfolio of Federated Managed Allocation Portfolios

ANNUAL SHAREHOLDER REPORT

November 30, 2006

Institutional Shares
Select Shares

FINANCIAL HIGHLIGHTS
SHAREHOLDER EXPENSE EXAMPLE
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
PORTFOLIO OF INVESTMENTS SUMMARY TABLE
PORTFOLIO OF INVESTMENTS
STATEMENT OF ASSETS AND LIABILITIES
STATEMENT OF OPERATIONS
STATEMENT OF CHANGES IN NET ASSETS
NOTES TO FINANCIAL STATEMENTS
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
BOARD OF TRUSTEES AND TRUST OFFICERS
EVALUATION AND APPROVAL OF
ADVISORY CONTRACT
VOTING PROXIES ON FUND PORTFOLIO SECURITIES
QUARTERLY PORTFOLIO SCHEDULE

Not FDIC Insured * May Lose Value * No Bank Guarantee

Federated Investors 50 Years of Growth & Innovation

Financial Highlights - Institutional Shares

(For a Share Outstanding Throughout Each Period)

Year Ended November 30	2006	¹		2005			2004			2003			2002
Net Asset Value, Beginning of Period	$12.18			$11.84			$11.17			$9.99			$10.91
Income From Investment Operations:
Net investment income	0.25			0.21			0.19			0.17			0.22
Net realized and unrealized gain (loss) on investments, foreign currency transactions and futures contracts	1.26			0.35			0.72			1.18			(0.95	)
TOTAL FROM INVESTMENT OPERATIONS	1.51			0.56			0.91			1.35			(0.73	)
Less Distributions:
Distributions from net investment income	(0.23	)		(0.22	)		(0.24	)		(0.17	)		(0.19	)
Net Asset Value, End of Period	$13.46			$12.18			$11.84			$11.17			$9.99
Total Return²	12.57	%		4.74	%		8.24	%		13.68	%		(6.76	)%

Ratios to Average Net Assets:
Net expenses	1.09	%		0.97	%		1.03	%		1.20	%		1.09	%
Net investment income	1.94	%		1.70	%		1.64	%		1.69	%		2.16	%
Expense waiver/reimbursement³	0.35	%		0.38	%		0.37	%		0.20	%		0.20	%
Supplemental Data:
Net assets, end of period (000 omitted)	$65,479		$72,298			$88,612			$91,789			$95,288
Portfolio turnover	9	%		7	%		24	%		121	%		23	%

1 For the year ended November 30, 2006, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm.

2 Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. Total returns for periods of less than one year, if any, are not annualized.

3 This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Financial Highlights - Select Shares

(For a Share Outstanding Throughout Each Period)

Year Ended November 30	2006	¹		2005			2004			2003			2002
Net Asset Value, Beginning of Period	$12.15			$11.82			$11.15			$9.96			$10.87
Income From Investment Operation:
Net investment income	0.16			0.12			0.11			0.10			0.15
Net realized and unrealized gain (loss) on investments, foreign currency transactions and futures contracts	1.26			0.34			0.72			1.19			(0.94	)
TOTAL FROM INVESTMENT OPERATIONS	1.42			0.46			0.83			1.29			(0.79	)
Less Distributions:
Distributions from net investment income	(0.14	)		(0.13	)		(0.16	)		(0.10	)		(0.12	)
Net Asset Value, End of Period	$13.43			$12.15			$11.82			$11.15			$9.96
Total Return²	11.81	%		3.93	%		7.50	%³		13.03	%		(7.36	)%

Ratios to Average Net Assets:
Net expenses	1.79	%		1.67	%		1.73	%		1.90	%		1.79	%
Net investment income	1.24	%		1.00	%		0.94	%		0.99	%		1.46	%
Expense waiver/reimbursement⁴	0.44	%		0.45	%		0.42	%		0.25	%		0.25	%
Supplemental Data:
Net assets, end of period (000 omitted)	$43,047		$48,454			$55,954			$56,747			$58,706
Portfolio turnover	9	%		7	%		24	%		121	%		23	%

1 For the year ended November 30, 2006, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm.

3 During the year ended November 30, 2004, the Fund was reimbursed by the Adviser, which had an impact of 0.09% on the total return.

4 This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Shareholder Expense Example

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

	Beginning Account Value 6/1/2006	Ending Account Value 11/30/2006	Expenses Paid During Period¹
Actual:
Institutional Shares	$1,000	$1,103.60	$5.96
Select Shares	$1,000	$1,099.10	$9.63
Hypothetical (assuming a 5% return before expenses):
Institutional Shares	$1,000	$1,019.40	$5.72
Select Shares	$1,000	$1,015.89	$9.25

Institutional Shares		1.13%
Select Shares		1.83%

Management's Discussion of Fund Performance

Federated Moderate Allocation Fund's Institutional Shares and Select Shares had total returns of 12.57% and 11.81%, respectively, based on net asset value, for the one year reporting period ended November 30, 2006. The Standard & Poor's 500 Index (S&P 500)¹ and the Lehman Brothers Aggregate Bond Index (LBAB)² had total returns of 14.23% and 5.94%, respectively.

MARKETS

FUND

The asset allocation of the fund is set relative to a neutral position of 60% in equities and 40% in fixed-income. During the reporting period, the fund benefited from a larger than neutral allocation to stocks that was maintained for the entire period. The benefits from this larger allocation to stocks were greatest during the stock market rally from July to November. The returns of the fund were reduced by this strategy during May and June when stock prices declined. Within the equity portion, the fund maintained a larger than normal allocation to foreign stocks⁴ that increased returns. Relative to their benchmarks, the returns of the stock portion of the fund were positively impacted by the performance of the Capital Appreciation Core Fund and negatively affected by the performance of the Federated International Capital Appreciation Fund.

4 International investing involves special risks including currency risk, increased volatility of foreign securities, political risks and differences in auditing and other financial standards.

GROWTH OF A $25,000 INVESTMENT -- INSTITUTIONAL SHARES

The graph below illustrates the hypothetical investment of $25,000¹ in Federated Moderate Allocation Fund (Institutional Shares) (the "Fund") from November 30, 1996 to November 30, 2006 compared to the Lehman Brothers Aggregate Bond Index (LBAB),² the Standard and Poor's 500 Index (S&P 500)² and the 60% Standard and Poor's 500 Index/40% Lehman Brothers Aggregate Bond Index (60% S&P 500/40% LBAB).²

Average Annual Total Returns for the Period Ended 11/30/2006
1 Year		12.57%
5 Years		6.23%
10 Years		5.73%

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month-end performance and after-tax returns, visit FederatedInvestors.com or call 1-800-341-7400. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of fund shares. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

1 Represents a hypothetical investment of $25,000 in the Fund. The Fund's performance assumes the reinvestment of all dividends and distributions. The LBAB, S&P 500 and the 60% S&P 500/40% LBAB have been adjusted to reflect reinvestment of dividends on securities in the indexes.

2 The LBAB, S&P 500 and the 60% S&P 500/40% LBAB are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission (SEC) requires to be reflected in the Fund's performance. The 60% S&P 500/40% LBAB is a weighted index that combines components of the S&P 500 and the LBAB. Figures shown for the index assume constant weighting of 60% S&P 500 and 40% LBAB throughout the period. The indexes are unmanaged, and unlike the Fund, are not affected by cash flows. It is not possible to invest directly in an index.

GROWTH OF A $10,000 INVESTMENT -- SELECT SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in Federated Moderate Allocation Fund (Select Shares) (the "Fund") from November 30, 1996 to November 30, 2006 compared to the Lehman Brothers Aggregate Bond Index (LBAB),² the Standard & Poor's 500 Index (S&P 500)² and the 60% Standard & Poor's 500 Index/40% Lehman Brothers Aggregate Bond Index (60% S&P 500/40% LBAB).²

Average Annual Total Returns for the Period Ended 11/30/2006
1 Year		11.81%
5 Years		5.52%
10 Years		5.00%

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month-end performance and after-tax returns, visit FederatedInvestors.com or call 1-800-341-7400. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of fund shares. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured.

1 Represents a hypothetical investment of $10,000 in the Fund. The Fund's performance assumes the reinvestment of all dividends and distributions. The LBAB, S&P 500 and the 60% S&P 500/40% LBAB have been adjusted to reflect reinvestment of dividends on securities in the indexes.

2 The LBAB, S&P 500 and the 60% S&P 500/40% LBAB are not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The 60% S&P 500/40% LBAB is a weighted index that combines components of the S&P 500 and the LBAB. Figures shown for the index assume constant weighting of 60% S&P 500 and 40% LBAB throughout the period. The indexes are unmanaged and, unlike the Fund, are not affected by cash flows. It is not possible to invest directly in an index.

Portfolio of Investments Summary Table

At November 30, 2006, the Fund's portfolio composition¹ was as follows:

Asset Class	Percentage of Total Net Assets
Equity Funds	66.1	%
Fixed-Income Funds	32.9	%
Cash Equivalents²	1.0	%
Other Assets and Liabilities--Net³	(0.0	)%
TOTAL	100.0	%

1 See the Fund's Prospectus for a description of the principal types of securities in which the Fund invests.

2 Cash Equivalents include any investments in money market mutual funds and/or overnight repurchase agreements.

3 Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities. Represents less than 0.1%.

Portfolio of Investments

November 30, 2006

Shares or Principal Amount				Value
		MUTUAL FUNDS--99.0%¹
	4,834,656	Capital Appreciation Core Fund	$	67,442,821
	35,394	Emerging Markets Fixed Income Core Fund		732,471
	691,985	Federated Intermediate Corporate Bond Fund, Institutional Shares		6,961,364
	64,864	Federated International Bond Fund, Class A Shares		721,291
	335,344	Federated International Capital Appreciation Fund, Class A Shares		4,289,055
	1,461,906	Federated Mortgage Core Portfolio		14,560,584
	565,627	Federated U.S. Government Bond Fund		6,431,173
	429,878	Federated U.S. Government Securities Fund 2-5 Years, Institutional Shares		4,711,460
	236,226	High Yield Bond Portfolio		1,618,149
		TOTAL MUTUAL FUNDS (IDENTIFIED COST $94,908,531)		107,468,368
		REPURCHASE AGREEMENT--1.0%
$	1,103,000	Interest in $2,000,000,000 joint repurchase agreement 5.32%, dated 11/30/2006 under which Credit Suisse First Boston LLC will repurchase U.S. Government Agency securities with various maturities to 8/16/2043 for $2,000,295,556 on 12/1/2006. The market value of the underlying securities at the end of the period was $2,060,008,358 (AT COST).		1,103,000
		TOTAL INVESTMENTS--100.0% (IDENTIFIED COST $96,011,531)²		108,571,368
		OTHER ASSETS AND LIABILITIES - NET--(0.0)%		(45,907	)
		TOTAL NET ASSETS--100%	$	108,525,461

1 Affiliated companies.

2 The cost of investments for federal tax purposes amounts to $96,270,293.

Note: The categories of investments are shown as a percentage of total net assets at November 30, 2006.

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

November 30, 2006

Assets:
Total investments in securities, at value including $107,468,368 of investments in affiliated issuers (Note 5) (identified cost $96,011,531)			$	108,571,368
Cash				4,706
Income receivable				148,841
Receivable for shares sold				142,545
TOTAL ASSETS				108,867,460
Liabilities:
Payable for shares redeemed	$	236,675
Payable for transfer and dividend disbursing agent fees and expenses		40,710
Payable for portfolio accounting fees		8,887
Payable for distribution services fee (Note 5)		17,630
Payable for shareholder services fee (Note 5)		21,954
Accrued expenses		16,143
TOTAL LIABILITIES				341,999
Net assets for 8,071,759 shares outstanding			$	108,525,461
Net Assets Consist of:
Paid-in capital			$	92,739,398
Net unrealized appreciation of investments and translation of assets and liabilities in foreign currency				12,559,837
Accumulated net realized gain on investments, foreign currency transactions and futures contracts				2,704,144
Undistributed net investment income				522,082
TOTAL NET ASSETS			$	108,525,461
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
$65,478,588 ÷ 4,866,401 shares outstanding, no par value, unlimited shares authorized				$13.46
Select Shares:
$43,046,873 ÷ 3,205,358 shares outstanding, no par value, unlimited shares authorized				$13.43

See Notes which are an integral part of the Financial Statements

Statement of Operations

Year Ended November 30, 2006

Investment Income:
Dividends received from affiliated issuers (Note 5)							$	2,020,346
Interest								60,713
Investment income allocated from affiliated partnerships (Note 5)								1,346,192
TOTAL INCOME								3,427,251
Expenses:
Investment adviser fee (Note 5)				$	848,240
Administrative personnel and services fee (Note 5)					191,666
Custodian fees					8,824
Transfer and dividend disbursing agent fees and expenses					137,552
Directors'/Trustees' fees					4,342
Auditing fees					31,294
Legal fees					8,420
Portfolio accounting fees					54,461
Distribution services fee--Select Shares (Note 5)					341,410
Shareholder services fee--Institutional Shares (Note 5)					140,744
Shareholder services fee--Select Shares (Note 5)					112,273
Share registration costs					30,260
Printing and postage					24,467
Insurance premiums					6,812
Miscellaneous					6,814
EXPENSES BEFORE ALLOCATION					1,947,579
Expenses allocated from affiliated partnerships					40,391
TOTAL EXPENSES					1,987,970
Waivers and Reimbursements (Note 5):
Reimbursement of investment adviser fee	$	(154,601	)
Waiver of administrative personnel and services fee		(33,869	)
Waiver of distribution services fee--Select Shares		(113,803	)
Waiver of shareholder services fee--Institutional Shares		(48,586	)
Reimbursement of other operating expenses		(27,189	)
Reimbursement of shareholder services fee--Institutional Shares		(59,733	)
TOTAL WAIVERS AND REIMBURSEMENTS					(437,781	)
Net expenses								1,550,189
Net investment income								1,877,062

Statement of Operations-continued

Realized and Unrealized Gain on Investments and Foreign Currency Transactions:
Net realized gain on investments from affiliated issuers and foreign currency transactions	$	1,443,120
Net realized gain allocated from affiliated partnerships		6,687,922
Realized gain distributions from affiliated investment company shares		205,965
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency		2,419,548
Net realized and unrealized gain on investments and foreign currency transactions		10,756,555
Change in net assets resulting from operations	$	12,633,617

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

Year Ended November 30		2006			2005
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	1,877,062		$	1,895,304
Net realized gain on investments including allocations from affiliated partnerships and foreign currency transactions		8,131,042			2,716,564
Realized gain distributions from affiliated investment company shares		205,965			102,919
Net change in unrealized appreciation/depreciation of investments and translation of assets and liabilities in foreign currency		2,419,548			1,185,903
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		12,633,617			5,900,690
Distributions to Shareholders:
Distributions from net investment income
Institutional Shares		(1,264,560	)		(1,491,313	)
Select Shares		(530,039	)		(602,641	)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS		(1,794,599	)		(2,093,954	)
Share Transactions:
Proceeds from sale of shares		17,525,165			19,544,500
Net asset value of shares issued to shareholders in payment of distributions declared		1,566,424			1,842,847
Cost of shares redeemed		(42,156,643	)		(49,007,824	)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		(23,065,054	)		(27,620,477	)
Change in net assets		(12,226,036	)		(23,813,741	)
Net Assets:
Beginning of period		120,751,497			144,565,238
End of period (including undistributed net investment income of $522,082 and $434,530, respectively)	$	108,525,461		$	120,751,497

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

November 30, 2006

1. ORGANIZATION

Federated Managed Allocation Portfolios (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust consists of seven portfolios. The financial statements included herein are only those of Federated Moderate Allocation Fund (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The Fund offers two classes of shares: Institutional Shares and Select Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The primary investment objective of the Fund is to seek capital appreciation with income as a secondary objective.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Market values of the Fund's portfolio securities are determined as follows:

for equity securities, according to the last sale price or official closing price reported in the market in which they are primarily traded (either a national securities exchange or the over-the-counter market), if available;
in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices;
futures contracts and options are generally valued at market values established by the exchanges on which they are traded at the close of trading on such exchanges. Options traded in the over-the-counter market are generally valued according to the mean between the last bid and the last asked price for the option as provided by an investment dealer or other financial institution that deals in the option. The Board of Trustees (the "Trustees") may determine in good faith that another method of valuing such investments is necessary to appraise their fair market value;
for mortgage-backed securities, based on the aggregate investment value of the projected cash flows to be generated by the security, as furnished by an independent pricing service;
for investments in other open-end regulated investment companies, based on net asset value;
for other fixed-income securities, according to prices as furnished by an independent pricing service, except that fixed-income securities with remaining maturities of less than 60 days at the time of purchase are valued at amortized cost; and
for all other securities at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees.

Fund		Investment Objective
Federated Intermediate Corporate Bond Fund, Institutional Shares (Intermediate Corporate Bond)		To provide current income.
Federated International Bond Fund, Class A Shares (International Bond)		To obtain total return.
Federated International Capital Appreciation Fund, Class A Shares (International Capital Appreciation)		To provide long-term growth of capital.
Federated Mortgage Core Portfolio (Mortgage Core)		To provide total return.
Federated U.S. Government Securities Fund 2-5 Years, Institutional Shares (Gov 2-5)		To provide current income.
Federated U.S. Government Bond Fund, (Government Bond)		To pursue total return.
High Yield Bond Portfolio (HYCORE)		To seek high current income.

Fund		Investment Objective
Capital Appreciation Core Fund (Capital Core)		To provide capital appreciation.
Emerging Markets Fixed Income Core Fund (EMCORE)		To achieve total return and secondarily to achieve high current income.

Repurchase Agreements

Investment Income, Gain and Losses, Expenses and Distributions

Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income are declared and paid quarterly. Non-cash dividends included in dividend income, if any, are recorded at fair value. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that each class bears certain expenses unique to that class such as distribution and shareholder services fees. Dividends are declared separately for each class. No class has preferential dividend rights, differences in per share dividend rates are generally due to differences in separate class expenses.

Premium and Discount Amortization

All premiums and discounts on fixed-income securities are amortized/accreted for financial statement purposes.

Federal Taxes

When-Issued and Delayed Delivery Transactions

Foreign Exchange Contracts

Foreign exchange contracts outstanding at year end, if any, are listed after the Fund's portfolio of investments.

Foreign Currency Translation

Use of Estimates

Other

Investment transactions are accounted for on a trade date basis. Realized gains and losses from investment transactions are recorded on an identified cost basis.

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

Year Ended November 30	2006					2005
Institutional Shares:	Shares			Amount		Shares			Amount
Shares sold	1,045,920		$	13,070,896		1,144,318		$	13,717,684
Shares issued to shareholders in payment of distributions declared	86,015			1,062,821		105,775			1,271,497
Shares redeemed	(2,203,760	)		(27,435,922	)	(2,796,490	)		(33,603,917	)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(1,071,825	)	$	(13,302,205	)	(1,546,397	)	$	(18,614,736	)

Year Ended November 30	2006					2005
Select Shares:	Shares			Amount		Shares			Amount
Shares sold	357,657		$	4,454,269		487,120		$	5,826,816
Shares issued to shareholders in payment of distributions declared	40,765			503,603		47,565			571,350
Shares redeemed	(1,179,796	)		(14,720,721	)	(1,283,224	)		(15,403,907	)
NET CHANGE RESULTING FROM SELECT SHARE TRANSACTIONS	(781,374	)	$	(9,762,849	)	(748,539	)	$	(9,005,741	)
NET CHANGE RESULTING FROM SHARE TRANSACTIONS	(1,853,199	)	$	(23,065,054	)	(2,294,936	)	$	(27,620,477	)

4. FEDERAL TAX INFORMATION

For the year ended November 30, 2006, permanent differences identified and reclassified among the components of net assets were as follows:

Increase (Decrease)
Paid-In Capital	Undistributed Net Investment Income	Accumulated Net Realized Gains
$164,125	$5,089	$(169,214)

Net investment income, net realized gains, and net assets were not affected by this reclassification.

The tax character of distributions as reported on the Statement of Changes in Net Assets for the years ended November 30, 2006 and 2005, was as follows:

		2006		2005
Ordinary income¹		$1,794,599		$2,093,954

1 For tax purposes short-term capital gain distributions are considered ordinary income distributions.

As of November 30, 2006, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	519,466
Undistributed long term capital gain	$	2,965,522
Net unrealized appreciation	$	12,301,075

The difference between book-basis and tax-basis net unrealized appreciation/depreciation is attributable in part to differing treatments for the deferral of losses on wash sales, defaulted bonds and discount accretion/premium amortization on debt securities.

At November 30, 2006, the cost of investments for federal tax purposes was $96,270,293. The net unrealized appreciation of investments for federal tax purposes was $12,301,075. This consists of net unrealized appreciation from investment for those securities having an excess of value over cost of $12,406,078 and net unrealized depreciation from investments for those securities having an excess of cost over value of $105,003.

The Fund used capital loss carryforwards of $5,209,946 to offset taxable capital gains realized during the year ended November 30, 2006.

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Administrative Fee

Maximum Administrative Fee		Average Aggregate Daily Net Assets of the Federated Funds
0.150%		on the first $5 billion
0.125%		on the next $5 billion
0.100%		on the next $10 billion
0.075%		on assets in excess of $20 billion

The administrative fee received during any fiscal year shall be at least $150,000 per portfolio and $40,000 per each additional class of Shares. For the year ended November 30, 2006, the net fee paid to FAS was 0.138% of average aggregate daily net assets of the Fund.

Distribution Services Fee

The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund's Select Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses of 0.75% of average daily net assets, annually, to compensate FSC. For the year ended November 30, 2006, FSC voluntarily waived $113,803 of its fee. When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the year ended November 30, 2006, FSC retained $764 of fees paid by the Fund.

The Fund may invest in other funds distributed by FSC under the Plan. FSC has agreed to reimburse the Fund for certain distribution fees received by FSC as a result of these transactions. For the year ended November 30, 2006, FSC voluntarily reimbursed $962 of its fee.

Shareholder Services Fee

The Fund may pay fees (Service Fees) up to 0.25% of the average daily net assets of the Fund's Institutional Shares and Select Shares to financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. For the year ended November 30, 2006, FSSC voluntarily waived $48,586 of its fee and voluntarily reimbursed $59,733 of shareholder services fees. For the year ended November 30, 2006, FSSC did not retain any fees paid by the Fund.

The Fund may invest in other funds serviced by FSSC under this Agreement. FSSC has agreed to reimburse the Fund for certain shareholder services fees received by FSSC as a result of these transactions. For the year ended November 30, 2006, FSSC voluntarily reimbursed $26,227 of its fee.

Expense Limitation

The Adviser and its affiliates (which may include FSC, FAS and FSSC) have voluntarily agreed to waive their fees and/or reimburse expenses (including the distribution (12b-1) fee) so that the total operating expenses paid by the Fund's Institutional Shares and Select Shares (after the voluntary waivers and reimbursements) will not exceed 1.20% and 1.90%, respectively, for the fiscal year ending November 30, 2007. Although these actions are voluntary, the Adviser and its affiliates have agreed not to terminate these waivers and/or reimbursements until after January 31, 2008.

General

Certain of the Officers and Trustees of the Fund are Officers and Directors or Trustees of the above companies.

Transactions with Affiliated Companies

Affiliated holdings are mutual funds which are managed by the Adviser or an affiliate of the Adviser. The Adviser has agreed to reimburse the Fund for certain investment adviser fees as a result of transactions in other mutual funds. Transactions with affiliated companies during the year ended November 30, 2006 are as follows:

Affiliates	Balance of Shares Held 11/30/2005	Purchases/ Additions	Sales/ Reductions	Balance of Shares Held 11/30/2006	Value at 11/30/2006	Dividend Income/ Allocated Investment Income
Capital Appreciation Core Fund	5,913,171	- --	1,078,515	4,834,656	$ 67,442,821	$ 1,310,512
Emerging Markets Fixed Income Core Fund	30,899	48,200	43,705	35,394	$ 732,471	$ 35,680
Federated Intermediate Corporate Bond Fund, Institutional Shares	1,007,566	63,893	379,474	691,985	$ 6,961,364	$ 400,560
Federated International Bond Fund, Class A Shares	165,714	49,008	149,858	64,864	$ 721,291	$ 76,726
Federated International Capital Appreciation Fund, Class A Shares	910,545	- --	575,201	335,344	$ 4,289,055	$ 90,144
Federated Mortgage Core Portfolio	1,194,877	423,495	156,466	1,461,906	$ 14,560,584	$ 731,252
Federate U.S. Government Bond Fund	380,898	253,125	68,396	565,627	$ 6,431,173	$ 252,227
Federated U.S. Government Securities Fund 2-5 Years, Institutional Shares	829,935	86,944	487,001	429,878	$ 4,711,460	$ 294,652
High Yield Bond Portfolio	359,346	2,670	125,790	236,226	$ 1,618,149	$ 174,785
TOTAL OF AFFILIATED TRANSACTIONS	10,792,951	927,335	3,064,406	8,655,880	$ 107,468,368	$ 3,366,538

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for the year ended November 30, 2006 were as follows:

Purchases		$	9,914,000
Sales		$	34,514,644

7. RISKS OF INVESTING IN THE UNDERLYING FUNDS

8. LEGAL PROCEEDINGS

9. CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

As indicated above, the Fund has appointed KPMG as the independent registered public accounting firm to audit the Fund's financial statements for the fiscal year ending November 30, 2006. During the Fund's fiscal years ended November 30, 2005 and November 30, 2004 and the interim period commencing December 1, 2005 and ending August 18, 2006, neither the Fund nor anyone on its behalf has consulted KPMG on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Fund's financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a) (1) (iv) of Item 304 of Regulations S-K) or reportable events (as described in paragraph (a) (1) (v) of said Item 304).

10. RECENT ACCOUNTING PRONOUNCEMENTS

11. FEDERAL TAX INFORMATION (UNAUDITED)

For the fiscal year ended November 30, 2006, 69.96% of total income (including short-term capital gain) distributions made by the Fund are qualifying dividends which may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Act of 2003. Complete information is reported in conjunction with the reporting of your distributions on Form 1099-DIV.

Of the ordinary income (including short-term capital gain) distributions made by the Fund during the year ended November 30, 2006, 59.47% qualify for the dividend received deduction available to corporate shareholders.

12. SUBSEQUENT EVENT

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES OF FEDERATED MANAGED ALLOCATION PORTFOLIOS AND THE SHAREHOLDERS OF FEDERATED MODERATE ALLOCATION FUND:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Federated Moderate Allocation Fund (the "Fund"), as of November 30, 2006, and the related statement of operations, the statement of changes in net assets, and the financial highlights for the year then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit. The statement of changes in net assets for the year ended November 30, 2005 and the financial highlights for the periods presented prior to December 1, 2005, were audited by other auditors whose report thereon dated January 23, 2006, expressed an unqualified opinion on those statements.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Federated Moderate Allocation Fund as of November 30, 2006, and the results of its operations, the changes in its net assets and the financial highlights for the year then ended, in conformity with U.S. generally accepted accounting principles.

KPMG LLP

Boston, Massachusetts
January 16, 2007

Board of Trustees and Trust Officers

INTERESTED TRUSTEES BACKGROUND


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 TRUSTEE Began serving: November 1993		Principal Occupations : Director or Trustee of the Federated Fund Complex; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Complex's Executive Committee. Previous Positions : Chairman of the Federated Fund Complex; Trustee, Federated Investment Management Company and Chairman and Director, Federated Investment Counseling.

J. Christopher Donahue* Birth Date: April 11, 1949 PRESIDENT AND TRUSTEE Began serving: August 2000		Principal Occupations : Principal Executive Officer and President of the Federated Fund Complex; Director or Trustee of some of the Funds in the Federated Fund Complex; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (Investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions : President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd.


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
Lawrence D. Ellis, M.D.* Birth Date: October 11, 1932 3471 Fifth Avenue Suite 1111 Pittsburgh, PA TRUSTEE Began serving: November 1993		Principal Occupations : Director or Trustee of the Federated Fund Complex; Professor of Medicine, University of Pittsburgh; Medical Director, University of Pittsburgh Medical Center Downtown; Hematologist, Oncologist and Internist, University of Pittsburgh Medical Center. Other Directorships Held : Member, National Board of Trustees, Leukemia Society of America. Previous Positions : Trustee, University of Pittsburgh; Director, University of Pittsburgh Medical Center.

INDEPENDENT TRUSTEES BACKGROUND


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
Thomas G. Bigley Birth Date: February 3, 1934 15 Old Timber Trail Pittsburgh, PA TRUSTEE Began serving: November 1994		Principal Occupation : Director or Trustee of the Federated Fund Complex. Other Directorships Held : Director, Member of Executive Committee, Children's Hospital of Pittsburgh; Director, University of Pittsburgh. Previous Position : Senior Partner, Ernst & Young LLP.

John T. Conroy, Jr. Birth Date: June 23, 1937 Investment Properties Corporation 3838 North Tamiami Trail Suite 402 Naples, FL TRUSTEE Began serving: November 1993		Principal Occupations : Director or Trustee of the Federated Fund Complex; Chairman of the Board, Investment Properties Corporation; Partner or Trustee in private real estate ventures in Southwest Florida. Previous Positions : President, Investment Properties Corporation; Senior Vice President, John R. Wood and Associates, Inc., Realtors; President, Naples Property Management, Inc. and Northgate Village Development Corporation.


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
Nicholas P. Constantakis Birth Date: September 3, 1939 175 Woodshire Drive Pittsburgh, PA TRUSTEE Began serving: January 2000		Principal Occupation : Director or Trustee of the Federated Fund Complex. Other Directorships Held : Director and Member of the Audit Committee, Michael Baker Corporation (engineering and energy services worldwide). Previous Position : Partner, Andersen Worldwide SC.

John F. Cunningham Birth Date: March 5, 1943 353 El Brillo Way Palm Beach, FL TRUSTEE Began serving: January 1999		Principal Occupation : Director or Trustee of the Federated Fund Complex; Director, WinsorTech. Other Directorships Held : Chairman, President and Chief Executive Officer, Cunningham & Co., Inc. (strategic business consulting); Trustee Associate, Boston College. Previous Positions : Director, Redgate Communications and EMC Corporation (computer storage systems); Chairman of the Board and Chief Executive Officer, Computer Consoles, Inc.; President and Chief Operating Officer, Wang Laboratories; Director, First National Bank of Boston; Director, Apollo Computer, Inc.

Peter E. Madden Birth Date: March 16, 1942 One Royal Palm Way 100 Royal Palm Way Palm Beach, FL TRUSTEE Began serving: November 1993		Principal Occupation : Director or Trustee of the Federated Fund Complex. Other Directorships Held : Board of Overseers, Babson College. Previous Positions : Representative, Commonwealth of Massachusetts General Court; President, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange.

Charles F. Mansfield, Jr. Birth Date: April 10, 1945 80 South Road Westhampton Beach, NY TRUSTEE Began serving: January 1999		Principal Occupations : Director or Trustee of the Federated Fund Complex; Management Consultant. Previous Positions : Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly, Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President DVC Group, Inc. (marketing, communications and technology).


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John E. Murray, Jr., J.D., S.J.D. Birth Date: December 20, 1932 Chancellor, Duquesne University Pittsburgh, PA TRUSTEE Began serving: February 1995		Principal Occupations : Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Complex; Chancellor and Law Professor, Duquesne University; Partner, Murray, Hogue & Lannis. Other Directorships Held : Director, Michael Baker Corp. (engineering, construction, operations and technical services). Previous Positions : President, Duquesne University; Dean and Professor of Law, University of Pittsburgh School of Law; Dean and Professor of Law, Villanova University School of Law.

Thomas M. O'Neill Birth Date: June 14, 1951 95 Standish Street P.O. Box 2779 Duxbury, MA TRUSTEE Began serving: October 2006		Principal Occupations : Director or Trustee of the Federated Fund Complex; Managing Director and Partner, Navigator Management Company, L.P. (investment and strategic consulting). Other Directorships Held : Director, Midway Pacific (lumber); Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College. Previous Positions : Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; and Credit Analyst and Lending Officer, Fleet Bank.

Marjorie P. Smuts Birth Date: June 21, 1935 4905 Bayard Street Pittsburgh, PA TRUSTEE Began serving: November 1993		Principal Occupations : Director or Trustee of the Federated Fund Complex; Public Relations/Marketing Consultant/ Conference Coordinator. Previous Positions : National Spokesperson, Aluminum Company of America; television producer; President, Marj Palmer Assoc.; Owner, Scandia Bord.


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John S. Walsh Birth Date: November 28, 1957 2604 William Drive Valparaiso, IN TRUSTEE Began serving: January 1999		Principal Occupations : Director or Trustee of the Federated Fund Complex; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Previous Position : Vice President, Walsh & Kelly, Inc.

James F. Will Birth Date: October 12, 1938 Saint Vincent College Latrobe, PA TRUSTEE Began serving: April 2006		Principal Occupations : Director or Trustee of the Federated Fund Complex; Vice Chancellor and President, Saint Vincent College. Other Directorships Held : Alleghany Corporation. Previous Positions : Chairman, President and Chief Executive Officer, Armco, Inc.; President and Chief Executive Officer, Cyclops Industries; President and Chief Operating Officer, Kaiser Steel Corporation.

OFFICERS


Name Birth Date Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years and Previous Position(s)
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Began serving: November 1993		Principal Occupations : Executive Vice President and Secretary of the Federated Fund Complex; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions : Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp.

Richard A. Novak Birth Date: December 25, 1963 TREASURER Began serving: January 2006		Principal Occupations : Principal Financial Officer and Treasurer of the Federated Fund Complex; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. Previous Positions : Controller of Federated Investors, Inc.; Vice President, Finance of Federated Services Company; held various financial management positions within The Mercy Hospital of Pittsburgh; Auditor, Arthur Andersen & Co.

Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Began serving: November 1993		Principal Occupations : Vice Chairman or Vice President of some of the Funds in the Federated Fund Complex; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions : President and Director or Trustee of some of the Funds in the Federated Fund Complex; Executive Vice President, Federated Investors, Inc. and Director and Chief Executive Officer, Federated Securities Corp.

Brian P. Bouda Birth Date: February 28, 1947 SENIOR VICE PRESIDENT AND CHIEF COMPLIANCE OFFICER Began serving: August 2004		Principal Occupations : Senior Vice President and Chief Compliance Officer of the Federated Fund Complex; Vice President and Chief Compliance Officer of Federated Investors, Inc.; and Chief Compliance Officer of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin.


Name Birth Date Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years and Previous Position(s)
Stephen F. Auth Birth Date: September 3, 1956 CHIEF INVESTMENT OFFICER Began serving: November 2002		Principal Occupations : Chief Investment Officer of this Fund and various other Funds in the Federated Fund Complex; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions : Executive Vice President, Federated Investment Management Company, and Passport Research, Ltd. (Investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments.

John W. Harris Birth Date: June 6, 1954 VICE PRESIDENT Began serving: November 1999		John W. Harris has been the Fund's Portfolio Manager since inception. He is Vice President of the Trust. Mr. Harris initially joined Federated in 1987 as an Investment Analyst. He served as an Investment Analyst and an Assistant Vice President from 1990 through 1992 and as a Senior Investment Analyst and Vice President through May 1993. After leaving the money management field to travel extensively, he rejoined Federated in 1997 as a Senior Investment Analyst and became a Portfolio Manager and an Assistant Vice President of the Fund's Adviser in December 1998. Mr. Harris continues to be a Portfolio Manager of certain Federated Funds. In January 2000, Mr. Harris became a Vice President of the Fund's Adviser. Mr. Harris is a Chartered Financial Analyst. He received his M.B.A. from the University of Pittsburgh.

Evaluation and Approval of Advisory Contract

FEDERATED MODERATE ALLOCATION FUND (THE "FUND")

The Board considered and weighed these circumstances in light of its substantial accumulated experience in governing the Fund and working with Federated on matters relating to the Federated funds, and was assisted in its deliberations by the advice of independent legal counsel. Throughout the year, the Board has requested and received substantial and detailed information about the Fund and the Federated organization that was in addition to the extensive materials that comprise the Senior Officer's evaluation. Federated provided much of this information at each regular meeting of the Board, and furnished additional reports in connection with the particular meeting at which the Board's formal review of the advisory contract occurred. Between regularly scheduled meetings, the Board has received information on particular matters as the need arose. Thus, the Board's consideration of the advisory contract included review of the Senior Officer's evaluation, accompanying data and additional reports covering such matters as: the Adviser's and subadviser's investment philosophy, revenue, profitability, personnel and processes; investment and operating strategies; the Fund's short- and long-term performance (in absolute terms, both on a gross basis and net of expenses, as well as in relationship to its particular investment program and certain competitor or "peer group" funds and/or other benchmarks, as appropriate), and comments on the reasons for performance; the Fund's investment objectives; the Fund's expenses (including the advisory fee itself and the overall expense structure of the Fund, both in absolute terms and relative to similar and/or competing funds, with due regard for contractual or voluntary expense limitations); the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities (if any); the nature, quality and extent of the advisory and other services provided to the Fund by the Adviser and its affiliates; the preferences and expectations of Fund shareholders and their relative sophistication; the continuing state of competition in the mutual fund industry and market practices; the range of comparable fees for similar funds in the mutual fund industry; the Fund's relationship to the Federated family of funds which include a comprehensive array of funds with different investment objectives, policies and strategies which are available for exchange without the incurrence of additional sales charges; compliance and audit reports concerning the Federated Funds and the Federated companies that service them (including communications from regulatory agencies), as well as Federated's responses to any issues raised therein; and relevant developments in the mutual fund industry and how the Federated Funds and/or Federated are responding to them. The Board's evaluation process is evolutionary. The criteria considered and the emphasis placed on relevant criteria change in recognition of changing circumstances in the mutual fund marketplace.

The Board also received financial information about Federated, including reports on the compensation and benefits Federated derived from its relationships with the Federated Funds. These reports covered not only the fees under the advisory contracts, but also fees received by Federated's subsidiaries for providing other services to the Federated Funds under separate contracts (e.g., for serving as the Federated funds' administrator). The reports also discussed any indirect benefit Federated may derive from its receipt of research services from brokers who execute Federated fund trades as well as waivers of fees and/or reimbursements of expenses. In order for a fund to be competitive in the marketplace, Federated and its affiliates frequently waived fees and/or reimbursed expenses and have indicated to the Board their intention to do so in the future, where appropriate.

The Senior Officer's evaluation also discussed the notion of possible realization of "economies of scale" as a fund grows larger. The Board considered in this regard that the Adviser has made significant additional investments in the portfolio management and distribution efforts supporting all of the Federated Funds and that the benefits of any economies, should they exist, were likely to be enjoyed by the fund complex as a whole. Finally, the Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which is compounded by the lack of any common industry practice or general pattern with respect to structuring fund advisory fees with "breakpoints" that serve to reduce the fee as the fund attains a certain size. The Senior Officer did not recommend institution of breakpoints in pricing Federated's fund advisory services at this time.

Voting Proxies on Fund Portfolio Securities

A description of the policies and procedures that the Fund uses to determine how to vote proxies, if any, relating to securities held in the Fund's portfolio is available, without charge and upon request, by calling 1-800-341-7400. A report on "Form N-PX" of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available through Federated's website. Got to FederatedInvestors.com, select "Products," select the "Prospectuses and Regulatory Reports" link, then select the Fund to access the link to Form N-PX. This information is also available from the EDGAR database on the SEC's website at www.sec.gov.

Quarterly Portfolio Schedule

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on "Form N-Q." These filings are available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.) You may also access this information from the "Products" section of the Federated Investors website at FederatedInvestors.com by clicking on "Portfolio Holdings" and selecting the name of the Fund, or by selecting the name of the Fund and clicking on "Portfolio Holdings." You must register on the website the first time you wish to access this information.

Federated
World-Class Investment Manager

Federated Moderate Allocation Fund
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
Contact us at FederatedInvestors.com
or call 1-800-341-7400.

Federated Securities Corp., Distributor

Cusip 314212606
Cusip 314212507

G00871-01 (1/07)

Federated is a registered mark of Federated Investors, Inc. 2007 (c)Federated Investors, Inc.

Federated
World-Class Investment Manager

Federated Target ETF Fund 2015

Established 2006

A Portfolio of Federated Managed Allocation Portfolios

1ST ANNUAL SHAREHOLDER REPORT

November 30, 2006

Class A Shares
Class K Shares
Institutional Shares

Not FDIC Insured * May Lose Value * No Bank Guarantee

Financial Highlights - Class A Shares

(For a Share Outstanding Throughout the Period)

	Period Ended 11/30/2006	¹
Net Asset Value, Beginning of Period	$10.00
Income From Investment Operations:
Net investment income	0.16	²
Net realized and unrealized gain on investments	0.53
TOTAL FROM INVESTMENT OPERATIONS	0.69
Net Asset Value, End of Period	$10.69
Total Return³	6.90	%

Ratios to Average Net Assets:
Net expenses	0.42	%⁴
Net investment income	2.37	%⁴
Expense waiver/reimbursement⁵	124.62	%⁴
Supplemental Data:
Net assets, end of period (000 omitted)	$332
Portfolio turnover	50	%

1 Reflects operations for the period from April 6, 2006 (date of initial public investment) to November 30, 2006.

2 Per share numbers have been calculated using the average shares method.

4 Computed on an annualized basis.

5 This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Financial Highlights - Class K Shares

(For a Share Outstanding Throughout the Period)

	Period Ended 11/30/2006	¹
Net Asset Value, Beginning of Period	$10.00
Income From Investment Operations:
Net investment income	0.08	²
Net realized and unrealized gain on investments	0.62
TOTAL FROM INVESTMENT OPERATIONS	0.70
Net Asset Value, End of Period	$10.70
Total Return³	7.00	%

Ratios to Average Net Assets:
Net expenses	1.00	%⁴
Net investment income	1.23	%⁴
Expense waiver/reimbursement⁵	124.62	%⁴
Supplemental Data:
Net assets, end of period (000 omitted)	$571
Portfolio turnover	50	%

1 Reflects operations for the period from April 6, 2006 (date of initial public investment) to November 30, 2006.

2 Per share numbers have been calculated using the average shares method.

4 Computed on an annualized basis.

5 This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Financial Highlights - Institutional Shares

(For a Share Outstanding Throughout the Period)

	Period Ended 11/30/2006	¹
Net Asset Value, Beginning of Period	$10.00
Income From Investment Operations:
Net investment income	0.19	²
Net realized and unrealized gain on investments	0.50
TOTAL FROM INVESTMENT OPERATIONS	0.69
Net Asset Value, End of Period	$10.69
Total Return³	6.90	%

Ratios to Average Net Assets:
Net expenses	0.25	%⁴
Net investment income	2.95	%⁴
Expense waiver/reimbursement⁵	124.62	%⁴
Supplemental Data:
Net assets, end of period (000 omitted)	$113
Portfolio turnover	50	%

1 Reflects operations for the period from April 6, 2006 (date of initial public investment) to November 30, 2006.

2 Per share numbers have been calculated using the average shares method.

4 Computed on an annualized basis.

5 This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase or redemption payments; and (2) ongoing costs, including management fees; to the extent applicable, distribution (12b-1) fees and/or shareholder services fees; and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from June 1, 2006 to November 30, 2006.

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase or redemption payments. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account Value 6/1/2006	Ending Account Value 11/30/2006	Expenses Paid During Period¹
Actual:
Class A Shares	$1,000	$1,088.60	$2.15
Class K Shares	$1,000	$1,089.60	$5.24
Institutional Shares	$1,000	$1,088.60	$1.20
Hypothetical (assuming a 5% return before expenses):
Class A Shares	$1,000	$1,023.01	$2.08
Class K Shares	$1,000	$1,020.05	$5.06
Institutional Shares	$1,000	$1,023.92	$1.17

Class A Shares		0.41%
Class K Shares		1.00%
Institutional Shares		0.23%

Management's Discussion of Fund Performance

The Federated Target ETF Fund 2015 Class A Shares, Class K Shares and Institutional Shares had total returns at net asset value, of 6.90%, 7.00% and 6.90%, respectively, for the reporting period beginning with the inception of the fund on April 6, 2006 and ending November 30, 2006. The Standard & Poor's Composite 1500 Index (S&P 1500),¹ the Morgan Stanley Capital International Europe, Australasia and Far East Index (EAFE),² and the Lehman Brothers Aggregate Bond Index (LBAB)³ had total returns of 7.53%, 9.28% and 5.66% respectively.

MARKETS

Stock prices declined during the first three months of the reporting period before rising during the remaining five months. The total return of the S&P 500⁴ from April 6, 2006 to the end of June was (2.55)%, and from July to November was 11.18%. Foreign stock returns,⁵ aided by currency gains, were higher than U.S. stock returns. Total returns for the EAFE index was 9.28% in U.S. dollars and 1.68% in local currency.

1 The S&P Composite 1500 Index is an unmanaged, broad-based capitalization-weighted index of 1500 U.S. companies and is comprised of the S&P 400, S&P 500, and the S&P 600. The index was developed with a base value of 100 as of December 30, 1994. Investments cannot be made directly in an index.

2 MSCI EAFE Index is an unmanaged market capitalization-weighted equity index comprising 20 of the 48 countries in the MSCI universe and representing the developed world outside of North America. Each MSCI country index is created separately, then aggregated, without change, into regional MSCI indices. EAFE performance data is calculated in U.S. dollars and in local currency. Investments cannot be made directly in the index.

3 The Lehman Brothers Aggregate Bond Index is an unmanaged index composed of securities from the Lehman Brothers Government/Corporate Bond Index, Mortgage-Backed Securities Index and the Asset-Backed Securities Index. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. Indices are rebalanced monthly by market capitalization. Investments cannot be made directly in an index.

4 The S&P 500 is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Investments cannot be made in an index.

5 International investing involves special risks including currency risk, increased volatility of foreign securities, political risks, and differences in auditing and other financial standards.

Interest rates rose during the first three months of the reporting period before declining during the final five months. Between April 6, 2006 and June 30, 2006, the average yield to maturity of the LBAB increased from 5.52% to 5.81% before declining to 5.15% on November 30, 2006.

FUND

The asset allocation of the fund is set relative to a neutral position in equities that declines as the target date approaches. During the reporting period, the neutral positions were 58% in equities and 42% in fixed income. The fund benefited from a larger than neutral allocation to stocks that was maintained for the entire reporting period. The benefits from this larger allocation to stocks were greatest during stock market rally from July to November. The returns of the fund were reduced by this strategy during May and June when stock prices declined. Within the equity portion, the fund maintained an allocation to foreign stocks that also increased returns. Within the bond portion,⁶ the fund invested in a single ETF, the Lehman Aggregate Bond Fund.

In addition, the total return of the fund's shares reflects the negative impact of actual cash flows, transaction costs and fees charged by the Exchange Traded Funds and other expenses.

6 Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices.

Due to their strategy of investing in exchange traded funds, these funds may incur certain additional expenses and tax results that would not be present with a direct investment in the underlying funds.

An investment in an exchange-traded fund ("ETF") generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange traded). In addition, ETFs may be subject to the following risks that do not apply to conventional funds: (i) the market price of an ETF's shares may trade above or below their net asset value; (ii) an active trading market for an ETF's shares may not develop or be maintained; or (iii) trading of an ETF's shares may be halted if the listing exchange's officials deem such action appropriate.

GROWTH OF A $10,000 INVESTMENT - CLASS A SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in Federated Target ETF Fund 2015 (Class A Shares) (the "Fund") from April 6, 2006 (start of performance) to November 30, 2006, compared to the Standard and Poor's Composite 1500 Index (S&P 1500)² , the Lehman Brothers Aggregate Bond Index (LBAB)² and the Morgan Stanley Capital International--Europe, Australasia and Far East Index (MSCI EAFE).²

Cumulative Total Return³ for the Period Ended 11/30/2006
Start of Performance (4/6/2006)	1.04%

1. Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 1500, LBAB and MSCI EAFE have been adjusted to reflect reinvestment of dividends on securities in the indexes.

2. The S&P 1500, LBAB and the MSCI EAFE are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission (SEC) requires to be reflected in the Fund's performance. The indexes are unmanaged and, unlike the Fund, are not affected by cashflows. It is not possible to invest directly in an index.

3 Total returns quoted reflect all applicable sales charges.

GROWTH OF A $10,000 INVESTMENT - CLASS K SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in Federated Target ETF Fund 2015 (Class K Shares) (the "Fund") from April 6, 2006 (start of performance) to November 30, 2006, compared to the Standard and Poor's Composite 1500 Index (S&P 1500)² , the Lehman Brothers Aggregate Bond Index (LBAB)² and the Morgan Stanley Capital International--Europe, Australasia and Far East Index (MSCI EAFE).²

Cumulative Total Return for the Period Ended 11/30/2006
Start of Performance (4/6/2006)	7.00%

1. The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 1500, LBAB and the MSCI EAFE have been adjusted to reflect reinvestment of dividends on securities in the indexes.

2 The S&P 1500, LBAB and the MSCI EAFE are not adjusted to reflect sales charges, expenses, or other fees that the SEC requires to be reflected in the Fund's performance. The indexes are unmanaged and, unlike the Fund, are not affected by cashflows. It is not possible to invest directly in an index.

GROWTH OF A $25,000 INVESTMENT - INSTITUTIONAL SHARES

The graph below illustrates the hypothetical investment of $25,000¹ in Federated Target ETF Fund 2015 (Institutional Shares) (the "Fund") from April 6, 2006 (start of performance) to November 30, 2006, compared to the Standard and Poor's Composite 1500 Index (S&P 1500)² , the Lehman Brothers Aggregate Bond Index (LBAB)² and the Morgan Stanley Capital International--Europe, Australasia and Far East Index (MSCI EAFE).²

Cumulative Total Return for the Period Ended 11/30/2006
Start of Performance (4/6/2006)	6.90%

1 The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 1500, LBAB and the MSCI EAFE have been adjusted to reflect reinvestment of dividends on securities in the indexes.

Portfolio of Investments Summary Table

At November 30, 2006, the Fund's portfolio composition¹ was as follows

Asset Class	Percentage of Total Net Assets
Domestic Stock ETF Funds	44.0	%
Fixed Income ETF Funds	34.8	%
Foreign Stock ETF Funds	18.9	%
Cash Equivalents²	10.6	%
Other Assets and Liabilities--Net³	(8.3	)%
TOTAL	100.0	%

1 See the Fund's Prospectus for a description of the principal types of securities in which the Fund invests.

2 Cash Equivalents include investments in money market mutual funds and any investments in overnight repurchase agreements.

3 Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Portfolio of Investments

November 30, 2006

Shares or Principal Amount				Value
		STOCK ETFS--62.9%
		Domestic Stock ETFs--44.0%
	2,785	iShares S&P 500 Index Fund	$	391,989
	445	iShares S&P MidCap 400 Index Fund		36,067
	280	iShares S&P SmallCap 600 Index Fund		18,516
		TOTAL DOMESTIC STOCK ETFS		446,572
		Foreign Stock ETFs--18.9%
	2,650	iShares MSCI EAFE Index Fund		191,993
		TOTAL STOCK ETFS (IDENTIFIED COST $612,492)		638,565
		FIXED INCOME ETFS--34.8%
		Domestic Fixed Income ETFs--34.8%
	3,500	iShares Lehman Aggregate Bond Fund (IDENTIFIED COST $347,770)		353,745
		REPURCHASE AGREEMENTS--10.6%
$	35,000	Interest in $2,000,000,000 joint repurchase agreement 5.32%, dated 11/30/2006, under which Bear Stearns & Co., Inc. will repurchase U.S. Government Agency securities with various maturities to 10/25/2036 for $2,000,295,556 on 12/1/2006. The market value of the underlying securities at the end of the period was $2,060,004,968.		35,000
	38,000	Interest in $2,000,000,000 joint repurchase agreement 5.32%, dated 11/30/2006, under which Credit Suisse First Boston LLC will repurchase U.S. Government Agency securities with various maturities to 8/16/2043 for $2,000,295,556 on 12/1/2006. The market value of the underlying securities at the end of the period was $2,060,008,358.		38,000
	35,000	Interest in $1,800,000,000 joint repurchase agreement 5.32%, dated 11/30/2006, under which ING Financial Markets LLC will repurchase U.S. Treasury and U.S. Government Agency securities with various maturities to 8/20/2036 for $1,800,266,000 on 12/1/2006. The market value of the underlying securities at the end of the period was $1,851,592,288.		35,000
		TOTAL REPURCHASE AGREEMENTS (AT COST)		108,000
		TOTAL INVESTMENTS--108.3% (IDENTIFIED COST $1,068,262)¹		1,100,310
		OTHER ASSETS AND LIABILITIES - NET--(8.3)%		(84,542	)
		TOTAL NET ASSETS--100%	$	1,015,768

1 Also represents cost for federal tax purposes.

Note: The categories of investments are shown as a percentage of total net assets at November 30, 2006.

The following acronym is used throughout this portfolio:

ETFs	- --Exchange Traded Mutual Funds

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

November 30, 2006

Assets:
Investments in securities	$	992,310
Investments in repurchase agreements		108,000
Total investments in securities, at value (identified cost $1,068,262)			$	1,100,310
Cash				435
Income receivable				16
Receivable for shares sold				3,952
TOTAL ASSETS				1,104,713
Liabilities:
Payable for investments purchased		36,978
Payable for transfer agent and dividend disbursing agent fees and expenses		10,048
Payable for auditing fees		16,000
Payable for portfolio accounting fees		10,897
Payable for distribution services fee (Note 5)		303
Payable for shareholder services fee (Note 5)		66
Payable for share registration costs		13,793
Accrued expenses		860
TOTAL LIABILITIES				88,945
Net assets for 94,972 shares outstanding			$	1,015,768
Net Assets Consist of:
Paid-in capital			$	978,166
Net unrealized appreciation of investments				32,048
Accumulated net realized gain on investments				1,033
Undistributed net investment income				4,521
TOTAL NET ASSETS			$	1,015,768
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Class A Shares:
$331,756 ÷ 31,043 shares outstanding, no par value, unlimited shares authorized				$10.69
Offering price per share (100/94.50 of $10.69)¹				$11.31
Redemption proceeds per share				$10.69
Class K Shares:
$571,488 ÷ 53,403 shares outstanding, no par value, unlimited shares authorized				$10.70
Institutional Shares:
$112,524 ÷ 10,526 shares outstanding, no par value, unlimited shares authorized				$10.69

1 See "What Do Shares Cost?" in the Prospectus.

See Notes which are an integral part of the Financial Statements

Statement of Operations

Period Ended November 30, 2006¹

Investment Income:
Dividends							$	3,651
Interest								2,228
TOTAL INCOME								5,879
Expenses:
Investment adviser fee (Note 5)				$	548
Administrative personnel and services fee (Note 5)					149,972
Custodian fees					1,976
Transfer and dividend disbursing agent fees and expenses					9,874
Transfer and dividend disbursing agent recordkeeping fees--Class K Shares					232
Auditing fees					16,000
Legal fees					230
Portfolio accounting fees					19,448
Distribution services fee--Class K Shares (Note 5)					465
Shareholder services fee--Class A Shares (Note 5)					102
Share registration costs					60,074
Printing and postage					7,827
Insurance premiums					6,075
Miscellaneous					1,924
TOTAL EXPENSES					274,747
Waivers and Reimbursement (Note 5):
Waiver of investment adviser fee	$	(548	)
Waiver of administrative personnel and services fee		(29,341	)
Reimbursement of other operating expenses		(243,500	)
TOTAL WAIVERS AND REIMBURSEMENT					(273,389	)
Net expenses								1,358
Net investment income								4,521
Realized and Unrealized Gain on Investments:
Net realized gain on investments								1,033
Net change in unrealized appreciation of investments								32,048
Net realized and unrealized gain on investments								33,081
Change in net assets resulting from operations							$	37,602

1 Reflects operations for the period from April 6, 2006 (date of initial public investment) to November 30, 2006.

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

	Period Ended 11/30/2006		¹
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	4,521
Net realized gain on investments		1,033
Net change in unrealized appreciation of investments		32,048
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		37,602
Share Transactions:
Proceeds from sale of shares		1,194,853
Cost of shares redeemed		(216,687	)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		978,166
Change in net assets		1,015,768
Net Assets:
Beginning of period		- --
End of period (including undistributed net investment income of $4,521)	$	1,015,768

1 Reflects operations for the period from April 6, 2006 (date of initial public investment) to November 30, 2006.

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

November 30, 2006

1. ORGANIZATION

Federated Managed Allocation Portfolios (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust consists of seven portfolios. The financial statements included herein are only those of Federated Target ETF Fund 2015 (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The Fund offers three classes of shares: Class A Shares, Class K Shares and Institutional Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to seek capital appreciation and current income consistent with its current asset allocation which will emphasize a decreasing allocation to equity securities as the Fund's target year approaches.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Market values of the Fund's portfolio securities are determined as follows:

for equity securities (including shares of ETFs), according to the last sale price or official closing price reported in the market in which they are primarily traded (either a national securities exchange or the over-the-counter market), if available;
in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices;
futures contracts and options are generally valued at market values established by the exchanges on which they are traded at the close of trading on such exchanges. Options traded in the over-the-counter market are generally valued according to the mean between the last bid and the last asked price for the option as provided by an investment dealer or other financial institution that deals in the option. The Board of Trustees (the "Trustees") may determine in good faith that another method of valuing such investments is necessary to appraise their fair market value;
for mortgage-backed securities, based on the aggregate investment value of the projected cash flows to be generated by the security, as furnished by an independent pricing service;
for investments in other open-end regulated investment companies, based on net asset value;
for other fixed-income securities, according to prices as furnished by an independent pricing service, except that fixed-income securities with remaining maturities of less than 60 days at the time of purchase are valued at amortized cost; and
for all other securities at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees.

Repurchase Agreements

Investment Income, Gains and Losses, Expenses and Distributions

Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared and paid quarterly. Non-cash dividends included in dividend income, if any, are recorded at fair value. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that Class A and Class K Shares bear distribution and shareholder services fees unique to those classes and Class K Shares bear certain transfer and dividend disbursing agent fees unique to that class. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Premium and Discount Amortization

All premiums and discounts on fixed-income securities are amortized/accreted for financial statement purposes.

Federal Taxes

When-Issued and Delayed Delivery Transactions

Use of Estimates

Other

Investment transactions are accounted for on a trade date basis. Realized gains and losses from investment transactions are recorded on an identified cost basis.

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

Period Ended November 30	2006¹
Class A Shares:	Shares			Amount
Shares sold	32,131		$	332,211
Shares redeemed	(1,088	)		(10,743	)
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS	31,043		$	321,468

Period Ended November 30	2006¹
Class K Shares:	Shares			Amount
Shares sold	72,659		$	757,006
Shares redeemed	(19,256	)		(205,848	)
NET CHANGE RESULTING FROM CLASS K SHARE TRANSACTIONS	53,403		$	551,158

Period Ended November 30	2006¹
Institutional Shares:	Shares			Amount
Shares sold	10,536		$	105,636
Shares redeemed	(10	)		(96	)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	10,526		$	105,540
NET CHANGE RESULTING FROM SHARE TRANSACTIONS	94,972		$	978,166

1 Reflects operations for the period from April 6, 2006 (date of initial public investment) to November 30, 2006.

4. FEDERAL TAX INFORMATION

As of November 30, 2006, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income¹		$	5,554
Net unrealized appreciation		$	32,048

1 For tax purposes, short-term capital gains are considered ordinary income.

At November 30, 2006, the cost of investments for federal tax purposes was $1,068,262. The unrealized appreciation of investments for federal tax purposes was $32,048.

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Federated Equity Management Company of Pennsylvania, the Fund's investment adviser (the "Adviser"), receives for its services an annual investment adviser fee equal to 0.25% of the Fund's average daily net assets. For the period ended November 30, 2006, the Adviser voluntarily waived $548 of its fee and voluntarily reimbursed $243,500 of other operating expenses.

Administrative Fee

Maximum Administrative Fee		Average Aggregate Daily Net Assets of the Federated Funds
0.150%		on the first $5 billion
0.125%		on the next $5 billion
0.100%		on the next $10 billion
0.075%		on assets in excess of $20 billion

Distribution Services Fee

Share Class Name		Percentage of Average Daily Net Assets of Class
Class A Shares		0.25%
Class K Shares		0.50%

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the period ended November 30, 2006, FSC retained $233 of fees paid by the Fund. For the period ended November 30, 2006, the Fund's Class A Shares did not incur a distribution services fee.

Sales Charges

For the period ended November 30, 2006, FSC did not retain sales charges from the sale of Class A Shares. See "What Do Shares Cost?" in the Prospectus.

Shareholder Services Fee

The Fund may pay fees (Service Fees) up to 0.25% of the average daily net assets of the Fund's Class A Shares to financial intermediaries or to Federated Shareholder Services Company (FSSC) for providing services to shareholders and maintaining shareholder accounts. For the period ended November 30, 2006, FSSC did not receive any fees paid by the Fund.

Expense Limitation

The Adviser and its affiliates (which may include FSC, FAS and FSSC) have voluntarily agreed to waive their fees and /or reimburse expenses (including the distribution (12b-1) fee) so that the total operating expenses paid by the Fund's Class A Shares, Class K Shares and Institutional Shares (after the voluntary waivers and reimbursements) will not exceed 0.60%, 1.00% and 0.35%, respectively, for the fiscal year ending November 30, 2007. Although these actions are voluntary, the Adviser and its affiliates have agreed not to terminate these waivers and/or reimbursements until after January 31, 2008.

General

Certain of the Officers and Trustees of the Fund are Officers and Directors or Trustees of the above companies.

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for the period ended November 30, 2006, were as follows:

Purchases		$	1,143,295
Sales		$	184,067

7. RISKS OF INVESTING IN THE UNDERLYING ETF FUNDS

Each of the underlying ETF funds in which the Fund invests has its own investment risks, and those risks can affect the value of the Fund's investments and therefore the value of the Fund's shares. To the extent that the Fund invests more of its assets in one underlying ETF fund than in another, the Fund will have greater exposure to the risks of that underlying ETF fund.

8. LEGAL PROCEEDINGS

9. CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

As indicated above, the Fund has appointed KPMG as the independent registered public accounting firm to audit the Fund's financial statements for the fiscal year ending November 30, 2006. During the Fund's interim period commencing April 6, 2006 (date of initial public investment) and ending August 18, 2006, neither the Fund nor anyone on its behalf has consulted KPMG on items which: (i) concerned the application of accounting principles to a specific transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Fund's financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a) (1) (iv) of Item 304 of Regulations S-K) or reportable events (as described in paragraph (a) (1) (v) of said Item 304).

10. RECENT ACCOUNTING PRONOUNCEMENTS

In addition, in September 2006, FASB issued Statement on Financial Accounting Standards No. 157 , " Fair Value Measurements " (FAS 157) which is effective for fiscal years beginning after November 15, 2007. FAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of FAS 157 will have on the Funds' financial statement disclosures.

11. SUBSEQUENT EVENT

On December 21, 2006, the Fund entered into a $150,000,000 unsecured, uncommitted discretionary line of credit (LOC) with PNC Bank. The LOC was made available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 0.65% over the federal funds rate.

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES OF FEDERATED MANAGED ALLOCATION PORTFOLIOS AND THE SHAREHOLDERS OF FEDERATED TARGET ETF FUND 2015:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Federated Target ETF Fund 2015 (the "Fund"), as of November 30, 2006, and the related statement of operations, the statement of changes in net assets, and the financial highlights for the period from April 6, 2006 (inception date) to November 30, 2006. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2006 by correspondence with the custodian and brokers, or by other appropriate audit procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights for the period then ended present fairly, in all material respects, the financial position of the Federated Target ETF Fund 2015 as of November 30, 2006, and the results of its operations, the changes in its net assets and the financial highlights for the period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG LLP

Boston, Massachusetts
January 16, 2007

Board of Trustees and Trust Officers

INTERESTED TRUSTEES BACKGROUND


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 TRUSTEE Began serving: November 1993		Principal Occupations : Director or Trustee of the Federated Fund Complex; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Complex's Executive Committee. Previous Positions : Chairman of the Federated Fund Complex; Trustee, Federated Investment Management Company and Chairman and Director, Federated Investment Counseling.

J. Christopher Donahue* Birth Date: April 11, 1949 PRESIDENT AND TRUSTEE Began serving: August 2000		Principal Occupations : Principal Executive Officer and President of the Federated Fund Complex; Director or Trustee of some of the Funds in the Federated Fund Complex; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (Investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions : President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd.


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
Lawrence D. Ellis, M.D.* Birth Date: October 11, 1932 3471 Fifth Avenue Suite 1111 Pittsburgh, PATRUSTEE Began serving: November 1993		Principal Occupations : Director or Trustee of the Federated Fund Complex; Professor of Medicine, University of Pittsburgh; Medical Director, University of Pittsburgh Medical Center Downtown; Hematologist, Oncologist and Internist, University of Pittsburgh Medical Center. Other Directorships Held : Member, National Board of Trustees, Leukemia Society of America. Previous Positions : Trustee, University of Pittsburgh; Director, University of Pittsburgh Medical Center.

INDEPENDENT TRUSTEES BACKGROUND


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
Thomas G. Bigley Birth Date: February 3, 1934 15 Old Timber Trail Pittsburgh, PA TRUSTEE Began serving: November 1994		Principal Occupation : Director or Trustee of the Federated Fund Complex. Other Directorships Held : Director, Member of Executive Committee, Children's Hospital of Pittsburgh; Director, University of Pittsburgh. Previous Position : Senior Partner, Ernst & Young LLP.

John T. Conroy, Jr. Birth Date: June 23, 1937 Investment Properties Corporation 3838 North Tamiami Trail Suite 402 Naples, FL TRUSTEE Began serving: November 1993		Principal Occupations : Director or Trustee of the Federated Fund Complex; Chairman of the Board, Investment Properties Corporation; Partner or Trustee in private real estate ventures in Southwest Florida. Previous Positions : President, Investment Properties Corporation; Senior Vice President, John R. Wood and Associates, Inc., Realtors; President, Naples Property Management, Inc. and Northgate Village Development Corporation.


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
Nicholas P. Constantakis Birth Date: September 3, 1939 175 Woodshire Drive Pittsburgh, PA TRUSTEE Began serving: January 2000		Principal Occupation : Director or Trustee of the Federated Fund Complex. Other Directorships Held : Director and Member of the Audit Committee, Michael Baker Corporation (engineering and energy services worldwide). Previous Position : Partner, Andersen Worldwide SC.

John F. Cunningham Birth Date: March 5, 1943 353 El Brillo Way Palm Beach, FL TRUSTEE Began serving: January 1999		Principal Occupation : Director or Trustee of the Federated Fund Complex; Director, WinsorTech. Other Directorships Held : Chairman, President and Chief Executive Officer, Cunningham & Co., Inc. (strategic business consulting); Trustee Associate, Boston College. Previous Positions : Director, Redgate Communications and EMC Corporation (computer storage systems); Chairman of the Board and Chief Executive Officer, Computer Consoles, Inc.; President and Chief Operating Officer, Wang Laboratories; Director, First National Bank of Boston; Director, Apollo Computer, Inc.

Peter E. Madden Birth Date: March 16, 1942 One Royal Palm Way 100 Royal Palm Way Palm Beach, FL TRUSTEE Began serving: November 1993		Principal Occupation : Director or Trustee of the Federated Fund Complex. Other Directorships Held : Board of Overseers, Babson College. Previous Positions : Representative, Commonwealth of Massachusetts General Court; President, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange.

Charles F. Mansfield, Jr. Birth Date: April 10, 1945 80 South Road Westhampton Beach, NY TRUSTEE Began serving: January 1999		Principal Occupations : Director or Trustee of the Federated Fund Complex; Management Consultant. Previous Positions : Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly, Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President DVC Group, Inc. (marketing, communications and technology).


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John E. Murray, Jr., J.D., S.J.D. Birth Date: December 20, 1932 Chancellor, Duquesne University Pittsburgh, PA TRUSTEE Began serving: February 1995		Principal Occupations : Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Complex; Chancellor and Law Professor, Duquesne University; Partner, Murray, Hogue & Lannis. Other Directorships Held : Director, Michael Baker Corp. (engineering, construction, operations and technical services). Previous Positions : President, Duquesne University; Dean and Professor of Law, University of Pittsburgh School of Law; Dean and Professor of Law, Villanova University School of Law.

Thomas M. O'Neill Birth Date: June 14, 1951 95 Standish Street P.O. Box 2779 Duxbury, MA TRUSTEE Began serving: October 2006		Principal Occupations : Director or Trustee of the Federated Fund Complex; Managing Director and Partner, Navigator Management Company, L.P. (investment and strategic consulting). Other Directorships Held : Director, Midway Pacific (lumber); Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College. Previous Positions : Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; and Credit Analyst and Lending Officer, Fleet Bank.

Marjorie P. Smuts Birth Date: June 21, 1935 4905 Bayard Street Pittsburgh, PA TRUSTEE Began serving: November 1993		Principal Occupations : Director or Trustee of the Federated Fund Complex; Public Relations/Marketing Consultant/Conference Coordinator. Previous Positions : National Spokesperson, Aluminum Company of America; television producer; President, Marj Palmer Assoc.; Owner, Scandia Bord.

John S. Walsh Birth Date: November 28, 1957 2604 William Drive Valparaiso, IN TRUSTEE Began serving: January 1999		Principal Occupations : Director or Trustee of the Federated Fund Complex; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Previous Position : Vice President, Walsh & Kelly, Inc.


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
James F. Will Birth Date: October 12, 1938 Saint Vincent College Latrobe, PA TRUSTEE Began serving: April 2006		Principal Occupations : Director or Trustee of the Federated Fund Complex; Vice Chancellor and President, Saint Vincent College. Other Directorships Held : Alleghany Corporation. Previous Positions : Chairman, President and Chief Executive Officer, Armco, Inc.; President and Chief Executive Officer, Cyclops Industries; President and Chief Operating Officer, Kaiser Steel Corporation.

OFFICERS


Name Birth Date Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years and Previous Position(s)
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Began serving: November 1993		Principal Occupations : Executive Vice President and Secretary of the Federated Fund Complex; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions : Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp.

Richard A. Novak Birth Date: December 25, 1963 TREASURER Began serving: January 2006		Principal Occupations : Principal Financial Officer and Treasurer of the Federated Fund Complex; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. Previous Positions : Controller of Federated Investors, Inc.; Vice President, Finance of Federated Services Company; held various financial management positions within The Mercy Hospital of Pittsburgh; Auditor, Arthur Andersen & Co.

Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Began serving: November 1993		Principal Occupations : Vice Chairman or Vice President of some of the Funds in the Federated Fund Complex; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions : President and Director or Trustee of some of the Funds in the Federated Fund Complex; Executive Vice President, Federated Investors, Inc. and Director and Chief Executive Officer, Federated Securities Corp.


Name Birth Date Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years and Previous Position(s)
Brian P. Bouda Birth Date: February 28, 1947 SENIOR VICE PRESIDENT AND CHIEF COMPLIANCE OFFICER Began serving: August 2004		Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Complex; Vice President and Chief Compliance Officer of Federated Investors, Inc.; and Chief Compliance Officer of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin.

Stephen F. Auth Birth Date: September 3, 1956 CHIEF INVESTMENT OFFICER Began serving: November 2002		Principal Occupations : Chief Investment Officer of this Fund and various other Funds in the Federated Fund Complex; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions : Executive Vice President, Federated Investment Management Company, and Passport Research, Ltd. (Investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments.

John W. Harris Birth Date: June 6, 1954 VICE PRESIDENT Began serving: November 1999		John W. Harris has been the Fund's Portfolio Manager since inception. He is Vice President of the Trust. Mr. Harris initially joined Federated in 1987 as an Investment Analyst. He served as an Investment Analyst and an Assistant Vice President from 1990 through 1992 and as a Senior Investment Analyst and Vice President through May 1993. After leaving the money management field to travel extensively, he rejoined Federated in 1997 as a Senior Investment Analyst and became a Portfolio Manager and an Assistant Vice President of the Fund's Adviser in December 1998. Mr. Harris continues to be a Portfolio Manager of certain Federated Funds. In January 2000, Mr. Harris became a Vice President of the Fund's Adviser. Mr. Harris is a Chartered Financial Analyst. He received his M.B.A. from the University of Pittsburgh.

Evaluation and Approval of Advisory Contract

FEDERATED TARGET ETF FUND: 2015 (THE "FUND")

The Fund's Board reviewed the Fund's investment advisory contract and subadvisory contracts at meetings held in May 2006. The Board's decision to approve these contracts reflects the exercise of its business judgment on whether to authorize the creation and offering of this new investment vehicle, as proposed by, and based on information provided by, the Federated organization, and based on Federated's recommendation to go forward with development of the Fund.

The Board also considered the anticipated compensation and benefits to be received by the Adviser and subadviser. This includes fees to be received for services provided to the Fund by other entities in the Federated organization and research services that may be received by the Adviser from brokers that execute fund trades, as well as advisory fees. The Board is also familiar with judicial decisions concerning allegedly excessive investment advisory fees which have indicated that the following factors may be relevant to an Adviser's fiduciary duty with respect to its receipt of compensation from a fund: the nature and quality of the services provided by the Adviser, including the performance of the Fund; the Adviser's cost of providing the services; the extent to which the Adviser may realize "economies of scale" as the Fund grows larger; any indirect benefits that may accrue to the Adviser and its affiliates as a result of the Adviser's relationship with the Fund; performance and expenses of comparable funds; and the extent to which the independent Board members are fully informed about all facts the Board deems relevant bearing on the Adviser's services and fees. The Board further considered management fees (including any components thereof) charged to institutional and other clients of the Adviser for like services and costs to the Adviser and its affiliates of supplying services pursuant to the management fee agreements, excluding any intra-corporate profit and profit margins of the Adviser and its affiliates from supplying such services. The Board was aware of these considerations and was guided by them in its review of the Fund's advisory contract to the extent they are appropriate and relevant, as discussed further below.

The Board considered and weighed these circumstances in light of its substantial accumulated experience in working with Federated on matters relating to other Federated funds, and was assisted in its deliberations by the advice of independent legal counsel. The Board's consideration of the advisory contract included review of the Senior Officer's evaluation, accompanying data and additional reports covering such matters as: the Adviser's and subadviser's investment philosophy, revenue, profitability, personnel and processes; investment and operating strategies; the Fund's investment objectives; the Fund's expenses (including the advisory fee itself and the overall expense structure of the Fund, both in absolute terms and relative to similar and/or competing funds, with due regard for contractual or voluntary expense limitations); the nature, quality and extent of the advisory and other services to be provided to the Fund by the Adviser and its affiliates; the preferences and expectations of Fund shareholders and their relative sophistication; the continuing state of competition in the mutual fund industry and market practices; the range of comparable fees for similar funds in the mutual fund industry; the Fund's relationship to the Federated family of funds which include a comprehensive array of funds with different investment objectives, policies and strategies which are available for exchange without the incurrence of additional sales charges; compliance and audit reports concerning the Federated Funds and the Federated companies that service them (including communications from regulatory agencies), as well as Federated's responses to any issues raised therein; and relevant developments in the mutual fund industry and how the Federated Funds and/or Federated are responding to them. The Board's evaluation process is evolutionary. The criteria considered and the emphasis placed on relevant criteria change in recognition of changing circumstances in the mutual fund marketplace.

Because the Board was considering the advisory contract in the context of Federated's proposal to create a new fund, the factors mentioned above relating to such matters as any indirect benefits that may accrue to the Adviser and its affiliates as a result of the Adviser's relationship with the Fund, are essentially impossible to apply before the Fund has experienced any meaningful operating history. Nevertheless, in connection with the Board's governance of other Federated funds, it should be noted that the Board regularly receives financial information about Federated, including reports on the compensation and benefits Federated derives from its relationships with the other Federated Funds. These reports cover not only the fees under the advisory contracts, but also fees received by Federated's subsidiaries for providing other services to the Federated funds under separate contracts (e.g., for serving as the Federated funds' administrator). The reports also discuss any indirect benefit Federated may derive from its receipt of research services from brokers who execute Federated fund trades, as well as waivers of fees and/or reimbursements of expenses. In order for a fund to be competitive in the marketplace, Federated and its affiliates frequently waive fees and/or reimburse expenses and have indicated to the Board their intention to do so in the future, where appropriate.

The Board based its decision to approve the advisory contract on the totality of the circumstances and relevant factors, and with a view to past and future long-term considerations. As noted, not all of the factors and considerations identified above were relevant to the Fund, nor does the Board consider any one of them to be determinative. With respect to the factors that are relevant, the Board's decision to approve the contract reflects its determination that, based upon the information requested and supplied, Federated's proposal to establish and manage the Fund, and its past performance and actions in providing services to other mutual funds, provide a satisfactory basis to support the business decision to approve the proposed arrangements.

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Federated
World-Class Investment Manager

Federated Target ETF Fund 2015
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
Contact us at FederatedInvestors.com
or call 1-800-341-7400.

Federated Securities Corp., Distributor

Cusip 314212853
Cusip 314212838
Cusip 314212846

36069 (1/07)

Federated is a registered mark of Federated Investors, Inc. 2007 (c)Federated Investors, Inc.

Federated
World-Class Investment Manager

Federated Target ETF Fund 2025

A Portfolio of Federated Managed Allocation Portfolios

1ST ANNUAL SHAREHOLDER REPORT

November 30, 2006

Class A Shares
Class K Shares
Institutional Shares

Not FDIC Insured * May Lose Value * No Bank Guarantee

Financial Highlights - Class A Shares

(For a Share Outstanding Throughout the Period)

	Period Ended 11/30/2006	¹
Net Asset Value, Beginning of Period	$10.00
Income From Investment Operations:
Net investment income	0.13	²
Net realized and unrealized gain on investments	0.70
TOTAL FROM INVESTMENT OPERATIONS	0.83
Net Asset Value, End of Period	$10.83
Total Return³	8.30	%

Ratios to Average Net Assets:
Net expenses	0.40	%⁴
Net investment income	2.02	%⁴
Expense waiver/reimbursement⁵	106.21	%⁴
Supplemental Data:
Net assets, end of period (000 omitted)	$765
Portfolio turnover	2	%

1 Reflects operations for the period from April 6, 2006 (date of initial public investment) to November 30, 2006.

2 Per share numbers have been calculated using the average shares method.

4 Computed on an annualized basis.

5 This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Financial Highlights - Class K Shares

(For a Share Outstanding Throughout the Period)

	Period Ended 11/30/2006	¹
Net Asset Value, Beginning of Period	$10.00
Income From Investment Operations:
Net investment income	0.08	²
Net realized and unrealized gain on investments	0.72
TOTAL FROM INVESTMENT OPERATIONS	0.80
Net Asset Value, End of Period	$10.80
Total Return³	8.00	%

Ratios to Average Net Assets:
Net expenses	1.00	%⁴
Net investment income	1.24	%⁴
Expense waiver/reimbursement⁵	106.21	%⁴
Supplemental Data:
Net assets, end of period (000 omitted)	$323
Portfolio turnover	2	%

1 Reflects operations for the period from April 6, 2006 (date of initial public investment) to November 30, 2006.

2 Per share numbers have been calculated using the average shares method.

4 Computed on an annualized basis.

5 This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Financial Highlights - Institutional Shares

(For a Share Outstanding Throughout the Period)

	Period Ended 11/30/2006	¹
Net Asset Value, Beginning of Period	$10.00
Income From Investment Operations:
Net investment income	0.14	²
Net realized and unrealized gain on investments	0.69
TOTAL FROM INVESTMENT OPERATIONS	0.83
Net Asset Value, End of Period	$10.83
Total Return³	8.30	%

Ratios to Average Net Assets:
Net expenses	0.25	%⁴
Net investment income	2.13	%⁴
Expense waiver/reimbursement⁵	106.21	%⁴
Supplemental Data:
Net assets, end of period (000 omitted)	$420
Portfolio turnover	2	%

1 Reflects operations for the period from April 6, 2006 (date of initial public investment) to November 30, 2006.

2 Per share numbers have been calculated using the average shares method.

4 Computed on an annualized basis.

5 This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Shareholder Expense Example

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase or redemption payments. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account Value 6/1/2006	Ending Account Value 11/30/2006	Expenses Paid During Period¹
Actual:
Class A Shares	$1,000	$1,101.70	$2.05
Class K Shares	$1,000	$1,098.70	$5.26
Institutional Shares	$1,000	$1,101.70	$1.26
Hypothetical (assuming a 5% return before expenses):
Class A Shares	$1,000	$1,023.11	$1.98
Class K Shares	$1,000	$1,020.05	$5.06
Institutional Shares	$1,000	$1,023.87	$1.22

Class A Shares		0.39%
Class K Shares		1.00%
Institutional Shares		0.24%

Management's Discussion of Fund Performance

The Federated Target ETF Fund 2025 Class A Shares, Class K Shares, and Institutional Shares had total returns at net asset value of 8.30%, 8.00% and 8.30%, respectively, for the reporting period beginning with the inception of the fund on April 6, 2006 and ending November 30, 2006. The Standard & Poor's Composite 1500 Index (S&P 1500),¹ the Morgan Stanley Capital International Europe, Australasia and Far East Index (EAFE)² and the Lehman Brothers Aggregate Bond Index (LBAB)³ had total returns of 7.53%, 9.28% and 5.66%, respectively.

MARKETS

1 The S&P Composite 1500 Index is an unmanaged, broad-based capitalization-weighted index of 1500 U.S. companies and is comprised of the S&P 400, S&P 500 and the S&P 600. The index was developed with a base value of 100 as of December 30, 1994. Investments cannot be made directly in an index.

5 International investing involves special risks including currency risk, increased volatility of foreign securities, political risks, and differences in auditing and other financial standards.

FUND

The asset allocation of the fund is set relative to a neutral position in equities that declines as the target date approaches. During the reporting period, the neutral positions were 74% in equities and 26% in fixed income. The fund benefited from a larger than neutral allocation to stocks that was maintained for the entire period. The benefits from this larger allocation to stocks were greatest during stock market rally from July to November. The returns of the fund were reduced by this strategy during May and June when stock prices declined. Within the equity portion, the fund maintained an allocation to foreign stocks that also increased returns. Within the bond portion,⁶ the fund invested in a single ETF, the Lehman Aggregate Bond Fund.

In addition, the total return of the fund's shares reflects the negative impact of actual cash flows, transaction costs and fees charged by the Exchange Traded Funds and other expenses.

6 Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices.

GROWTH OF A $10,000 INVESTMENT - CLASS A SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in Federated Target ETF Fund 2025 (Class A Shares) (the "Fund") from April 6, 2006 (start of performance) to November 30, 2006, compared to the Standard and Poor's Composite 1500 Index (S&P 1500),² the Lehman Brothers Aggregate Bond Index (LBAB)² and the Morgan Stanley Capital International--Europe, Australasia and Far East Index (MSCI EAFE).²

Cumulative Total Return³ for the Period Ended 11/30/2006
Start of Performance (4/6/2006)		2.36%

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 1500, LBAB and MSCI EAFE have been adjusted to reflect reinvestment of dividends on securities in the indexes.

2 The S&P 1500, LBAB and the MSCI EAFE are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission (SEC) requires to be reflected in the Fund's performance. The indexes are unmanaged and, unlike the Fund, are not affected by cashflows. It is not possible to invest directly in an index.

3 Total returns quoted reflect all applicable sales charges.

GROWTH OF A $10,000 INVESTMENT - CLASS K SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in Federated Target ETF Fund 2025 (Class K Shares) (the "Fund") from April 6, 2006 (start of performance) to November 30, 2006, compared to the Standard and Poor's Composite 1500 Index (S&P 1500),² the Lehman Brothers Aggregate Bond Index (LBAB)² and the Morgan Stanley Capital International--Europe, Australasia and Far East Index (MSCI EAFE).²

Cumulative Total Return for the Period Ended 11/30/2006
Start of Performance (4/6/2006)		8.00%

GROWTH OF A $25,000 INVESTMENT - INSTITUTIONAL SHARES

The graph below illustrates the hypothetical investment of $25,000¹ in Federated Target ETF Fund 2025 (Institutional Shares) (the "Fund") from April 6, 2006 (start of performance) to November 30, 2006, compared to the Standard and Poor's Composite 1500 Index (S&P 1500),² the Lehman Brothers Aggregate Bond Index (LBAB)² and the Morgan Stanley Capital International--Europe, Australasia and Far East Index (MSCI EAFE).²

Cumulative Total Return for the Period Ended 11/30/2006
Start of Performance (4/6/2006)		8.30%

Portfolio of Investments Summary Table

At November 30, 2006, the Fund's portfolio composition¹ was as follows:

Asset Class	Percentage of Total Net Assets
Domestic Stock ETF Funds	53.7	%
Foreign Stock ETF Funds	23.3	%
Fixed Income ETF Funds	18.5	%
Cash Equivalents²	5.6	%
Other Assets and Liabilities--Net³	(1.1	)%
TOTAL	100.0	%

1 See the Fund's Prospectus for a description of the principal types of securities in which the Fund invests.

2 Cash Equivalents include investments in money market mutual funds and any investments in overnight repurchase agreements.

3 Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Portfolio of Investments

November 30, 2006

Shares or Principal Amount				Value
		STOCK ETFS--77.0%
		Domestic Stock ETFs--53.7%
	5,075	iShares S&P 500 Index Fund	$	714,306
	785	iShares S&P MidCap 400 Index Fund		63,624
	485	iShares S&P SmallCap 600 Index Fund		32,073
		TOTAL DOMESTIC STOCK ETFS		810,003
		Foreign Stock ETFs-23.3%
	4,860	iShares MSCI EAFE Index Fund		352,107
		TOTAL STOCK ETFS (IDENTIFIED COST $1,114,292)		1,162,110
		FIXED INCOME ETFS-18.5%
		Domestic Fixed Income ETFs-18.5%
	2,755	iShares Lehman Aggregate Bond Fund (IDENTIFIED COST $274,690)		278,448
		REPURCHASE AGREEMENTS--5.6%
$	25,000	Interest in $2,000,000,000 joint repurchase agreement 5.32%, dated 11/30/2006, under which Bear Stearns & Co., Inc. will repurchase U.S. Government Agency securities with various maturities to 10/25/2036 for $2,000,295,556 on 12/1/2006. The market value of the underlying securities at the end of the period was $2,060,004,968.		25,000
	34,000	Interest in $2,000,000,000 joint repurchase agreement 5.32%, dated 11/30/2006, under which Credit Suisse First Boston LLC will repurchase U.S. Government Agency securities with various maturities to 8/16/2043 for $2,000,295,556 on 12/1/2006. The market value of the underlying securities at the end of the period was $2,060,008,358.		34,000
	25,000	Interest in $1,800,000,000 joint repurchase agreement 5.32%, dated 11/30/2006, under which ING Financial Markets LLC will repurchase U.S. Treasury and U.S. Government Agency securities with various maturities to 8/20/2036 for $1,800,266,000 on 12/1/2006. The market value of the underlying securities at the end of the period was $1,851,592,288.		25,000
		TOTAL REPURCHASE AGREEMENTS (AT COST)		84,000
		TOTAL INVESTMENTS--101.1% (IDENTIFIED COST $1,472,982)¹		1,524,558
		OTHER ASSETS AND LIABILITIES - NET--(1.1)%		(16,214	)
		TOTAL NET ASSETS--100%	$	1,508,344

1 The cost of investments for federal tax purposes amounts to $1,473,385.

Note: The categories of investments are shown as a percentage of total net assets November 30, 2006.

The following acronym is used throughout this portfolio:

ETFs	- --Exchange Traded Mutual Funds

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

November 30, 2006

Assets:
Total investments in securities, at value (identified cost $1,472,982)			$	1,524,558
Cash				513
Income receivable				12
Receivable for shares sold				35,636
TOTAL ASSETS				1,560,719
Liabilities:
Payable for transfer and dividend disbursing agent fees and expenses	$	9,911
Payable for auditing fees		16,000
Payable for portfolio accounting fees		10,897
Payable for distributions services fee (Note 5)		60
Payable for shareholder services fee (Note 5)		115
Payable for share registration costs		13,793
Accrued expenses		1,599
TOTAL LIABILITIES				52,375
Net assets for 139,367 shares outstanding			$	1,508,344
Net Assets Consist of:
Paid-in capital			$	1,451,995
Net unrealized appreciation of investments				51,576
Accumulated net realized loss on investments				(403	)
Undistributed net investment income				5,176
TOTAL NET ASSETS			$	1,508,344
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Class A Shares:
$765,170 ÷ 70,654 shares outstanding, no par value, unlimited shares authorized				$10.83
Offering price per share (100/94.50 of $10.83)¹				$11.46
Redemption proceeds per share				$10.83
Class K Shares:
$322,700 ÷ 29,888 shares outstanding, no par value, unlimited shares authorized				$10.80
Institutional Shares:
$420,474 ÷ 38,825 shares outstanding, no par value, unlimited shares authorized				$10.83

1 See "What Do Shares Cost?" in the Prospectus.

See Notes which are an integral part of the Financial Statements

Statement of Operations

Period Ended November 30, 2006¹

Investment Income:
Dividends							$	3,619
Interest								2,573
TOTAL INCOME								6,192
Expenses:
Investment adviser fee (Note 5)				$	646
Administrative personnel and services fee (Note 5)					149,972
Custodian fees					2,853
Transfer and dividend disbursing agent fees and expenses					9,932
Transfer and dividend disbursing agent recordkeeping fees--Class A Shares					8
Transfer and dividend disbursing agent recordkeeping fees--Class K Shares					49
Auditing fees					16,000
Legal fees					116
Portfolio accounting fees					19,448
Distribution services fee--Class K Shares (Note 5)					98
Shareholder services fee--Class A Shares (Note 5)					202
Share registration costs					60,074
Printing and postage					8,204
Insurance premiums					6,076
Miscellaneous					1,838
TOTAL EXPENSES					275,516
Waivers and Reimbursement (Note 5):
Waiver of investment adviser fee	$	(646	)
Waiver of administrative personnel and services fee		(29,340	)
Reimbursement of other operating expenses		(244,514	)
TOTAL WAIVERS AND REIMBURSEMENT					(274,500	)
Net expenses								1,016
Net investment income								5,176
Realized and Unrealized Gain (Loss) on Investments:
Net realized loss on investments								(403	)
Net change in unrealized appreciation of investments								51,576
Net realized and unrealized gain on investments								51,173
Change in net assets resulting from operations							$	56,349

1 Reflects operations for the period from April 6, 2006 (date of initial public investment) to November 30, 2006.

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

		Period Ended 11/30/2006	¹
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	5,176
Net realized loss on investments		(403	)
Net change in unrealized appreciation of investments		51,576
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		56,349
Share Transactions:
Proceeds from sale of shares		1,483,432
Cost of shares redeemed		(31,437	)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		1,451,995
Change in net assets		1,508,344
Net Assets:
Beginning of period		- --
End of period (including undistributed net investment income of $5,176)	$	1,508,344

1 Reflects operations for the period from April 6, 2006 (date of initial public investment) to November 30, 2006.

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

November 30, 2006

1. ORGANIZATION

Federated Managed Allocation Portfolios (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust consists of seven portfolios. The financial statements included herein are only those of Federated Target ETF Fund 2025 (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The Fund offers three classes of shares: Class A Shares, Class K Shares and Institutional Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to seek capital appreciation and current income consistent with the Fund's current asset allocation which will emphasize a decreasing allocation to equity securities as the Fund's target year approaches.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Market values of the Fund's portfolio securities are determined as follows:

for equity securities (including shares of ETFs), according to the last sale price or official closing price reported in the market in which they are primarily traded (either a national securities exchange or the over-the-counter market), if available;
in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices;
futures contracts and options are generally valued at market values established by the exchanges on which they are traded at the close of trading on such exchanges. Options traded in the over-the-counter market are generally valued according to the mean between the last bid and the last asked price for the option as provided by an investment dealer or other financial institution that deals in the option. The Board of Trustees (the "Trustees") may determine in good faith that another method of valuing such investments is necessary to appraise their fair market value;
for mortgage-backed securities, based on the aggregate investment value of the projected cash flows to be generated by the security, as furnished by an independent pricing service;
for investments in other open-end regulated investment companies, based on net asset value;
for other fixed-income securities, according to prices as furnished by an independent pricing service, except that fixed-income securities with remaining maturities of less than 60 days at the time of purchase are valued at amortized cost; and
for all other securities at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees.

Repurchase Agreements

Investment Income, Gains and Losses, Expenses and Distributions

Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income are declared and paid quarterly. Non-cash dividends included in dividend income, if any, are recorded at fair value. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that Class A and Class K Shares bear distribution and shareholder services fees and certain transfer and dividend disbursing agent fees unique to those classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Premium and Discount Amortization

All premiums and discounts on fixed income securities are amortized/accreted for financial statement purposes.

Federal Taxes

When-Issued and Delayed Delivery Transactions

Use of Estimates

Other

Investment transactions are accounted for on a trade date basis. Realized gains and losses from investment transactions are recorded on an identified cost basis.

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

Period Ended November 30	2006¹
Class A Shares:	Shares			Amount
Shares sold	70,682		$	731,480
Shares redeemed	(28	)		(274	)
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS	70,654		$	731,206

Period Ended November 30	2006¹
Class K Shares:	Shares			Amount
Shares sold	29,898		$	316,918
Shares redeemed	(10	)		(106	)
NET CHANGE RESULTING FROM CLASS K SHARE TRANSACTIONS	29,888		$	316,812

Period Ended November 30	2006¹
Institutional Shares:	Shares			Amount
Shares sold	41,788		$	435,034
Shares redeemed	(2,963	)		(31,057	)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	38,825		$	403,977
NET CHANGE RESULTING FROM SHARE TRANSACTIONS	139,367		$	1,451,995

1 Reflects operations for the period from April 6, 2006 (date of initial public investment) to November 30, 2006.

4. FEDERAL TAX INFORMATION

As of November 30, 2006, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income		$	5,176
Net unrealized appreciation		$	51,173

The difference between book-basis and tax-basis net unrealized appreciation/depreciation is attributable to differing treatments for the deferral of losses on wash sales.

At November 30, 2006, the cost of investments for federal tax purposes was $1,473,385. The unrealized appreciation of investments for federal tax purposes was $51,173.

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Federated Equity Management Company of Pennsylvania, the Fund's investment adviser (the "Adviser"), receives for its services an annual investment adviser fee equal to 0.25% of the Fund's average daily net assets. For the period ended November 30, 2006, the Adviser voluntarily waived $646 of its fee and voluntarily reimbursed $244,514 of other operating expenses.

Administrative Fee

Maximum Administrative Fee		Average Aggregate Daily Net Assets of the Federated Funds
0.150%		on the first $5 billion
0.125%		on the next $5 billion
0.100%		on the next $10 billion
0.075%		on assets in excess of $20 billion

Distribution Services Fee

Share Class Name		Percentage of Average Daily Net Assets of Class
Class A Shares		0.25%
Class K Shares		0.50%

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the period ended November 30, 2006, FSC did not retain any fees paid by the Fund. For the period ended November 30, 2006, the Fund's Class A Shares did not incur a distribution services fee.

Sales Charges

For the period ended November 30, 2006, FSC retained $1,199 in sales charges from the sale of Class A Shares. See "What Do Shares Cost?" in the Prospectus.

Shareholder Services Fee

Expense Limitation

The Adviser and its affiliates (which may include FSC, FAS and FSSC) have voluntarily agreed to waive their fees and /or reimburse expenses (including the distribution (12b-1) fee) so that the total operating expenses paid by the Fund's Class A Shares, Class K Shares and Institutional Shares (after the voluntary waivers and reimbursements) will not exceed 0.60%, 1.00% and 0.35%, respectively, for the fiscal year ending November 30, 2007. Although these actions are voluntary, the Adviser and its affiliates have agreed not to terminate these waivers and/or reimbursements until after January 31, 2008.

General

Certain of the Officers and Trustees of the Fund are Officers and Directors or Trustees of the above companies.

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations, for the period ended November 30, 2006, were as follows:

Purchases		$	1,397,002
Sales		$	7,617

7. RISKS OF INVESTING IN THE UNDERLYING ETF FUNDS

8. LEGAL PROCEEDINGS

9. CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

As indicated above, the Fund has appointed KPMG as the independent registered public accounting firm to audit the Fund's financial statements for the fiscal year ending November 30, 2006. During the Fund's interim period commencing April 6, 2006 (date of initial public investment) and ending August 18, 2006, neither the Fund nor anyone on its behalf has consulted KPMG on items which: (i) concerned the application of accounting principles to a specific transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Fund's financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a) (1) (iv) of Item 304 of Regulations S-K) or reportable events (as described in paragraph (a) (1) (v) of said item 304).

10. RECENT ACCOUNTING PRONOUNCEMENTS

11. SUBSEQUENT EVENT

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES OF FEDERATED MANAGED ALLOCATION PORTFOLIOS AND THE SHAREHOLDERS OF FEDERATED TARGET ETF FUND 2025:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Federated Target ETF Fund 2025 (the "Fund"), as of November 30, 2006, and the related statement of operations, the statement of changes in net assets, and the financial highlights for the period from April 6, 2006 (inception date) to November 30, 2006. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2006 by correspondence with the custodian and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights for the period then ended present fairly, in all material respects, the financial position of the Federated Target ETF Fund 2025 as of November 30, 2006, and the results of its operations, the changes in its net assets and the financial highlights for the period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG LLP

Boston, Massachusetts
January 16, 2007

Board of Trustees and Trust Officers

INTERESTED TRUSTEES BACKGROUND


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 TRUSTEE Began serving: November 1993		Principal Occupations : Director or Trustee of the Federated Fund Complex; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Complex's Executive Committee. Previous Positions : Chairman of the Federated Fund Complex; Trustee, Federated Investment Management Company and Chairman and Director, Federated Investment Counseling.

J. Christopher Donahue* Birth Date: April 11, 1949 PRESIDENT AND TRUSTEE Began serving: August 2000		Principal Occupations : Principal Executive Officer and President of the Federated Fund Complex; Director or Trustee of some of the Funds in the Federated Fund Complex; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (Investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions : President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd.


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
Lawrence D. Ellis, M.D.* Birth Date: October 11, 1932 3471 Fifth Avenue Suite 1111 Pittsburgh, PA TRUSTEE Began serving: November 1993		Principal Occupations : Director or Trustee of the Federated Fund Complex; Professor of Medicine, University of Pittsburgh; Medical Director, University of Pittsburgh Medical Center Downtown; Hematologist, Oncologist and Internist, University of Pittsburgh Medical Center. Other Directorships Held : Member, National Board of Trustees, Leukemia Society of America. Previous Positions : Trustee, University of Pittsburgh; Director, University of Pittsburgh Medical Center.

INDEPENDENT TRUSTEES BACKGROUND


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
Thomas G. Bigley Birth Date: February 3, 1934 15 Old Timber Trail Pittsburgh, PA TRUSTEE Began serving: November 1994		Principal Occupation : Director or Trustee of the Federated Fund Complex. Other Directorships Held : Director, Member of Executive Committee, Children's Hospital of Pittsburgh; Director, University of Pittsburgh. Previous Position : Senior Partner, Ernst & Young LLP.

John T. Conroy, Jr. Birth Date: June 23, 1937 Investment Properties Corporation 3838 North Tamiami Trail Suite 402 Naples, FL TRUSTEE Began serving: November 1993		Principal Occupations : Director or Trustee of the Federated Fund Complex; Chairman of the Board, Investment Properties Corporation; Partner or Trustee in private real estate ventures in Southwest Florida. Previous Positions : President, Investment Properties Corporation; Senior Vice President, John R. Wood and Associates, Inc., Realtors; President, Naples Property Management, Inc. and Northgate Village Development Corporation.


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
Nicholas P. Constantakis Birth Date: September 3, 1939 175 Woodshire Drive Pittsburgh, PA TRUSTEE Began serving: January 2000		Principal Occupation : Director or Trustee of the Federated Fund Complex. Other Directorships Held : Director and Member of the Audit Committee, Michael Baker Corporation (engineering and energy services worldwide). Previous Position : Partner, Andersen Worldwide SC.

John F. Cunningham Birth Date: March 5, 1943 353 El Brillo Way Palm Beach, FL TRUSTEE Began serving: January 1999		Principal Occupation : Director or Trustee of the Federated Fund Complex; Director, WinsorTech. Other Directorships Held : Chairman, President and Chief Executive Officer, Cunningham & Co., Inc. (strategic business consulting); Trustee Associate, Boston College. Previous Positions : Director, Redgate Communications and EMC Corporation (computer storage systems); Chairman of the Board and Chief Executive Officer, Computer Consoles, Inc.; President and Chief Operating Officer, Wang Laboratories; Director, First National Bank of Boston; Director, Apollo Computer, Inc.

Peter E. Madden Birth Date: March 16, 1942 One Royal Palm Way 100 Royal Palm Way Palm Beach, FL TRUSTEE Began serving: November 1993		Principal Occupation : Director or Trustee of the Federated Fund Complex. Other Directorships Held : Board of Overseers, Babson College. Previous Positions : Representative, Commonwealth of Massachusetts General Court; President, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange.

Charles F. Mansfield, Jr. Birth Date: April 10, 1945 80 South Road Westhampton Beach, NY TRUSTEE Began serving: January 1999		Principal Occupations : Director or Trustee of the Federated Fund Complex; Management Consultant. Previous Positions : Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly, Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President DVC Group, Inc. (marketing, communications and technology).


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John E. Murray, Jr., J.D., S.J.D. Birth Date: December 20, 1932 Chancellor, Duquesne University Pittsburgh, PA TRUSTEE Began serving: February 1995		Principal Occupations : Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Complex; Chancellor and Law Professor, Duquesne University; Partner, Murray, Hogue & Lannis. Other Directorships Held : Director, Michael Baker Corp. (engineering, construction, operations and technical services). Previous Positions : President, Duquesne University; Dean and Professor of Law, University of Pittsburgh School of Law; Dean and Professor of Law, Villanova University School of Law.

Thomas M. O'Neill Birth Date: June 14, 1951 95 Standish Street P.O. Box 2779 Duxbury, MA TRUSTEE Began serving: October 2006		Principal Occupations : Director or Trustee of the Federated Fund Complex; Managing Director and Partner, Navigator Management Company, L.P. (investment and strategic consulting). Other Directorships Held : Director, Midway Pacific (lumber); Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College. Previous Positions : Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; and Credit Analyst and Lending Officer, Fleet Bank.

Marjorie P. Smuts Birth Date: June 21, 1935 4905 Bayard Street Pittsburgh, PA TRUSTEE Began serving: November 1993		Principal Occupations : Director or Trustee of the Federated Fund Complex; Public Relations/Marketing Consultant/Conference Coordinator. Previous Positions : National Spokesperson, Aluminum Company of America; television producer; President, Marj Palmer Assoc.; Owner, Scandia Bord.

John S. Walsh Birth Date: November 28, 1957 2604 William Drive Valparaiso, IN TRUSTEE Began serving: January 1999		Principal Occupations : Director or Trustee of the Federated Fund Complex; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Previous Position : Vice President, Walsh & Kelly, Inc.

James F. Will Birth Date: October 12, 1938 Saint Vincent College Latrobe, PA TRUSTEE Began serving: April 2006		Principal Occupations : Director or Trustee of the Federated Fund Complex; Vice Chancellor and President, Saint Vincent College. Other Directorships Held : Alleghany Corporation. Previous Positions : Chairman, President and Chief Executive Officer, Armco, Inc.; President and Chief Executive Officer, Cyclops Industries; President and Chief Operating Officer, Kaiser Steel Corporation.

OFFICERS


Name Birth Date Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years and Previous Position(s)
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Began serving: November 1993		Principal Occupations : Executive Vice President and Secretary of the Federated Fund Complex; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions : Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp.

Richard A. Novak Birth Date: December 25, 1963 TREASURER Began serving: January 2006		Principal Occupations : Principal Financial Officer and Treasurer of the Federated Fund Complex; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. Previous Positions : Controller of Federated Investors, Inc.; Vice President, Finance of Federated Services Company ; held various financial management positions within The Mercy Hospital of Pittsburgh; Auditor, Arthur Andersen & Co.

Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Began serving: November 1993		Principal Occupations : Vice Chairman or Vice President of some of the Funds in the Federated Fund Complex; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions : President and Director or Trustee of some of the Funds in the Federated Fund Complex; Executive Vice President, Federated Investors, Inc. and Director and Chief Executive Officer, Federated Securities Corp.

Brian P. Bouda Birth Date: February 28, 1947 SENIOR VICE PRESIDENT AND CHIEF COMPLIANCE OFFICER Began serving: August 2004		Principal Occupations : Senior Vice President and Chief Compliance Officer of the Federated Fund Complex; Vice President and Chief Compliance Officer of Federated Investors, Inc.; and Chief Compliance Officer of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin.


Name Birth Date Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years and Previous Position(s)
Stephen F. Auth Birth Date: September 3, 1956 CHIEF INVESTMENT OFFICER Began serving: November 2002		Principal Occupations : Chief Investment Officer of this Fund and various other Funds in the Federated Fund Complex; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. . Previous Positions : Executive Vice President, Federated Investment Management Company, and Passport Research, Ltd. (Investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments.

John W. Harris Birth Date: June 6, 1954 VICE PRESIDENT Began serving: November 1999		John W. Harris has been the Fund's Portfolio Manager since inception. He is Vice President of the Trust. Mr. Harris initially joined Federated in 1987 as an Investment Analyst. He served as an Investment Analyst and an Assistant Vice President from 1990 through 1992 and as a Senior Investment Analyst and Vice President through May 1993. After leaving the money management field to travel extensively, he rejoined Federated in 1997 as a Senior Investment Analyst and became a Portfolio Manager and an Assistant Vice President of the Fund's Adviser in December 1998. Mr. Harris continues to be a Portfolio Manager of certain Federated Funds. In January 2000, Mr. Harris became a Vice President of the Fund's Adviser. Mr. Harris is a Chartered Financial Analyst. He received his M.B.A. from the University of Pittsburgh.

Evaluation and Approval of Advisory Contract

FEDERATED TARGET ETF FUND: 2025 (THE "FUND")

The Board considered and weighed these circumstances in light of its substantial accumulated experience in working with Federated on matters relating to other Federated Funds, and was assisted in its deliberations by the advice of independent legal counsel. The Board's consideration of the advisory contract included review of the Senior Officer's evaluation, accompanying data and additional reports covering such matters as: the Adviser's and subadviser's investment philosophy, revenue, profitability, personnel and processes; investment and operating strategies; the Fund's investment objectives; the Fund's expenses (including the advisory fee itself and the overall expense structure of the Fund, both in absolute terms and relative to similar and/or competing funds, with due regard for contractual or voluntary expense limitations); the nature, quality and extent of the advisory and other services to be provided to the Fund by the Adviser and its affiliates; the preferences and expectations of Fund shareholders and their relative sophistication; the continuing state of competition in the mutual fund industry and market practices; the range of comparable fees for similar funds in the mutual fund industry; the Fund's relationship to the Federated family of funds which include a comprehensive array of funds with different investment objectives, policies and strategies which are available for exchange without the incurrence of additional sales charges; compliance and audit reports concerning the Federated Funds and the Federated companies that service them (including communications from regulatory agencies), as well as Federated's responses to any issues raised therein; and relevant developments in the mutual fund industry and how the Federated Funds and/or Federated are responding to them. The Board's evaluation process is evolutionary. The criteria considered and the emphasis placed on relevant criteria change in recognition of changing circumstances in the mutual fund marketplace.

Because the Board was considering the advisory contract in the context of Federated's proposal to create a new fund, the factors mentioned above relating to such matters as any indirect benefits that may accrue to the Adviser and its affiliates as a result of the Adviser's relationship with the Fund, are essentially impossible to apply before the Fund has experienced any meaningful operating history. Nevertheless, in connection with the Board's governance of other Federated Funds, it should be noted that the Board regularly receives financial information about Federated, including reports on the compensation and benefits Federated derives from its relationships with the other Federated Funds. These reports cover not only the fees under the advisory contracts, but also fees received by Federated's subsidiaries for providing other services to the Federated Funds under separate contracts (e.g., for serving as the Federated funds' administrator). The reports also discuss any indirect benefit Federated may derive from its receipt of research services from brokers who execute Federated fund trades, as well as waivers of fees and/or reimbursements of expenses. In order for a fund to be competitive in the marketplace, Federated and its affiliates frequently waive fees and/or reimburse expenses and have indicated to the Board their intention to do so in the future, where appropriate.

The Senior Officer's evaluation also discussed the notion of possible realization of "economies of scale" as a fund grows larger. The Board considered in this regard that the Adviser has made significant additional investments in the portfolio management and distribution efforts supporting all of the Federated Funds and that the benefits of any economies, should they exist, were likely to be enjoyed by the fund complex as a whole. Finally, the Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which is compounded by the lack of any common industry practice or general pattern with respect to structuring fund advisory fees with "breakpoints" that serve to reduce the fee as the fund attains a certain size. The Senior Officer did not recommend institution of breakpoints in pricing Federated's fund advisory services at this time.

The Board based its decision to approve the advisory contract on the totality of the circumstances and relevant factors, and with a view to past and future long-term considerations. As noted, not all of the factors and considerations identified above were relevant to the Fund, nor does the Board consider any one of them to be determinative. With respect to the factors that are relevant, the Board's decision to approve the contract reflects its determination that, based upon the information requested and supplied, Federated's proposal to establish and manage the Fund, and its past performance and actions in providing services to other mutual funds, provide a satisfactory basis to support the business decision to approve the proposed arrangements.

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Federated
World-Class Investment Manager

Federated Target ETF Fund 2025
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
Contact us at FederatedInvestors.com
or call 1-800-341-7400.

Federated Securities Corp., Distributor

Cusip 314212853
Cusip 314212838
Cusip 314212846

36070 (1/07)

Federated is a registered mark of Federated Investors, Inc. 2007 (c)Federated Investors, Inc.

Federated
World-Class Investment Manager

Federated Target ETF Fund 2035

Established 2006

A Portfolio of Federated Managed Allocation Portfolios

1ST ANNUAL SHAREHOLDER REPORT

November 30, 2006

Class A Shares
Class K Shares
Institutional Shares

Not FDIC Insured * May Lose Value * No Bank Guarantee

Financial Highlights - Class A Shares

(For a Share Outstanding Throughout the Period)

	Period Ended 11/30/2006	¹
Net Asset Value, Beginning of Period	$10.00
Income From Investment Operations:
Net investment income	0.12	²
Net realized and unrealized gain on investments	0.65
TOTAL FROM INVESTMENT OPERATIONS	0.77
Net Asset Value, End of Period	$10.77
Total Return³	7.70	%

Ratios to Average Net Assets:
Net expenses	0.40	%⁴
Net investment income	1.88	%⁴
Expense waiver/reimbursement⁵	131.94	%⁴
Supplemental Data:
Net assets, end of period (000 omitted)	$486
Portfolio turnover	2	%

1 Reflects operations for the period from April 6, 2006 (date of initial public investment) to November 30, 2006.

2 Per share numbers have been calculated using the average shares method.

3 Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable.

Total returns for periods of less than one year, if any, are not annualized.

4 Computed on an annualized basis.

5 This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Financial Highlights - Class K Shares

(For a Share Outstanding Throughout the Period)

	Period Ended 11/30/2006	¹
Net Asset Value, Beginning of Period	$10.00
Income From Investment Operations:
Net investment income	0.02	²
Net realized and unrealized gain on investments	0.69
TOTAL FROM INVESTMENT OPERATIONS	0.71
Net Asset Value, End of Period	$10.71
Total Return³	7.10	%

Ratios to Average Net Assets:
Net expenses	1.00	%⁴
Net investment income	0.25	%⁴
Expense waiver/reimbursement⁵	131.94	%⁴
Supplemental Data:
Net assets, end of period (000 omitted)	$196
Portfolio turnover	2	%

1 Reflects operations for the period from April 6, 2006 (date of initial public investment) to November 30, 2006.

2 Per share numbers have been calculated using the average shares method.

3 Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable.

Total returns for periods of less than one year, if any, are not annualized.

4 Computed on an annualized basis.

5 This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Financial Highlights - Institutional Shares

(For a Share Outstanding Throughout the Period)

	Period Ended 11/30/2006	¹
Net Asset Value, Beginning of Period	$10.00
Income From Investment Operations:
Net investment income	0.13	²
Net realized and unrealized gain on investments	0.64
TOTAL FROM INVESTMENT OPERATIONS	0.77
Net Asset Value, End of Period	$10.77
Total Return³	7.70	%

Ratios to Average Net Assets:
Net expenses	0.25	%⁴
Net investment income	1.97	%⁴
Expense waiver/reimbursement⁵	131.94	%⁴
Supplemental Data:
Net assets, end of period (000 omitted)	$410
Portfolio turnover	2	%

1 Reflects operations for the period from April 6, 2006 (date of initial public investment) to November 30, 2006.

2 Per share numbers have been calculated using the average shares method.

3 Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable.

Total returns for periods of less than one year, if any, are not annualized.

4 Computed on an annualized basis.

5 This expense decrease is reflected in both the net expense and the net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Shareholder Expense Example

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase or redemption payments. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account Value 6/1/2006	Ending Account Value 11/30/2006	Expenses Paid During Period¹
Actual:
Class A Shares	$1,000	$1,102.40	$2.06
Class K Shares	$1,000	$1,096.20	$5.25
Institutional Shares	$1,000	$1,102.40	$1.21
Hypothetical (assuming a 5% return before expenses):
Class A Shares	$1,000	$1,023.11	$1.98
Class K Shares	$1,000	$1,020.05	$5.06
Institutional Shares	$1,000	$1,023.92	$1.17

Class A Shares		0.39%
Class K Shares		1.00%
Institutional Shares		0.23%

Management's Discussion of Fund Performance

The Federated Target ETF Fund 2035 Class A Shares, Class K Shares and Institutional Shares had total returns at net asset value of 7.70%, 7.10% and 7.70%, respectively, for the reporting period beginning with the inception of the fund on April 6, 2006 and ending November 30, 2006. The Standard & Poor's Composite 1500 Index (S&P 1500)¹ , the Morgan Stanley Capital International Europe, Australasia and Far East Index (EAFE)² , and the Lehman Brothers Aggregate Bond Index (LBAB)³ had total returns of 7.53%, 9.28% and 5.66%, respectively.

MARKETS

Stock prices declined during the first three months of the reporting period before rising during the remaining five months. The total return of the S&P 500⁴ from April 6, 2006 to the end of June was (2.55)%, and from July to November was 11.18%. Foreign stock returns⁵ , aided by currency gains, were higher than U.S. stock returns. Total returns for the EAFE index was 9.28% in U.S. dollars and 1.68% in local currency.

5 International investing involves special risks including currency risk, increased volatility of foreign securities, political risks, and differences in auditing and other financial standards.

FUND

The asset allocation of the fund is set relative to a neutral position in equities that declines as the target date approaches. During the reporting period, the neutral positions were 84% in equities and 16% in fixed income. The fund benefited from a larger than neutral allocation to stocks that was maintained for the entire period. The benefits from this larger allocation to stocks were greatest during stock market rally from July to November. The returns of the fund were reduced by this strategy during May and June when stock prices declined. Within the equity portion, the fund maintained an allocation to foreign stocks that also increased returns. Within the bond portion⁶ , the fund invested in a single ETF, the Lehman Aggregate Bond Fund.

In addition, the total return of the fund's shares reflects the negative impact of actual cash flows, transaction costs and fees charged by the Exchange Traded Funds and other expenses.

6 Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices.

Due to their strategy of investing in other exchange traded funds, these funds may incur certain additional expenses and tax results that would not be present with a direct investment in the underlying funds.

GROWTH OF A $10,000 INVESTMENT - CLASS A SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in Federated Target ETF Fund 2035 (Class A Shares) (the "Fund") from April 6, 2006 (start of performance) to November 30, 2006, compared to the Standard and Poor's Composite 1500 Index (S&P 1500)² , the Lehman Brothers Aggregate Bond Index (LBAB)² and the Morgan Stanley Capital International--Europe, Australasia and Far East Index (MSCI EAFE).²

Cumulative Total Return³ for the Period Ended 11/30/2006
Start of Performance (4/6/2006)	1.80%

1 Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales charge of 5.50% ($10,000 investment minus $550 sales charge = $9,450). The Fund's performance assumes the reinvestment of all dividends and distributions. The S&P 1500, LBAB and MSCI EAFE have been adjusted to reflect reinvestment of dividends on securities in the indexes.

3 Total returns quoted reflect all applicable sales charges.

GROWTH OF A $10,000 INVESTMENT - CLASS K SHARES

The graph below illustrates the hypothetical investment of $10,000¹ in Federated Target ETF Fund 2035 (Class K Shares) (the "Fund") from April 6, 2006 (start of performance) to November 30, 2006, compared to the Standard and Poor's Composite 1500 Index (S&P 1500)² , the Lehman Brothers Aggregate Bond Index (LBAB)² and the Morgan Stanley Capital International--Europe, Australasia and Far East Index (MSCI EAFE).²

Cumulative Total Return for the Period Ended 11/30/2006
Start of Performance (4/6/2006)	7.10%

GROWTH OF A $25,000 INVESTMENT - INSTITUTIONAL SHARES

The graph below illustrates the hypothetical investment of $25,000¹ in Federated Target ETF Fund 2035 (Institutional Shares) (the "Fund") from April 6, 2006 (start of performance) to November 30, 2006, compared to the Standard and Poor's Composite 1500 Index (S&P 1500)² , the Lehman Brothers Aggregate Bond Index (LBAB)² and the Morgan Stanley Capital International--Europe, Australasia and Far East Index (MSCI EAFE).²

Cumulative Total Return for the Period Ended 11/30/2006
Start of Performance (4/6/2006)	7.70%

Portfolio of Investments Summary Table

At November 30, 2006, the Fund's portfolio composition¹ was as follows:

Asset Class		Percentage of Total Net Assets
Domestic Stock ETF Funds		40.6%
Foreign Stock ETF Funds		17.4%
Fixed Income ETF Funds		5.9%
Cash Equivalents²		6.9%
Other Assets and Liabilities--Net³		29.2%
TOTAL		100.0%

1 See the Fund's Prospectus for a description of the principal types of securities in which the Fund invests.

2 Cash Equivalents include investments in money market mutual funds and any investments in overnight repurchase agreements.

3 Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.

Portfolio of Investments

November 30, 2006

Shares or Principal Amount				Value
		STOCK ETFS--58.0%
		Domestic Stock ETFs--40.6%
	2,770	iShares S&P 500 Index Fund	$	389,878
	440	iShares S&P MidCap 400 Index Fund		35,662
	265	iShares S&P SmallCap 600 Index Fund		17,524
		TOTAL DOMESTIC STOCK ETFS		443,064
		Foreign Stock ETFs-17.4%
	2,625	iShares MSCI EAFE Index Fund		190,181
		TOTAL STOCK ETFS (IDENTIFIED COST $595,185)		633,245
		FIXED INCOME ETFS--5.9%
		Domestic Fixed Income ETFs -5.9%
	640	iShares Lehman Aggregate Bond Fund (IDENTIFIED COST $63,441)		64,685
		REPURCHASE AGREEMENTS--6.9%
$	25,000	Interest in $2,000,000,000 joint repurchase agreement 5.32%, dated 11/30/2006, under which Bear Stearns & Co., Inc. will repurchase U.S. Government Agency securities with various maturities to 10/25/2036 for $2,000,295,556 on 12/1/2006. The market value of the underlying securities at the end of the period was $2,060,004,968.		25,000
	25,000	Interest in $2,000,000,000 joint repurchase agreement 5.32%, dated 11/30/2006, under which Credit Suisse First Boston LLC will repurchase U.S. Government Agency securities with various maturities to 8/16/2043 for $2,000,295,556 on 12/1/2006. The market value of the underlying securities at the end of the period was $2,060,008,358.		25,000
	25,000	Interest in $1,800,000,000 joint repurchase agreement 5.32%, dated 11/30/2006, under which ING Financial Markets LLC will repurchase U.S. Treasury and U.S. Government Agency securities with various maturities to 8/20/2036 for $1,800,266,000 on 12/1/2006. The market value of the underlying securities at the end of the period was $1,851,592,288.		25,000
		TOTAL REPURCHASE AGREEMENTS (AT COST)		75,000
		TOTAL INVESTMENTS--70.8% (IDENTIFIED COST $733,626)¹		772,930
		OTHER ASSETS AND LIABILITIES - NET--29.2%		318,946
		TOTAL NET ASSETS--100%	$	1,091,876

1 The cost of investments for federal tax purposes amounts to $734,003.

Note: The categories of investments are shown as a percentage of total net assets at November 30, 2006.

The following acronym is used throughout this portfolio:

ETFs	- --Exchange Traded Mutual Funds

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

November 30, 2006

Assets:
Total investments in securities, at value (identified cost $733,626)			$	772,930
Cash				108
Income receivable				11
Receivable for shares sold				380,216
TOTAL ASSETS				1,153,265
Liabilities:
Payable for investments purchased	$	9,484
Payable for transfer and dividend disbursing agent fees and expenses		9,952
Payable for auditing fees		16,000
Payable for portfolio accounting fees		10,897
Payable for distribution services fee (Note 5)		79
Payable for shareholder services fee (Note 5)		79
Payable for share registration costs		13,793
Accrued expenses		1,105
TOTAL LIABILITIES				61,389
Net assets for 101,511 shares outstanding			$	1,091,876
Net Assets Consist of:
Paid-in capital			$	1,049,423
Net unrealized appreciation of investments				39,304
Accumulated net realized loss on investments				(394	)
Undistributed net investment income				3,543
TOTAL NET ASSETS			$	1,091,876
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Class A Shares:
Net asset value per share ($486,319 ÷ 45,174 shares outstanding), no par value, unlimited shares authorized				$10.77
Offering price per share (100/94.50 of $10.77)¹				$11.40
Redemption proceeds per share				$10.77
Class K Shares:
$195,653 ÷ 18,275 shares outstanding, no par value, unlimited shares authorized				$10.71
Institutional Shares:
$409,904 ÷ 38,062 shares outstanding, no par value, unlimited shares authorized				$10.77

1 See "What Do Shares Cost?" in the Prospectus.

See Notes which are an integral part of the Financial Statements

Statement of Operations

Period Ended November 30, 2006¹

Investment Income:
Dividends							$	2,357
Interest								2,075
TOTAL INCOME								4,432
Expenses:
Investment adviser fee (Note 5)				$	519
Administrative personnel and services fee (Note 5)					149,972
Custodian fees					2,338
Transfer and dividend disbursing agent fees and expenses					9,980
Transfer and dividend disbursing agent recordkeeping fees--Class A Shares					10
Transfer and dividend disbursing agent recordkeeping fees--Class K Shares					65
Auditing fees					16,000
Legal fees					116
Portfolio accounting fees					19,448
Distribution services fee--Class K Shares (Note 5)					131
Shareholder services fee--Class A Shares (Note 5)					153
Share registration costs					60,075
Printing and postage					8,322
Insurance premiums					6,073
Miscellaneous					1,838
TOTAL EXPENSES					275,040
Waivers and Reimbursement (Note 5):
Waiver of investment adviser fee	$	(519	)
Waiver of administrative personnel and services fee		(29,341	)
Reimbursement of other operating expenses		(244,291	)
TOTAL WAIVERS AND REIMBURSEMENT					(274,151	)
Net expenses								889
Net investment income								3,543
Realized and Unrealized Gain (Loss) on Investments:
Net realized loss on investments								(394	)
Net change in unrealized appreciation of investments								39,304
Net realized and unrealized gain on investments								38,910
Change in net assets resulting from operations							$	42,453

1 Reflects operations for the period from April 6, 2006 (date of initial public investment) to November 30, 2006.

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

	Period Ended 11/30/2006		¹
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	3,543
Net realized loss on investments		(394	)
Net change in unrealized appreciation of investments		39,304
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		42,453
Share Transactions:
Proceeds from sale of shares		1,117,850
Cost of shares redeemed		(68,427	)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		1,049,423
Change in net assets		1,091,876
Net Assets:
Beginning of period		- --
End of period (including undistributed net investment income of $3,543)	$	1,091,876

1 Reflects operations for the period from April 6, 2006 (date of initial public investment) to November 30, 2006.

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

November 30, 2006

1. ORGANIZATION

Federated Managed Allocation Portfolios (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust consists of seven portfolios. The financial statements included herein are only those of Federated Target ETF Fund 2035 (the "Fund"), a diversified portfolio. The financial statements of the other portfolios are presented separately. The assets of each portfolio are segregated and a shareholder's interest is limited to the portfolio in which shares are held. The Fund offers three classes of shares: Class A Shares, Class K Shares and Institutional Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The investment objective of the Fund is to seek capital appreciation and current income consistent with the Fund's current asset allocation which will emphasize a decreasing allocation to equity securities as the Fund's target year approaches.

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Market values of the Fund's portfolio securities are determined as follows:

for equity securities (including shares of ETFs), according to the last sale price or official closing price reported in the market in which they are primarily traded (either a national securities exchange or the over-the-counter market), if available;
in the absence of recorded sales for equity securities, according to the mean between the last closing bid and asked prices;
futures contracts and options are generally valued at market values established by the exchanges on which they are traded at the close of trading on such exchanges. Options traded in the over-the-counter market are generally valued according to the mean between the last bid and the last asked price for the option as provided by an investment dealer or other financial institution that deals in the option. The Board of Trustees (the "Trustees") may determine in good faith that another method of valuing such investments is necessary to appraise their fair market value;
for mortgage-backed securities, based on the aggregate investment value of the projected cash flows to be generated by the security, as furnished by an independent pricing service;
for investments in other open-end regulated investment companies, based on net asset value;
for other fixed-income securities, according to prices as furnished by an independent pricing service, except that fixed-income securities with remaining maturities of less than 60 days at the time of purchase are valued at amortized cost; and
for all other securities at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees.

Trading in foreign securities may be completed at times which vary from the closing of the New York Stock Exchange (NYSE). In computing its net asset value, the Fund values foreign securities using the latest closing price on the exchange on which they are traded immediately prior to the closing of the NYSE. Certain foreign currency exchange rates are generally determined at the latest rate prior to the closing of the NYSE. Foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. Events that affect these values and exchange rates may occur between the times at which they are determined and the closing of the NYSE. If such events materially affect the value of portfolio securities, these securities may be valued at their fair value as determined in good faith by the Fund's Trustees, although the actual calculation may be done by others.

Repurchase Agreements

Investment Income, Gains and Losses, Expenses and Distributions

Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income, if any, are declared and paid quarterly. Non-cash dividends included in dividend income, if any, are recorded at fair value. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that Class A and Class K Shares bear distribution and shareholder services fees and certain transfer and dividend disbursing agent fees unique to those classes. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Premium and Discount Amortization

All premiums and discounts on fixed-income securities are amortized/accreted for financial statement purposes.

Federal Taxes

When-Issued and Delayed Delivery Transactions

Use of Estimates

Other

Investment transactions are accounted for on a trade date basis. Realized gains and losses from investment transactions are recorded on an identified cost basis.

3. SHARES OF BENEFICIAL INTEREST

The following tables summarize share activity:

Period Ended November 30	2006¹
Class A Shares:	Shares			Amount
Shares sold	47,177		$	479,127
Shares redeemed	(2,003	)		(19,463	)
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS	45,174		$	459,664

Period Ended November 30	2006¹
Class K Shares:	Shares			Amount
Shares sold	18,763		$	193,364
Shares redeemed	(488	)		(4,922	)
NET CHANGE RESULTING FROM CLASS K SHARE TRANSACTIONS	18,275		$	188,442

Period Ended November 30	2006¹
Institutional Shares:	Shares			Amount
Shares sold	42,598		$	445,359
Shares redeemed	(4,536	)		(44,042	)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	38,062		$	401,317
NET CHANGE RESULTING FROM SHARE TRANSACTIONS	101,511		$	1,049,423

1 Reflects operations for the period from April 6, 2006 (date of initial public investment) to November 30, 2006.

4. FEDERAL TAX INFORMATION

As of November 30, 2006, the components of distributable earnings on a tax basis were as follows:

Undistributed ordinary income	$	3,543
Net unrealized appreciation	$	38,927
Capital loss carryforward	$	(17	)

The difference between book-basis and tax-basis net unrealized appreciation/depreciation is attributable to differing treatments for the deferral of losses on wash sales.

At November 30, 2006, the cost of investments for federal tax purposes was $734,003. The net unrealized appreciation of investments for federal tax purposes was $38,927.

At November 30, 2006, the Fund had a capital loss carryforward of $17 which will reduce the Fund's taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Pursuant to the Code, such capital loss carryforward will expire in 2014.

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Federated Equity Management Company of Pennsylvania, the Fund's investment adviser (the "Adviser"), receives for its services an annual investment adviser fee equal to 0.25% of the Fund's average daily net assets. For the period ended November 30, 2006, the Adviser voluntarily waived $519 of its fee and voluntarily reimbursed $244,291 of other operating expenses.

Administrative Fee

Maximum Administrative Fee		Average Aggregate Daily Net Assets of the Federated Funds
0.150%		on the first $5 billion
0.125%		on the next $5 billion
0.100%		on the next $10 billion
0.075%		on assets in excess of $20 billion

Distribution Services Fee

Share Class Name		Percentage of Average Daily Net Assets of Class
Class A Shares		0.25%
Class K Shares		0.50%

When FSC receives fees, it may pay some or all of them to financial intermediaries whose customers purchase shares. For the period ended November 30, 2006, FSC retained $14 of fees paid by the Fund. For the period ended November 30, 2006, the Fund's Class A Shares did not incur a distribution services fee.

Sales Charges

For the period ended November 30, 2006, FSC retained $986 in sales charges from the sale of Class A Shares. See "What Do Shares Cost?" in the Prospectus.

Shareholder Services Fee

Expense Limitation

The Adviser and its affiliates (which may include FSC, FAS and FSSC) have voluntarily agreed to waive their fees and/or reimburse expenses (including the distribution (12b-1) fee) so that the total operating expenses paid by the Fund's Class A Shares, Class K Shares and Institutional Shares (after the voluntary waivers and reimbursements) will not exceed 0.60%, 1.00% and 0.35%, respectively, for the fiscal year ending November 30, 2007. Although these actions are voluntary, the Adviser and its affiliates have agreed not to terminate these waivers and/or reimbursements until after January 31, 2008.

General

Certain of the Officers and Trustees of the Fund are Officers and Directors or Trustees of the above companies.

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations for the period ended November 30, 2006, were as follows:

Purchases		$	666,256
Sales		$	7,236

7. RISKS OF INVESTING IN THE UNDERLYING ETF FUNDS

8. LEGAL PROCEEDINGS

9. CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

As indicated above, the Fund has appointed KPMG as the independent registered public accounting firm to audit the Fund's financial statements for the fiscal year ending November 30, 2006. During the Fund's interim period commencing April 6, 2006 (date of initial public investment) and ending August 18, 2006, neither the Fund nor anyone on its behalf has consulted KPMG on items which: (i) concerned the application of accounting principles to a specific transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Fund's financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a) (1) (iv) of Item 304 of Regulations S-K) or reportable events (as described in paragraph (a) (1) (v) of said item 304).

10. RECENT ACCOUNTING PRONOUNCEMENTS

11. SUBSEQUENT EVENT

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES OF FEDERATED MANAGED ALLOCATION PORTFOLIOS AND THE SHAREHOLDERS OF FEDERATED TARGET ETF FUND 2035:

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Federated Target ETF Fund 2035 (the "Fund"), as of November 30, 2006, and the related statement of operations, the statement of changes in net assets, and the financial highlights for the period from April 6, 2006 to November 30, 2006. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of November 30, 2006 by correspondence with the custodian and brokers, or by other appropriate audit procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights for the period then ended present fairly, in all material respects, the financial position of the Federated Target ETF Fund 2035 as of November 30, 2006, and the results of its operations, the changes in its net assets and the financial highlights for the period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG LLP

Boston, Massachusetts
January 16, 2007

Board of Trustees and Trust Officers

The Board is responsible for managing the Trust's business affairs and for exercising all the Trust's powers except those reserved for the shareholders. The following tables give information about each Board member and the senior officers of the Fund. Where required, the tables separately list Board members who are "interested persons" of the Fund ( i.e. , "Interested" Board members) and those who are not ( i.e. , "Independent" Board members). Unless otherwise noted, the address of each person listed is Federated Investors Tower, 1001 Liberty Avenue, Pittsburgh, PA. As of December 31, 2006, the Trust comprised 7 portfolios, and the Federated Fund Complex consisted of 45 investment companies (comprising 148 portfolios). Unless otherwise noted, each Officer is elected annually. Unless otherwise noted, each Board member oversees all portfolios in the Federated Fund Complex and serves for an indefinite term. The Fund's Statement of Additional Information includes additional information about Trust Trustees and is available, without charge and upon request, by calling 1-800-341-7400.

INTERESTED TRUSTEES BACKGROUND


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John F. Donahue* Birth Date: July 28, 1924 TRUSTEE Began serving: November 1993		Principal Occupations : Director or Trustee of the Federated Fund Complex; Chairman and Director, Federated Investors, Inc.; Chairman of the Federated Fund Complex's Executive Committee. Previous Positions : Chairman of the Federated Fund Complex; Trustee, Federated Investment Management Company and Chairman and Director, Federated Investment Counseling.

J. Christopher Donahue* Birth Date: April 11, 1949 PRESIDENT AND TRUSTEE Began serving: August 2000		Principal Occupations : Principal Executive Officer and President of the Federated Fund Complex; Director or Trustee of some of the Funds in the Federated Fund Complex; President, Chief Executive Officer and Director, Federated Investors, Inc.; Chairman and Trustee, Federated Investment Management Company; Trustee, Federated Investment Counseling; Chairman and Director, Federated Global Investment Management Corp.; Chairman, Federated Equity Management Company of Pennsylvania and Passport Research, Ltd. (Investment advisory subsidiary of Federated); Trustee, Federated Shareholder Services Company; Director, Federated Services Company. Previous Positions : President, Federated Investment Counseling; President and Chief Executive Officer, Federated Investment Management Company, Federated Global Investment Management Corp. and Passport Research, Ltd.


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
Lawrence D. Ellis, M.D.* Birth Date: October 11, 1932 3471 Fifth Avenue Suite 1111 Pittsburgh, PA TRUSTEE Began serving: November 1993		Principal Occupations : Director or Trustee of the Federated Fund Complex; Professor of Medicine, University of Pittsburgh; Medical Director, University of Pittsburgh Medical Center Downtown; Hematologist, Oncologist and Internist, University of Pittsburgh Medical Center. Other Directorships Held : Member, National Board of Trustees, Leukemia Society of America. Previous Positions : Trustee, University of Pittsburgh; Director, University of Pittsburgh Medical Center.

INDEPENDENT TRUSTEES BACKGROUND


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
Thomas G. Bigley Birth Date: February 3, 1934 15 Old Timber Trail Pittsburgh, PA TRUSTEE Began serving: November 1994		Principal Occupation : Director or Trustee of the Federated Fund Complex. Other Directorships Held : Director, Member of Executive Committee, Children's Hospital of Pittsburgh; Director, University of Pittsburgh. Previous Position : Senior Partner, Ernst & Young LLP.

John T. Conroy, Jr. Birth Date: June 23, 1937 Investment Properties Corporation 3838 North Tamiami Trail Suite 402 Naples, FL TRUSTEE Began serving: November 1993		Principal Occupations : Director or Trustee of the Federated Fund Complex; Chairman of the Board, Investment Properties Corporation; Partner or Trustee in private real estate ventures in Southwest Florida. Previous Positions : President, Investment Properties Corporation; Senior Vice President, John R. Wood and Associates, Inc., Realtors; President, Naples Property Management, Inc. and Northgate Village Development Corporation.

Nicholas P. Constantakis Birth Date: September 3, 1939 175 Woodshire Drive Pittsburgh, PA TRUSTEE Began serving: January 2000		Principal Occupation : Director or Trustee of the Federated Fund Complex. Other Directorships Held : Director and Member of the Audit Committee, Michael Baker Corporation (engineering and energy services worldwide). Previous Position : Partner, Andersen Worldwide SC.


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
John F. Cunningham Birth Date: March 5, 1943 353 El Brillo Way Palm Beach, FL TRUSTEE Began serving: January 1999		Principal Occupation : Director or Trustee of the Federated Fund Complex; Director, WinsorTech. Other Directorships Held : Chairman, President and Chief Executive Officer, Cunningham & Co., Inc. (strategic business consulting); Trustee Associate, Boston College. Previous Positions : Director, Redgate Communications and EMC Corporation (computer storage systems); Chairman of the Board and Chief Executive Officer, Computer Consoles, Inc.; President and Chief Operating Officer, Wang Laboratories; Director, First National Bank of Boston; Director, Apollo Computer, Inc.

Peter E. Madden Birth Date: March 16, 1942 One Royal Palm Way 100 Royal Palm Way Palm Beach, FL TRUSTEE Began serving: November 1993		Principal Occupation : Director or Trustee of the Federated Fund Complex. Other Directorships Held : Board of Overseers, Babson College. Previous Positions : Representative, Commonwealth of Massachusetts General Court; President, State Street Bank and Trust Company and State Street Corporation (retired); Director, VISA USA and VISA International; Chairman and Director, Massachusetts Bankers Association; Director, Depository Trust Corporation; Director, The Boston Stock Exchange.

Charles F. Mansfield, Jr. Birth Date: April 10, 1945 80 South Road Westhampton Beach, NY TRUSTEE Began serving: January 1999		Principal Occupations : Director or Trustee of the Federated Fund Complex; Management Consultant. Previous Positions : Chief Executive Officer, PBTC International Bank; Partner, Arthur Young & Company (now Ernst & Young LLP); Chief Financial Officer of Retail Banking Sector, Chase Manhattan Bank; Senior Vice President, HSBC Bank USA (formerly, Marine Midland Bank); Vice President, Citibank; Assistant Professor of Banking and Finance, Frank G. Zarb School of Business, Hofstra University; Executive Vice President DVC Group, Inc. (marketing, communications and technology).

John E. Murray, Jr., J.D., S.J.D. Birth Date: December 20, 1932 Chancellor, Duquesne University Pittsburgh, PA TRUSTEE Began serving: February 1995		Principal Occupations : Director or Trustee, and Chairman of the Board of Directors or Trustees, of the Federated Fund Complex; Chancellor and Law Professor, Duquesne University; Partner, Murray, Hogue & Lannis. Other Directorships Held : Director, Michael Baker Corp. (engineering, construction, operations and technical services). Previous Positions : President, Duquesne University; Dean and Professor of Law, University of Pittsburgh School of Law; Dean and Professor of Law, Villanova University School of Law.


Name Birth Date Address Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
Thomas M. O'Neill Birth Date: June 14, 1951 95 Standish Street P.O. Box 2779 Duxbury, MA TRUSTEE Began serving: October 2006		Principal Occupations : Director or Trustee of the Federated Fund Complex; Managing Director and Partner, Navigator Management Company, L.P. (investment and strategic consulting). Other Directorships Held : Director, Midway Pacific (lumber); Board of Overseers, Children's Hospital of Boston; Visiting Committee on Athletics, Harvard College. Previous Positions : Chief Executive Officer and President, Managing Director and Chief Investment Officer, Fleet Investment Advisors; President and Chief Executive Officer, Aeltus Investment Management, Inc.; General Partner, Hellman, Jordan Management Co., Boston, MA; Chief Investment Officer, The Putnam Companies, Boston, MA; and Credit Analyst and Lending Officer, Fleet Bank.

Marjorie P. Smuts Birth Date: June 21, 1935 4905 Bayard Street Pittsburgh, PA TRUSTEE Began serving: November 1993		Principal Occupations : Director or Trustee of the Federated Fund Complex; Public Relations/Marketing Consultant/Conference Coordinator. Previous Positions : National Spokesperson, Aluminum Company of America; television producer; President, Marj Palmer Assoc.; Owner, Scandia Bord.

John S. Walsh Birth Date: November 28, 1957 2604 William Drive Valparaiso, IN TRUSTEE Began serving: January 1999		Principal Occupations : Director or Trustee of the Federated Fund Complex; President and Director, Heat Wagon, Inc. (manufacturer of construction temporary heaters); President and Director, Manufacturers Products, Inc. (distributor of portable construction heaters); President, Portable Heater Parts, a division of Manufacturers Products, Inc. Previous Position : Vice President, Walsh & Kelly, Inc.

James F. Will Birth Date: October 12, 1938 Saint Vincent College Latrobe, PA TRUSTEE Began serving: April 2006		Principal Occupations : Director or Trustee of the Federated Fund Complex; Vice Chancellor and President, Saint Vincent College. Other Directorships Held : Alleghany Corporation. Previous Positions : Chairman, President and Chief Executive Officer, Armco, Inc.; President and Chief Executive Officer, Cyclops Industries; President and Chief Operating Officer, Kaiser Steel Corporation.

OFFICERS


Name Birth Date Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years and Previous Position(s)
John W. McGonigle Birth Date: October 26, 1938 EXECUTIVE VICE PRESIDENT AND SECRETARY Began serving: November 1993		Principal Occupations : Executive Vice President and Secretary of the Federated Fund Complex; Vice Chairman, Executive Vice President, Secretary and Director, Federated Investors, Inc. Previous Positions : Trustee, Federated Investment Management Company and Federated Investment Counseling; Director, Federated Global Investment Management Corp., Federated Services Company and Federated Securities Corp.

Richard A. Novak Birth Date: December 25, 1963 TREASURER Began serving: January 2006		Principal Occupations : Principal Financial Officer and Treasurer of the Federated Fund Complex; Senior Vice President, Federated Administrative Services; Financial and Operations Principal for Federated Securities Corp., Edgewood Services, Inc. and Southpointe Distribution Services, Inc. Previous Positions : Controller of Federated Investors, Inc.; Vice President, Finance of Federated Services Company; held various financial management positions within The Mercy Hospital of Pittsburgh; Auditor, Arthur Andersen & Co.

Richard B. Fisher Birth Date: May 17, 1923 VICE PRESIDENT Began serving: November 1993		Principal Occupations : Vice Chairman or Vice President of some of the Funds in the Federated Fund Complex; Vice Chairman, Federated Investors, Inc.; Chairman, Federated Securities Corp. Previous Positions : President and Director or Trustee of some of the Funds in the Federated Fund Complex; Executive Vice President, Federated Investors, Inc. and Director and Chief Executive Officer, Federated Securities Corp.

Brian P. Bouda Birth Date: February 28, 1947 SENIOR VICE PRESIDENT AND CHIEF COMPLIANCE OFFICER Began serving: August 2004		Principal Occupations: Senior Vice President and Chief Compliance Officer of the Federated Fund Complex; Vice President and Chief Compliance Officer of Federated Investors, Inc.; and Chief Compliance Officer of its subsidiaries. Mr. Bouda joined Federated in 1999 and is a member of the American Bar Association and the State Bar Association of Wisconsin.


Name Birth Date Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years and Previous Position(s)
Stephen F. Auth Birth Date: September 3, 1956 CHIEF INVESTMENT OFFICER Began serving: November 2002		Principal Occupations : Chief Investment Officer of this Fund and various other Funds in the Federated Fund Complex; Executive Vice President, Federated Investment Counseling, Federated Global Investment Management Corp. and Federated Equity Management Company of Pennsylvania. Previous Positions : Executive Vice President, Federated Investment Management Company, and Passport Research, Ltd. (Investment advisory subsidiary of Federated); Senior Vice President, Global Portfolio Management Services Division; Senior Vice President, Federated Investment Management Company and Passport Research, Ltd.; Senior Managing Director and Portfolio Manager, Prudential Investments.

John W. Harris Birth Date: June 6, 1954 VICE PRESIDENT Began serving: November 1999		John W. Harris has been the Fund's Portfolio Manager since inception. He is Vice President of the Trust. Mr. Harris initially joined Federated in 1987 as an Investment Analyst. He served as an Investment Analyst and an Assistant Vice President from 1990 through 1992 and as a Senior Investment Analyst and Vice President through May 1993. After leaving the money management field to travel extensively, he rejoined Federated in 1997 as a Senior Investment Analyst and became a Portfolio Manager and an Assistant Vice President of the Fund's Adviser in December 1998. Mr. Harris continues to be a Portfolio Manager of certain Federated Funds. In January 2000, Mr. Harris became a Vice President of the Fund's Adviser. Mr. Harris is a Chartered Financial Analyst. He received his M.B.A. from the University of Pittsburgh.

Evaluation and Approval of Advisory Contract

FEDERATED TARGET ETF FUND: 2035 (THE "FUND")

The Board considered and weighed these circumstances in light of its substantial accumulated experience in working with Federated on matters relating to other Federated funds, and was assisted in its deliberations by the advice of independent legal counsel. The Board's consideration of the advisory contract included review of the Senior Officer's evaluation, accompanying data and additional reports covering such matters as: the Adviser's and subadviser's investment philosophy, revenue, profitability, personnel and processes; investment and operating strategies; the Fund's investment objectives; the Fund's expenses (including the advisory fee itself and the overall expense structure of the Fund, both in absolute terms and relative to similar and/or competing funds, with due regard for contractual or voluntary expense limitations); the nature, quality and extent of the advisory and other services to be provided to the Fund by the Adviser and its affiliates; the preferences and expectations of Fund shareholders and their relative sophistication; the continuing state of competition in the mutual fund industry and market practices; the range of comparable fees for similar funds in the mutual fund industry; the Fund's relationship to the Federated family of funds which include a comprehensive array of funds with different investment objectives, policies and strategies which are available for exchange without the incurrence of additional sales charges; compliance and audit reports concerning the Federated Funds and the Federated companies that service them (including communications from regulatory agencies), as well as Federated's responses to any issues raised therein; and relevant developments in the mutual fund industry and how the Federated Funds and/or Federated are responding to them. The Board's evaluation process is evolutionary. The criteria considered and the emphasis placed on relevant criteria change in recognition of changing circumstances in the mutual fund marketplace.

Because the Board was considering the advisory contract in the context of Federated's proposal to create a new fund, the factors mentioned above relating to such matters as any indirect benefits that may accrue to the Adviser and its affiliates as a result of the Adviser's relationship with the Fund, are essentially impossible to apply before the Fund has experienced any meaningful operating history. Nevertheless, in connection with the Board's governance of other Federated Funds, it should be noted that the Board regularly receives financial information about Federated, including reports on the compensation and benefits Federated derives from its relationships with the other Federated Funds. These reports cover not only the fees under the advisory contracts, but also fees received by Federated's subsidiaries for providing other services to the Federated Funds under separate contracts (e.g., for serving as the Federated funds' administrator). The reports also discuss any indirect benefit Federated may derive from its receipt of research services from brokers who execute Federated fund trades, as well as waivers of fees and/or reimbursements of expenses. In order for a fund to be competitive in the marketplace, Federated and its affiliates frequently waive fees and/or reimburse expenses and have indicated to the Board their intention to do so in the future, where appropriate.

The Senior Officer's evaluation also discussed the notion of possible realization of "economies of scale" as a fund grows larger. The Board considered in this regard that the Adviser has made significant additional investments in the portfolio management and distribution efforts supporting all of the Federated Funds and that the benefits of any economies, should they exist, were likely to be enjoyed by the fund complex as a whole. Finally, the Board also noted the absence of any applicable regulatory or industry guidelines on this subject, which is compounded by the lack of any common industry practice or general pattern with respect to structuring fund advisory fees with "breakpoints" that serve to reduce the fee as the fund attains a certain size. The Senior Officer did not recommend institution of breakpoints in pricing Federated's fund advisory services at this time.

The Board based its decision to approve the advisory contract on the totality of the circumstances and relevant factors, and with a view to past and future long-term considerations. As noted, not all of the factors and considerations identified above were relevant to the Fund, nor does the Board consider any one of them to be determinative. With respect to the factors that are relevant, the Board's decision to approve the contract reflects its determination that, based upon the information requested and supplied, Federated's proposal to establish and manage the Fund, and its past performance and actions in providing services to other mutual funds, provide a satisfactory basis to support the business decision to approve the proposed arrangements.

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

Federated
World-Class Investment Manager

Federated Target ETF Fund 2035
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
Contact us at FederatedInvestors.com
or call 1-800-341-7400.

Federated Securities Corp., Distributor

Cusip 314212853
Cusip 314212838
Cusip 314212846

36071 (1/07)

Federated is a registered mark of Federated Investors, Inc. 2007 (c)Federated Investors, Inc.


ITEM 2.     CODE OF ETHICS

(a) As of the end of the period covered by this report, the registrant has
adopted a code of ethics (the "Section 406 Standards for Investment Companies -
Ethical Standards for Principal Executive and Financial Officers") that applies
to the registrant's Principal Executive Officer and Principal Financial Officer;
the registrant's Principal Financial Officer also serves as the Principal
Accounting Officer.

(c) Not Applicable

(d) Not Applicable

(e) Not Applicable

(f)(3) The registrant hereby undertakes to provide any person, without charge,
upon request, a copy of the code of ethics.  To request a copy of the code of
ethics, contact the registrant at 1-800-341-7400, and ask for a copy of the
Section 406 Standards for Investment Companies - Ethical Standards for Principal
Executive and Financial Officers.


ITEM 3.     AUDIT COMMITTEE FINANCIAL EXPERT

The registrant's Board has determined that each member of the Board's Audit
Committee is an "audit committee financial expert," and that each such member is
"independent," for purposes of this Item.  The Audit Committee consists of the
following Board members:  Thomas G. Bigley, John T. Conroy, Jr., Nicholas P.
Constantakis and Charles F. Mansfield, Jr.


ITEM 4.     PRINCIPAL ACCOUNTANT FEES AND SERVICES


(a)         Audit Fees billed to the registrant for the two most recent fiscal
years:

                  Fiscal year ended 2006 - $128,000

                  Fiscal year ended 2005 - $85,383



(b)         Audit-Related Fees billed to the registrant for the two most recent
fiscal years:

                  Fiscal year ended 2006 - $0

                  Fiscal year ended 2005 - $0



      Amount requiring approval of the registrant's audit committee pursuant to
      paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $8,152
      respectively.  Fiscal year ended 2005 - Transfer Agent Service Auditors
      Report.



(c)          Tax Fees billed to the registrant for the two most recent fiscal
years:

                  Fiscal year ended 2006 - $0

                  Fiscal year ended 2005 - $0

      Amount requiring approval of the registrant's audit committee pursuant to
      paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $16,089
      respectively.  Fiscal year ended 2005 - Analysis regarding the realignment
      of advisory companies.





(d)         All Other Fees billed to the registrant for the two most recent
fiscal years:

                  Fiscal year ended 2006 - $0

                  Fiscal year ended 2005 - $0

      Amount requiring approval of the registrant's audit committee pursuant to
      paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $23,383 and $9,695
      respectively.  Fiscal year ended 2006 - Executive compensation analysis.
      Fiscal year ended 2005- Executive compensation analysis.



(e)(1)      Audit Committee Policies regarding Pre-approval of Services.

            The Audit Committee is required to pre-approve audit and non-audit
services performed by the independent auditor in order to assure that the
provision of such services do not impair the auditor's independence.  Unless a
type of service to be provided by the independent auditor has received general
pre-approval, it will require specific pre-approval by the Audit Committee.  Any
proposed services exceeding pre-approved cost levels will require specific pre-
approval by the Audit Committee.

            Certain services have the general pre-approval of the Audit
Committee.  The term of the general pre-approval is 12 months from the date of
pre-approval, unless the Audit Committee specifically provides for a different
period.  The Audit Committee will annually review the services that may be
provided by the independent auditor without obtaining specific pre-approval from
the Audit Committee and may grant general pre-approval for such services.  The
Audit Committee will revise the list of general pre-approved services from time
to time, based on subsequent determinations.  The Audit Committee will not
delegate its responsibilities to pre-approve services performed by the
independent auditor to management.

            The Audit Committee has delegated pre-approval authority to its
Chairman.  The Chairman will report any pre-approval decisions to the Audit
Committee at its next scheduled meeting.  The Committee will designate another
member with such pre-approval authority when the Chairman is unavailable.



AUDIT SERVICES

      The annual Audit services engagement terms and fees will be subject to the
specific pre-approval of the Audit Committee.  The Audit Committee must approve
any changes in terms, conditions and fees resulting from changes in audit scope,
registered investment company (RIC) structure or other matters.

      In addition to the annual Audit services engagement specifically approved
by the Audit Committee, the Audit Committee may grant general pre-approval for
other Audit Services, which are those services that only the independent auditor
reasonably can provide.  The Audit Committee has pre-approved certain Audit
services, all other Audit services must be specifically pre-approved by the
Audit Committee.



AUDIT-RELATED SERVICES

      Audit-related services are assurance and related services that are
reasonably related to the performance of the audit or review of the Company's
financial statements or that are traditionally performed by the independent
auditor.  The Audit Committee believes that the provision of Audit-related
services does not impair the independence of the auditor, and has pre-approved
certain Audit-related services, all other Audit-related services must be
specifically pre-approved by the Audit Committee.



TAX SERVICES

      The Audit Committee believes that the independent auditor can provide Tax
services to the Company such as tax compliance, tax planning and tax advice
without impairing the auditor's independence.  However, the Audit Committee will
not permit the retention of the independent auditor in connection with a
transaction initially recommended by the independent auditor, the purpose of
which may be tax avoidance and the tax treatment of which may not be supported
in the Internal Revenue Code and related regulations.  The Audit Committee has
pre-approved certain Tax services, all Tax services involving large and complex
transactions must be specifically pre-approved by the Audit Committee.



ALL OTHER SERVICES

      With respect to the provision of services other than audit, review or
attest services the pre-approval requirement is waived if:



      (1)         The aggregate amount of all such services provided constitutes
                  no more than five percent of the total amount of revenues paid
                  by the registrant, the registrant's adviser (not including any
                  sub-adviser whose role is primarily portfolio management and
                  is subcontracted with or overseen by another investment
                  adviser), and any entity controlling, controlled by, or under
                  common control with the investment adviser that provides
                  ongoing services to the registrant to its accountant during
                  the fiscal year in which the services are provided;
      (2)         Such services were not recognized by the registrant, the
                  registrant's adviser (not including any sub-adviser whose role
                  is primarily portfolio management and is subcontracted with or
                  overseen by another investment adviser), and any entity
                  controlling, controlled by, or under common control with the
                  investment adviser that provides ongoing services to the
                  registrant  at the time of the engagement to be non-audit
                  services; and
      (3)         Such services are promptly brought to the attention of the
                  Audit Committee of the issuer and approved prior to the
                  completion of the audit by the Audit Committee or by one or
                  more members of the Audit Committee who are members of the
                  board of directors to whom authority to grant such approvals
                  has been delegated by the Audit Committee.


      The Audit Committee may grant general pre-approval to those permissible
non-audit services classified as All Other services that it believes are routine
and recurring services, and would not impair the independence of the auditor.



      The SEC's rules and relevant guidance should be consulted to determine the
precise definitions of prohibited non-audit services and the applicability of
exceptions to certain of the prohibitions.



PRE-APPROVAL FEE LEVELS

      Pre-approval fee levels for all services to be provided by the independent
auditor will be established annually by the Audit Committee.  Any proposed
services exceeding these levels will require specific pre-approval by the Audit
Committee.



PROCEDURES

      Requests or applications to provide services that require specific
approval by the Audit Committee will be submitted to the Audit Committee by both
the independent auditor and the Principal Accounting Officer and/or Internal
Auditor, and must include a joint statement as to whether, in their view, the
request or application is consistent with the SEC's rules on auditor
independence.





(e)(2)      Percentage of services identified in items 4(b) through 4(d) that
were approved by the registrants audit committee pursuant to paragraph
(c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

            4(b)

            Fiscal year ended 2006 - 0%

            Fiscal year ended 2005 - 0%

            Percentage of services provided to the registrants investment
            adviser and any entity controlling, controlled by, or under common
            control with the investment adviser that provides ongoing services
            to the registrant that were approved by the registrants audit
            committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of
            Regulation S-X, 0% and 0% respectively.



            4(c)

            Fiscal year ended 2006 - 0%

            Fiscal year ended 2005 - 0%

            Percentage of services provided to the registrants investment
            adviser and any entity controlling, controlled by, or under common
            control with the investment adviser that provides ongoing services
            to the registrant that were approved by the registrants audit
            committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of
            Regulation S-X, 0% and 0% respectively.



            4(d)

            Fiscal year ended 2006 - 0%

            Fiscal year ended 2005 - 0%

            Percentage of services provided to the registrants investment
            adviser and any entity controlling, controlled by, or under common
            control with the investment adviser that provides ongoing services
            to the registrant that were approved by the registrants audit
            committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of
            Regulation S-X, 0% and 0% respectively.



(f)   NA


(g)   Non-Audit Fees billed to the registrant, the registrant's investment
      adviser, and certain entities controlling, controlled by or under common
      control with the investment adviser:
            Fiscal year ended 2006 - $91,329

            Fiscal year ended 2005 - $46,965



(h)         The registrant's Audit Committee has considered that the provision
of non-audit services that were rendered to the registrant's adviser (not
including any sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and any entity
controlling, controlled by, or under common control with the investment adviser
that provides ongoing services to the registrant that were not pre-approved
pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible
with maintaining the principal accountant's independence.



ITEM 5.     AUDIT COMMITTEE OF LISTED REGISTRANTS

            Not Applicable

ITEM 6.     SCHEDULE OF INVESTMENTS

            Not Applicable

ITEM 7.     DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
            MANAGEMENT INVESTMENT COMPANIES

            Not Applicable

ITEM 8.     PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

            Not Applicable

ITEM 9.     PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
            COMPANY AND AFFILIATED PURCHASERS

            Not Applicable

ITEM 10.    SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

            Not Applicable

ITEM 11.    CONTROLS AND PROCEDURES

(a) The registrant's President and Treasurer 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-CSR.

(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 12.    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 MANAGED ALLOCATION PORTFOLIOS

BY          /S/ RICHARD A. NOVAK

            Richard A. Novak, Principal Financial Officer
DATE        January 23, 2007


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        January 23, 2007


BY          /S/ RICHARD A. NOVAK

            Richard A. Novak, Principal Financial Officer
DATE        January 23, 2007

Federated Managed Allocation Portfolios Inactive N-CSRCertified annual shareholder report (management investment company)

FederatedWorld-Class Investment Manager

Federated Balanced Allocation Fund

1ST ANNUAL SHAREHOLDER REPORT

Class A SharesClass B SharesClass C Shares

Financial Highlights - Class A Shares

Financial Highlights - Class B Shares

Financial Highlights - Class C Shares

Shareholder Expense Example

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Management's Discussion of Fund Performance

GROWTH OF A $10,000 INVESTMENT -- CLASS A SHARES

GROWTH OF A $10,000 INVESTMENT -- CLASS B SHARES

GROWTH OF A $10,000 INVESTMENT -- CLASS C SHARES

Portfolio of Investments Summary Table

Portfolio of Investments

Statement of Assets and Liabilities

Statement of Operations

Statement of Changes in Net Assets

Notes to Financial Statements

1. ORGANIZATION

2. SIGNIFICANT ACCOUNTING POLICIES

Investment Valuation

Repurchase Agreements

Investment Income, Gains and Losses, Expenses and Distributions

Premium and Discount Amortization

Federal Taxes

When-Issued and Delayed Delivery Transactions

Use of Estimates

Other

3. SHARES OF BENEFICIAL INTEREST

4. FEDERAL TAX INFORMATION

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Administrative Fee

Distribution Services Fee

Sales Charges

Shareholder Services Fee

Expense Limitation

General

Transactions with Affiliated Companies

6. INVESTMENT TRANSACTIONS

7. RISKS OF INVESTING IN UNDERLYING FUNDS

8. LEGAL PROCEEDINGS

9. CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

10. RECENT ACCOUNTING PRONOUNCEMENTS

11. SUBSEQUENT EVENT

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES OF FEDERATED MANAGED ALLOCATION PORTFOLIOS AND THE SHAREHOLDERS OF FEDERATED BALANCED ALLOCATION FUND:

Board of Trustees and Trust Officers

INTERESTED TRUSTEES BACKGROUND

INDEPENDENT TRUSTEES BACKGROUND

OFFICERS

Evaluation and Approval of Advisory Contract

FEDERATED BALANCED ALLOCATION FUND (THE "FUND")

Voting Proxies on Fund Portfolio Securities

Quarterly Portfolio Schedule

FederatedWorld-Class Investment Manager

FederatedWorld-Class Investment Manager

Federated Conservative Allocation Fund

ANNUAL SHAREHOLDER REPORT

Institutional SharesSelect Shares

Financial Highlights - Institutional Shares

Financial Highlights - Select Shares

Shareholder Expense Example

ACTUAL EXPENSES

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

Management's Discussion of Fund Performance

MARKETS

FUND

GROWTH OF A $25,000 INVESTMENT -- INSTITUTIONAL SHARES

GROWTH OF A $10,000 INVESTMENT -- SELECT SHARES

Portfolio of Investments Summary Table

Portfolio of Investments

Statement of Assets and Liabilities

Statement of Operations

Statement of Operations-continued

Statement of Changes in Net Assets

Notes to Financial Statements

Federated
World-Class Investment Manager

Class A Shares
Class B Shares
Class C Shares

Federated
World-Class Investment Manager

Federated
World-Class Investment Manager

Institutional Shares
Select Shares

Federated
World-Class Investment Manager

Federated
World-Class Investment Manager

Institutional Shares
Select Shares