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: 11/30/03


            Date of Reporting Period: Six months ended 5/31/03



Item 1.     Reports to Stockholders

Federated Investors
World-Class Investment Manager

Federated Managed Conservative Growth Portfolio

A Portfolio of Federated Managed Allocation Portfolios

SEMI-ANNUAL SHAREHOLDER REPORT

May 31, 2003

FINANCIAL HIGHLIGHTS

FINANCIAL STATEMENTS

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Financial Highlights -- Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited)			Year Ended November 30,
	5/31/2003			2002			2001			2000			1999	1		1998
Net Asset Value, Beginning of Period	$9.70			$10.22			$11.19			$11.82			$12.15			$11.98
Income From Investment Operations:
Net investment income	0.12			0.31	2		0.35			0.48	3		0.45			0.44
Net realized and unrealized gain (loss) on investments, foreign currency transactions and futures contracts	0.46			(0.57	)2		(0.43	)		(0.40	)		0.14			0.81
TOTAL FROM INVESTMENT OPERATIONS	0.58			(0.26	)		(0.08	)		0.08			0.59			1.25
Less Distributions:
Distributions from net investment income	(0.12	)		(0.26	)		(0.37	)		(0.45	)		(0.45	)		(0.46	)
Distributions from net realized gain on investments, foreign currency transactions and futures contracts	--			--			(0.52	)		(0.26	)		(0.47	)		(0.62	)
TOTAL DISTRIBUTIONS	(0.12	)		(0.26	)		(0.89	)		(0.71	)		(0.92	)		(1.08	)
Net Asset Value, End of Period	$10.16			$ 9.70			$10.22			$11.19			$11.82			$12.15
Total Return4	6.12	%		(2.56	)%		(0.75	)%		0.60	%		5.11	%		11.19	%
Ratios to Average Net Assets:
Expenses	1.23	%5		1.15	%		1.13	%		1.06	%		1.04	%		1.08	%
Net investment income	2.55	%5		3.01	%2		3.62	%		4.11	%		3.78	%		3.77	%
Expense waiver/reimbursement6	0.20	%5		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Supplemental Data:
Net assets, end of period (000 omitted)	$76,783		$76,842			$110,413			$121,563			$51,961			$178,521
Portfolio turnover	20	%		11	%		20	%		43	%		94	%		117	%

1 Beginning with the year ended November 30, 1999, the Fund was audited by Deloitte & Touche LLP. The previous year was audited by other auditors.

2 Effective December 1, 2001, the Fund adopted the provisions of the American Institute of Certified Public Accountants ("AICPA") Audit and Accounting Guide for Investment Companies and began accreting discount/amortizing premium on long-term debt securities. The effect of this change for the year ended November 30, 2002 was to decrease net investment income per share by $0.02, increase net realized gain (loss) per share by $0.02, and decrease the ratio of net investment income to average net assets from 3.12% to 3.01%. Per share, ratios and supplemental data for periods prior to December 1, 2001 have not been restated to reflect this change in presentation.

3 Based on average shares outstanding.

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

5 Computed on an annualized basis.

6 This voluntary expense decrease is reflected in both the 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)

	Six Months Ended (unaudited)			Year Ended November 30,
	5/31/2003			2002			2001			2000			1999	1		1998
Net Asset Value, Beginning of Period	$ 9.69			$10.22			$11.17			$11.80			$12.14			$11.96
Income From Investment Operations:
Net investment income	0.09			0.23	2		0.34			0.40	3		0.37			0.37
Net realized and unrealized gain (loss) on investments, foreign currency transactions and futures contracts	0.46			(0.57	)2		(0.48	)		(0.40	)		0.13			0.81
TOTAL FROM INVESTMENT OPERATIONS	0.55			(0.34	)		(0.14	)		--			0.50			1.18
Less Distributions:
Distributions from net investment income	(0.09	)		(0.19	)		(0.29	)		(0.37	)		(0.37	)		(0.38	)
Distributions from net realized gain on investments, foreign currency transactions and futures contracts	--			--			(0.52	)		(0.26	)		(0.47	)		(0.62	)
TOTAL DISTRIBUTIONS	(0.09	)		(0.19	)		(0.81	)		(0.63	)		(0.84	)		(1.00	)
Net Asset Value, End of Period	$10.15			$ 9.69			$10.22			$11.17			$11.80			$12.14
Total Return4	5.74	%		(3.31	)%		(1.33	)%		(0.11	)%		4.29	%		10.51	%
Ratios to Average Net Assets:
Expenses	1.93	%5		1.85	%		1.83	%		1.76	%		1.74	%		1.78	%
Net investment income	1.85	%5		2.31	%2		2.92	%		3.42	%		3.08	%		3.07	%
Expense waiver/reimbursement6	0.25	%5		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Supplemental Data:
Net assets, end of period (000 omitted)	$38,176		$38,481			$50,413			$55,004			$64,972			$62,787
Portfolio turnover	20	%		11	%		20	%		43	%		94	%		117	%

1 Beginning with the year ended November 30, 1999, the Fund was audited by Deloitte & Touche LLP. The previous year was audited by other auditors.

2 Effective December 1, 2001, the Fund adopted the provisions of the American Institute of Certified Public Accountants ("AICPA") Audit and Accounting Guide for Investment Companies and began accreting discount/amortizing premium on long-term debt securities. The effect of this change for the year ended November 30, 2002 was to decrease net investment income per share by $0.02, increase net realized gain (loss) per share by $0.02, and decrease the ratio of net investment income to average net assets from 2.42% to 2.31%. Per share, ratios and supplemental data for periods prior to December 1, 2001 have not been restated to reflect this change in presentation.

3 Based on average shares outstanding.

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

5 Computed on an annualized basis.

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

See Notes which are an integral part of the Financial Statements

Portfolio of Investments

May 31, 2003 (unaudited)

Shares				Value in U.S. Dollars
			STOCKS--44.9%
			LARGE-CAP STOCKS--28.7%
			Consumer Discretionary--2.8%
	20,300	1	AOL Time Warner, Inc.	$	308,966
	3,200	1	Clear Channel Communications, Inc.		130,240
	9,529	1	Comcast Corp., Class A		286,918
	12,356		Ford Motor Co.		129,738
	1,200		Gannett Co., Inc.		94,800
	10,150		Home Depot, Inc.		329,774
	4,400		Interpublic Group Cos., Inc.		60,500
	2,000		Johnson Controls, Inc.		166,500
	3,500		Knight-Ridder, Inc.		246,540
	3,300	1	Kohl's Corp.		172,755
	4,800		Lowe's Cos., Inc.		202,848
	3,700		Nike, Inc., Class B		207,163
	1,400		Omnicom Group, Inc.		97,734
	5,800		Target Corp.		212,454
	8,177	1	Viacom, Inc., Class B		372,217
	11,500		Walt Disney Co.		225,975
			TOTAL		3,245,122
			Consumer Staples--3.5%
	8,700		Altria Group, Inc.		359,310
	3,400		Anheuser-Busch Cos., Inc.		178,942
	10,600		Coca-Cola Co.		483,042
	5,500		Costco Wholesale Corp.		203,775
	8,700		Gillette Co.		292,407
	3,400		Kimberly-Clark Corp.		176,562
	6,400		Kroger Co.		102,720
	11,500		McCormick & Co., Inc.		309,350
	7,800		PepsiCo, Inc.		344,760
	4,800		Procter & Gamble Co.		440,736
	2,800		UST, Inc.		98,868
	16,800		Wal-Mart Stores, Inc.		883,848
	5,400		Walgreen Co.		166,266
			TOTAL		4,040,586
Shares				Value in U.S. Dollars
			STOCKS--continued
			LARGE-CAP STOCKS--continued
			Energy--1.8%
	3,400		Anadarko Petroleum Corp.	$	167,552
	3,500		Ashland, Inc.		113,610
	700		BP Amoco PLC, ADR		29,323
	3,900		Baker Hughes, Inc.		128,895
	5,128		ChevronTexaco Corp.		363,780
	4,050		ConocoPhillips		218,579
	23,080		Exxon Mobil Corp.		840,112
	1,200		Royal Dutch Petroleum Co., ADR		54,660
	3,500		Schlumberger Ltd.		170,170
			TOTAL		2,086,681
			Financials--5.5%
	5,504		Allstate Corp.		198,089
	6,100		American Express Co.		254,126
	10,429		American International Group, Inc.		603,631
	8,300		Bank One Corp.		310,088
	6,334		Bank of America Corp.		469,983
	5,600		Bank of New York Co., Inc.		162,064
	20,466		Citigroup, Inc.		839,515
	3,200		Federal Home Loan Mortgage Corp.		191,392
	4,200		Fannie Mae		310,800
	4,200		Fifth Third Bancorp		241,500
	6,200		FleetBoston Financial Corp.		183,334
	2,300		Lehman Brothers Holdings, Inc.		164,749
	3,500		Lincoln National Corp.		121,800
	1,700		Loews Corp.		81,770
	4,100		Marsh & McLennan Cos., Inc.		205,533
	4,200		Mellon Financial Corp.		114,114
	4,500		Merrill Lynch & Co., Inc.		194,850
	5,300		Morgan Stanley		242,475
	1,300		SLM Holding Corp.		156,000
	12,900		Schwab (Charles) Corp.		125,130
	4,367		Travelers Property Casualty Corp., Class B		70,614
	10,700		U.S. Bancorp		253,590
Shares				Value in U.S. Dollars
			STOCKS--continued
			LARGE-CAP STOCKS--continued
			Financials--continued
	7,600		Wachovia Corp.	$	305,368
	5,414		Washington Mutual, Inc.		220,783
	6,500		Wells Fargo & Co.		313,950
			TOTAL		6,335,248
			Healthcare--4.4%
	6,700		Abbott Laboratories		298,485
	5,400	1	Amgen, Inc.		349,434
	2,500	1	Anthem, Inc.		183,375
	3,800		Baxter International, Inc.		96,292
	2,900	1	Biogen, Inc.		123,076
	9,200		Bristol-Myers Squibb Co.		235,520
	2,900		Cardinal Health, Inc.		167,359
	2,100	1	Forest Laboratories, Inc., Class A		106,050
	2,700		Guidant Corp.		114,156
	9,900		Johnson & Johnson		538,065
	4,500		Lilly (Eli) & Co.		268,965
	4,600		Medtronic, Inc.		224,158
	8,200		Merck & Co., Inc.		455,756
	2,100		Mylan Laboratories, Inc.		60,648
	27,891		Pfizer, Inc.		865,179
	8,200		Schering Plough Corp.		151,290
	1,700		St. Jude Medical, Inc.		95,370
	3,400		UnitedHealth Group, Inc.		326,196
	5,800		Wyeth		254,330
	1,890	1	Zimmer Holdings, Inc.		84,785
			TOTAL		4,998,489
			Industrials--2.7%
	500		3M Co.		63,235
	5,400		Boeing Co.		165,618
	2,500		Caterpillar, Inc.		130,375
	1,500		Danaher Corp.		100,380
	3,600		Deere & Co.		157,212
	1,800		Eaton Corp.		151,074
	36,600		General Electric Co.		1,050,420
	5,000		Honeywell International, Inc.		131,000
Shares				Value in U.S. Dollars
			STOCKS--continued
			LARGE-CAP STOCKS--continued
			Industrials--continued
	3,100		Lockheed Martin Corp.	$	143,902
	3,700		Raytheon Co.		118,548
	3,100		Textron, Inc.		108,035
	9,500		Tyco International Ltd.		168,150
	4,100		Union Pacific Corp.		250,059
	2,900		United Technologies Corp.		197,925
	5,500		Waste Management, Inc.		140,085
			TOTAL		3,076,018
			Information Technology--5.0%
	5,400	1	Apple Computer, Inc.		97,038
	8,900	1	Applied Materials, Inc.		138,484
	3,800		Automatic Data Processing, Inc.		132,620
	28,900	1	Cisco Systems, Inc.		470,492
	5,100		Computer Associates International, Inc.		110,517
	8,700	1	Corning, Inc.		63,597
	8,200	1	Dell Computer Corp.		256,578
	12,400		EMC Corp. Mass		134,168
	3,500		Electronic Data Systems Corp.		70,525
	2,800	1	Fiserv, Inc.		92,652
	4,200		First Data Corp.		173,964
	13,632		Hewlett-Packard Co.		265,824
	26,800		Intel Corp.		558,512
	6,600		International Business Machines Corp.		581,064
	5,400	1	Intuit, Inc.		248,886
	1,300	1	Lexmark International Group, Class A		96,720
	25,570	1	Lucent Technologies, Inc.		56,510
	35,900		Microsoft Corp.		883,499
	14,300		Motorola, Inc.		121,836
	1,500		Nokia Oyj, ADR, Class A		27,060
	2,700	1	Novellus Systems, Inc.		93,555
	23,500	1	Oracle Corp.		305,735
	4,600		Qualcomm, Inc.		154,468
	22,700	1	Sun Microsystems, Inc.		98,291
	3,700	1	SunGuard Data Systems, Inc.		85,100
Shares				Value in U.S. Dollars
			STOCKS--continued
			LARGE-CAP STOCKS--continued
			Information Technology--continued
	8,400		Texas Instruments, Inc.	$	172,200
	4,100	1	Veritas Software Corp.		113,775
	4,000	1	Yahoo, Inc.		119,400
			TOTAL		5,723,070
			Materials--0.8%
	5,600		Alcoa, Inc.		137,816
	4,801		Du Pont (E.I.) de Nemours & Co.		202,314
	5,100		International Paper Co.		187,017
	3,300		MeadWestvaco Corp.		82,632
	3,920		Monsanto Co.		78,596
	3,300		PPG Industries, Inc.		160,479
	2,200		Weyerhaeuser Co.		110,836
			TOTAL		959,690
			Telecommunication Services--1.3%
	4,413		AT&T Corp.		86,009
	14,231	1	AT&T Wireless Services, Inc.		110,575
	1,900		Alltel Corp.		90,972
	8,000		BellSouth Corp.		212,080
	5,200	1	NEXTEL Communications, Inc., Class A		77,948
	17,996		Qwest Communications International, Inc.		80,802
	13,400		SBC Communications, Inc.		341,164
	6,800		Sprint Corp. (FON Group)		92,208
	11,200	1	Sprint Corp. (PCS Group)		49,952
	10,524		Verizon Communications		398,333
			TOTAL		1,540,043
			Utilities--0.9%
	5,000		CenterPoint Energy, Inc.		47,750
	6,900		Cinergy Corp.		261,786
	2,500		FPL Group, Inc.		166,175
	4,000		FirstEnergy Corp.		147,240
	5,000		NiSource, Inc.		98,050
	3,700		Sempra Energy		100,899
	4,700		Southern Co.		147,956
			TOTAL		969,856
			TOTAL LARGE-CAP STOCKS		32,974,803
Shares				Value in U.S. Dollars
			STOCKS--continued
			SMALL-CAP STOCKS--5.5%
			Consumer Discretionary--1.1%
	3,400	1	1-800-FLOWERS.COM, Inc.	$	28,390
	700	1	Advance Auto Parts, Inc.		41,636
	3,100	1	Aftermarket Technology Co.		32,395
	1,100	1	Ann Taylor Stores Corp.		28,127
	1,000		Bob Evans Farms, Inc.		25,770
	800		Borg-Warner Automotive, Inc.		46,496
	1,800	1	CarMax, Inc.		41,850
	1,200	1	Chicos Fas, Inc.		25,680
	600	1	Coach, Inc.		29,478
	1,100	1	Cost Plus, Inc.		39,545
	1,000	1	Cox Communications, Inc., Class A		30,980
	1,000		Darden Restaurants, Inc.		19,810
	1,200	1	Dollar Tree Stores, Inc.		34,800
	600	1	Entercom Communication Corp.		29,130
	1,000		Family Dollar Stores, Inc.		36,450
	800	1	Furniture Brands International, Inc.		21,024
	1,300	1	Genesco, Inc.		19,695
	100		Grey Global Group, Inc.		65,700
	800	1	Gtech Holdings Corp.		28,112
	600		Harman International Industries, Inc.		44,520
	700		KB HOME		43,750
	900	1	Lamar Advertising Co.		31,734
	1,100	1	Leapfrog Enterprises, Inc.		31,823
	400		Lennar Corp., Class A		26,820
	40		Lennar Corp., Class B		2,606
	1,000		M/I Schottenstein Homes, Inc.		40,600
	1,800	1	Macrovision Corp.		34,594
	1,500	1	Monro Muffler Brake, Inc.		37,800
	100	1	NVR, Inc.		40,775
	1,200		Nordstrom, Inc.		22,380
	2,000	1	Orient-Express Hotel Ltd.		24,760
	1,100		OshKosh B'Gosh, Inc., Class A		27,665
	700	1	Panera Bread Co.		24,437
	3,200	1	PetSmart, Inc.		55,328
	3,400	1	Prime Hospitality Corp.		22,644
Shares				Value in U.S. Dollars
			STOCKS--continued
			SMALL-CAP STOCKS--continued
			Consumer Discretionary--continued
	1,200		Ruby Tuesday, Inc.	$	27,684
	1,100	1	Shuffle Master, Inc.		29,489
	700		Stanley Works		19,572
	1,600		The Nautilus Group, Inc.		20,784
	600	1	Timberland Co., Class A		29,754
			TOTAL		1,264,587
			Consumer Staples--0.1%
	600		Coors Adolph Co., Class B		33,048
	700	1	Dean Foods Co.		32,025
	200		Farmer Brothers Co.		64,400
	2,300		Nu Skin Enterprises, Inc.		23,000
			TOTAL		152,473
			Energy--0.3%
	538		Devon Energy Corp.		27,976
	1,400	1	FMC Technologies, Inc.		31,262
	1,100		Forest Oil Corp.		26,873
	1,600	1	Oceaneering International, Inc.		43,920
	800	1	Patterson-UTI Energy, Inc.		29,272
	2,000	1	Stelmar Shipping Ltd.		31,000
	1,100	1	Stone Energy Corp.		44,990
	800		Tidewater, Inc.		26,416
	1,500	1	Varco International, Inc. - New		32,475
			TOTAL		294,184
			Financials--0.9%
	600	1	Affiliated Managers Group		33,000
	1,000	1	Arch Capital Group Ltd.		37,000
	900		Bank of Hawaii Corp.		31,428
	1,000		Capital One Financial Corp.		48,170
	1,300		Cathay Bancorp, Inc.		53,105
	700		Chicago Mercantile Exchange Holdings, Inc.		43,036
	1,200		Chittenden Corp.		33,168
	700		Downey Financial Corp.		30,730
	1,100	1	Federal Agricultural Mortgage Association, Class C		26,147
	700		First Citizens Bancshares, Inc., Class A		70,819
Shares				Value in U.S. Dollars
			STOCKS--continued
			SMALL-CAP STOCKS--continued
			Financials--continued
	1,100		Gallagher (Arthur J.) & Co.	$	29,975
	2,100		Greater Bay Bancorp		42,210
	3,800		IndyMac Bancorp, Inc.		97,660
	700		International Bancshares Corp.		32,473
	1,600	1	Investment Technology Group, Inc.		22,432
	1,100		Labranche & Co. Inc.		22,825
	300	1	Markel Corp.		75,675
	400	1	National Western Life Insurance Co., Class A		43,444
	500		Park National Corp.		55,750
	900	1	Philadelphia Consolidated Holding Corp.		36,819
	3,000		Phoenix Companies, Inc.		25,230
	1,400		Seacoast Banking Corp. of Florida		24,850
	1,600		Silicon Valley Bancshares		40,336
	800		Suffolk Bancorp		26,216
	1,600		Wilmington Trust Corp.		46,400
			TOTAL		1,028,898
			Healthcare--0.8%
	700		Analogic Corp.		35,700
	1,800	1	Apria Healthcare Group, Inc.		43,434
	5,800	1	Aspect Medical Systems, Inc.		43,790
	900		Bausch & Lomb, Inc.		34,146
	1,000	1	Charles River Laboratories International, Inc.		31,770
	3,300	1	Conceptus, Inc.		47,355
	1,300	1	First Health Group Corp.		33,358
	700		Fisher Scientific International, Inc.		22,183
	3,400	1	Genta, Inc.		39,406
	700	1	ICU Medical, Inc.		21,630
	700	1	IDEC Pharmaceuticals Corp.		26,719
	800	1	INAMED Corp.		41,232
	1,300	1	InterMune, Inc.		32,734
	1,200	1	Inveresk Research Group, Inc.		19,644
	1,500	1	King Pharmaceuticals, Inc.		21,465
	1,500	1	Laboratory Corporation of America Holdings		48,225
	1,000	1	LifePoint Hospitals, Inc.		21,350
	900	1	Lincare Holdings, Inc.		27,783
Shares				Value in U.S. Dollars
			STOCKS--continued
			SMALL-CAP STOCKS--continued
			Healthcare--continued
	1,000		Matthews International Corp., Class A	$	24,030
	500	1	Medicis Pharmaceutical Corp., Class A		28,000
	1,200	1	Orthofix International NV		39,480
	1,013	1	Quest Diagnostic, Inc.		64,184
	2,600	1	SangStat Medical Corp.		35,698
	2,000	1	Serologicals Corp.		26,500
	1,300	1	Shire Pharmaceuticals Group PLC, ADR		26,975
	2,000	1	Telik, Inc.		29,220
	1,600	1	VCA Antech, Inc.		30,080
	700		Varian Medical Systems, Inc.		39,025
			TOTAL		935,116
			Industrials--0.7%
	306		Alleghany Corp.		54,239
	500	1	Alliant Techsystems, Inc.		25,235
	700		Arbitron, Inc.		24,535
	1,200		CNF Transporation, Inc.		36,108
	4,400	1	Ceradyne, Inc.		70,101
	1,200	1	CoStar Group, Inc.		33,792
	900	1	Corporate Executive Board Co.		37,980
	900	1	DRS Technologies, Inc.		22,500
	2,500		Delta Air Lines, Inc.		33,400
	1,500	1	Dollar Thrifty Automotive Group		28,995
	700	1	Emcor Group Inc.		34,741
	1,600	1	Forward Air Corp.		40,704
	800		Franklin Electronics, Inc.		44,872
	900	1	Genlyte Group, Inc.		34,191
	800		Jacobs Engineering Group, Inc.		31,232
	1,200	1	Kroll, Inc.		27,852
	700		NACCO Industries, Inc., Class A		40,495
	700		SPX Corp.		26,971
	1,200		Sequa Corp., Class A		43,692
	700	1	Simpson Manufacturing Co., Inc.		24,920
	400		Strayer Education, Inc.		26,692
	1,000		Tennant Co.		34,950
			TOTAL		778,197
Shares				Value in U.S. Dollars
			STOCKS--continued
			SMALL-CAP STOCKS--continued
			Information Technology--1.1%
	5,300	1	ATI Technologies, Inc.	$	44,255
	500	1	Affiliated Computer Services, Inc., Class A		23,170
	2,200	1	Altiris, Inc.		35,618
	2,100	1	Amdocs Ltd.		40,971
	800	1	Amphenol Corp., Class A		37,800
	6,800	1	Applied Micro Circuits Corp.		34,136
	1,000	1	Avocent Corp.		29,560
	700		Black Box Corp.		26,047
	600	1	Cabot Microelectronics Corp.		27,750
	4,300	1	Concord EFS, Inc.		65,016
	1,300	1	Cree Research, Inc.		31,941
	1,100		FactSet Research Systems		42,350
	1,900	1	Fairchild Semiconductor International, Inc., Class A		26,562
	4,400	1	Informatica Corp.		30,800
	1,300	1	Intersil Holding Corp.		31,772
	3,500	1	Intrado, Inc.		47,355
	800	1	Iron Mountain, Inc.		31,600
	1,900	1	Macromedia, Inc.		38,304
	4,000	1	Magma Design Automation		69,204
	1,100	1	Manhattan Associates, Inc.		29,546
	13,900	1	NIC, Inc.		30,997
	700	1	National Instruments Corp.		25,445
	9,900	1	Online Resources Corp.		41,580
	5,300	1	ParthusCeva, Inc.		36,570
	2,000	1	Plantronics, Inc.		43,060
	3,600	1	Radvision Ltd.		23,256
	700		Roper Industries, Inc.		25,683
	1,000	1	ScanSource, Inc.		25,100
	4,500	1	SeaChange International, Inc.		50,850
	3,400		Skyworks Solutions, Inc.		25,296
	3,500	1	Synaptics, Inc.		40,705
	2,600	1	UTStarcom, Inc.		77,090
	1,000	1	Varian Semiconductor Equipment Associates, Inc.		27,890
	500	1	Zebra Technologies Co., Class A		36,495
	1,600	1	Zoran Corp.		32,752
			TOTAL		1,286,526
Shares				Value in U.S. Dollars
			STOCKS--continued
			SMALL-CAP STOCKS--continued
			Materials--0.3%
	800		Ameron, Inc.	$	27,912
	1,400		Arch Coal, Inc.		31,654
	700		Ball Corp.		34,664
	2,500		Commercial Metals Corp.		44,700
	1,000	1	Cytec Industries, Inc.		33,100
	1,100		Greif Brothers Corp., Class A		23,760
	900		Lubrizol Corp.		28,710
	1,900		Penford Corporation		22,534
	700	1	Phelps Dodge Corp.		25,515
	900		Rayonier, Inc.		46,467
	600	1	Scotts Co.		29,700
			TOTAL		348,716
			Utilities--0.2%
	1,000		Black Hills Corp.		30,050
	1,900		DQE, Inc.		31,236
	600		Entergy Corp.		31,014
	1,300		Kinder Morgan, Inc.		66,365
	900		SJW Corp.		77,175
			TOTAL		235,840
			TOTAL SMALL-CAP STOCKS		6,324,537
			FOREIGN STOCKS--2.6%
			Australia--0.0%
	1,417		News Corp. Ltd., ADR		43,601
			Canada--0.0%
	2,800		Placer Dome, Inc.		30,604
			France--0.3%
	1,420		BNP Paribas SA		70,457
	867		L'Oreal SA		63,006
	352		Pernod Ricard		35,029
	685		Schneider Electric SA		31,364
	1,105		Tf1 Television Francaise		32,743
	576		TotalFinaElf SA, Class B		84,455
			TOTAL		317,054
Shares				Value in U.S. Dollars
			STOCKS--continued
			FOREIGN STOCKS--continued
			Germany, Federal Republic of--0.2%
	1,060		Deutsche Boerse AG	$	55,811
	4,300		Deutsche Telekom AG		64,451
	770		SAP AG (Systeme, Anwendungen, Produkte in der Datenverarbeitung)		86,605
	800		Schering AG		42,153
			TOTAL		249,020
			Hong Kong--0.1%
	21,500		CNOOC Ltd.		30,074
	24,000		Cathay Pacific Airways		30,491
	8,000		Television Broadcasts Ltd.		25,688
			TOTAL		86,253
			Ireland--0.0%
	2,410		Bank of Ireland		29,156
			Israel--0.0%
	600		Teva Pharmaceutical Industries Ltd., ADR		30,413
			Italy--0.0%
	7,300		Enel SpA		50,862
			Japan--0.5%
	3,000		Ajinomoto Co., Inc.		29,907
	2,800		Bridgestone Corp.		36,615
	1,800		Credit Saison Co. Ltd.		31,636
	3,000		Dai Nippon Printing Co. Ltd.		31,083
	1,100		Honda Motor Co. Ltd.		39,967
	500		Hoya Corp.		31,594
	9		KDDI Corp.		31,381
	4,000		Kirin Brewery Co. Ltd.		29,865
	8,000		Komatsu Ltd.		29,637
	3,000		Konica Corp.		27,658
	6,000		NGK Insulators		32,189
	3,700		Nomura Securities Co. Ltd.		37,982
	1,300		Pioneer Electronic Corp.		27,435
	1,500		Secom Co. Ltd.		46,187
	3,000		Taiyo Yuden Co.		25,577
	1,200		Toyota Motor Corp.		28,912
			TOTAL		517,625
Shares				Value in U.S. Dollars
			STOCKS--continued
			FOREIGN STOCKS--continued
			Korea, Republic of--0.0%
	97		Samsung Electronics Co.	$	26,298
	700		Samsung Securities Co. Ltd.		15,981
			TOTAL		42,279
			Netherlands--0.1%
	5,885	1	ASM Lithography Holding NV		58,644
	1,400		Euronext NV		34,684
	1,200		VNU - Verenigde Nederlandse Uitgeversbedrijven		34,876
			TOTAL		128,204
			Portugal--0.0%
	2,700		Portugal Telecom SGPS SA		20,665
			Russia--0.1%
	450		Gazprom, ADR		7,875
	960	1	JSC Mining and Smelting Co. Norilsk Nickel, ADR		26,544
	295		Lukoil Oil Co., ADR		21,724
	262		YUKOS Oil Co., ADR		13,230
			TOTAL		69,373
			Singapore--0.1%
	167,090	1	Comfortdelgro Corp.		78,993
	5,000		DBS Group Holdings Ltd.		28,455
	5,000		Singapore Airlines Ltd.		27,824
			TOTAL		135,272
			Spain--0.1%
	6,615		Telefonica SA		74,421
			Switzerland--0.2%
	293		Nestle SA		61,479
	1,070		Roche Holding AG - GENUSS		81,723
	1,490		STMicroelectronics N.V. (NY Reg Shs)		33,987
			TOTAL		177,189
			Taiwan, Province Of China--0.1%
	14,000		Asustek Computer, Inc.		32,996
	28,000	1	Taiwan Semiconductor Manufacturing Co.		43,862
	72,000		United Microelectronics Corp.		45,764
			TOTAL		122,622
Shares or Principal Amount				Value in U.S. Dollars
			STOCKS--continued
			FOREIGN STOCKS--continued
			United Kingdom--0.8%
	4,200		Amvescap PLC	$	25,575
	1,660		AstraZeneca PLC		67,382
	8,900		BP Amoco PLC		61,058
	10,500		Barclays PLC		74,160
	3,500		British American Tobacco PLC		37,631
	5,300		Cadbury Schweppes PLC		30,844
	4,920		GlaxoSmithKline PLC		97,332
	11,890		Kingfisher PLC		49,906
	7,200		Rank Group PLC		29,507
	2,150		Reckitt Benckiser PLC		41,947
	1,900		Rio Tinto PLC		37,278
	3,365		Royal Bank of Scotland PLC, Edinburgh		87,573
	7,900		Smith & Nephew PLC		47,939
	13,700		Tesco PLC		45,910
	60,975		Vodafone Group PLC		132,666
	5,100		WPP Group PLC		41,029
			TOTAL		907,737
			TOTAL FOREIGN STOCKS		3,032,350
			FUTURES CONTRACTS COLLATERAL--8.1%2
$	6,300,000		United States Treasury Bill, 6/19/2003		6,296,393
	3,000,000		United States Treasury Bill, 6/26/2003		2,997,854
			TOTAL FUTURES CONTRACTS COLLATERAL		9,294,247
			TOTAL STOCKS (IDENTIFIED COST $48,983,377)		51,625,937
			BONDS--54.5%
			TREASURY AND GOVERNMENT SECURITIES--18.3%
			Repurchase Agreement--4.7%
	5,358,000		Agreement with CIBC World Markets Corp., 1.270%, dated 5/30/2003, to be repurchased at $5,358,567 on 6/2/2003, collateralized by U.S. Treasury Obligations with maturities to 11/15/2027 (cost $5,358,000)		5,358,000
			Treasury Securities--13.6%
	1,620,000		United States Treasury Bond, 6.125%, 11/15/2027		2,022,716
	1,100,000		United States Treasury Note, 5.625%, 5/15/2008		1,271,699
	2,156,000		United States Treasury Note, 6.000%, 8/15/2009		2,567,667
	700,000		United States Treasury Note, 6.125%, 8/15/2007		815,500
Principal Amount or Shares				Value in U.S. Dollars
			BONDS--continued
			TREASURY AND GOVERNMENT SECURITIES--continued
			Treasury Securities--continued
$	350,000		United States Treasury Note, 6.500%, 10/15/2006	$	404,306
	7,280,000		United States Treasury Note, 6.625%, 5/15/2007		8,576,786
			TOTAL		15,658,674
			TOTAL TREASURY AND GOVERNMENT SECURITIES		21,016,674
			HIGH YIELD BONDS--4.1%
	725,997		High Yield Bond Portfolio		4,748,018
			MORTGAGE-BACKED SECURITIES--15.0%
	1,678,349		Federated Mortgage Core Portfolio		17,253,427
			INVESTMENT GRADE BONDS--10.0%
			Automotive--0.3%
$	350,000		Hertz Corp., 8.25%, 6/01/2005		366,174
			Banking--1.6%
	400,000		Barclays Bank PLC, Bond, 8.55%, 9/29/2049		514,104
	100,000		City National Bank, Sub. Note, 6.375%, 1/15/2008		112,152
	250,000		Crestar Financial Corp, Sub. Note, 8.75%, 11/15/2004		276,148
	400,000		Swedbank, Sub., 11/29/2049		458,952
	385,000		US BANK N.A., 6.30%, 2/04/2014		455,428
			TOTAL		1,816,784
			Basic Ind. - Metals & Mining--0.4%
	400,000		Barrick Gold Corp., Deb., 7.50%, 5/1/2007		464,772
			Cap. Goods - Environmental--0.3%
	275,000		Waste Management, Inc., Deb., 8.75%, 5/01/2018		335,123
			Communications - Media & Cable--0.6%
	600,000		Continental Cablevision, Sr. Deb., 9.50%, 8/1/2013		710,880
			Communications - Media Non-cable--1.3%
	340,000		News America Holdings, Company Guarantee, 8.00%, 10/17/2016		435,914
	440,000		News America Holdings, Sr. Note, 8.50%, 2/15/2005		484,431
	450,000		Reed Elsevier, Inc., 6.75%, 8/01/2011		535,419
			TOTAL		1,455,764
			Communications - Telecom Wirelines--0.8%
	840,000		Telecom de Puerto Rico, Note, 6.65%, 5/15/2006		922,790
			Consumer Cyclical - Retailers--0.4%
	400,000		Target Corp., 5.40%, 10/01/2008		449,504
Principal Amount or Foreign Currency Par Amount				Value in U.S. Dollars
			BONDS--continued
			INVESTMENT GRADE BONDS--continued
			Education--0.4%
$	375,000		Boston University, 7.625%, 7/15/2097	$	488,108
			Financial Inst. - Brokerage--0.5%
	225,000		Salomon, Inc., Note, 7.20%, 2/1/2004		233,921
	282,342		World Financial, 6.91%, 9/01/2013		318,735
			TOTAL		552,656
			Financial Inst. - Insurance - P&C--0.7%
	415,000		Marsh & McLennan Cos., Sr. Note, 7.125%, 6/15/2009		502,864
	250,000		USF&G Corp., Company Guarantee, 8.47%, 1/10/2027		291,030
			TOTAL		793,894
			Financial Inst. - REITS--0.8%
	800,000		SUSA Partnership, L.P., Deb., 7.50%, 12/1/2027		965,360
			Insurance--0.2%
	250,000		AFC Capital Trust I, Bond, 8.207%, 2/3/2027		195,063
			Sovereign--0.5%
	460,000		Quebec, Province of, Deb., 7.50%, 9/15/2029		630,559
			Supranational--0.3%
	250,000		Corp Andina De Fomento, Bond, 7.375%, 1/18/2011		288,373
			Utilities--0.7%
	750,000		National Rural Utilities, MTN, 5.75%, 12/01/2008		828,293
			Utility - Electric--0.2%
	250,000		Enersis S.A., Note, 7.40%, 12/1/2016		226,250
			TOTAL INVESTMENT GRADE BONDS		11,490,347
			FOREIGN BONDS--7.1%
			Australia--0.1%
	230,000		New South Wales, State of, Local Government Guarantee, (Series 08RG), 8.00%, 3/01/2008		170,308
			Canada--0.7%
	385,000		Canada, Government of, Bond, 5.50%, 6/01/2009		303,980
	100,000		Canada, Government of, Deb., 6.50%, 6/1/2004		75,503
	47,000,000		Ontario, Province of, Note, (Series EMTN), 1.875%, 1/25/2010		433,853
			TOTAL		813,336
Foreign Currency Par Amount				Value in U.S. Dollars
			BONDS--continued
			FOREIGN BONDS--continued
			Denmark--0.3%
	2,200,000		Denmark, Kingdom of, Note, 4.00%, 11/15/2004	$	356,895
			Germany, Federal Republic Of--1.0%
	850,000		Germany, Government of, Bond, 5.00%, 1/04/2012		1,106,040
			Greece--0.7%
	175,000		Greece, Government of, Bond, 6.50%, 1/11/2014		250,364
	469,552		Greece, Government of, Bond, (Series 7-RG), 9/30/2003		556,808
			TOTAL		807,172
			Hungary--0.3%
	64,000,000		Hungary, Government of, Bond, (Series 05/G), 7.75%, 4/12/2005		309,226
			Ireland--0.2%
	200,000		Porsche International Finance PLC, Company Guarantee, 5.25%, 6/05/2007		249,846
			Italy--1.1%
	610,000		Italy, Government of, Bond, 4.75%, 7/01/2005		754,731
	375,000		San Paolo-IMI SPA, Bank Guarantee, 8.126%, 12/29/2049		533,186
			TOTAL		1,287,917
			Norway--0.3%
	2,150,000		Norway, Government of, Foreign Government Guarantee, 5.75%, 11/30/2004		328,747
			Poland--0.2%
	650,000		Poland, Government of, Bond, (Series 0608), 5.75%, 6/24/2008		180,696
			Slovak Republic--0.1%
	5,800,000		Slovakia Government Bond (Series 187), 5.00%, 12/18/2004		165,407
			Spain--0.7%
	540,910		Spain, Government of, 6.15%, 1/31/2013		760,192
			Sweden--0.3%
	2,350,000		Sweden, Kingdom of, Deb., (Series 1040), 6.50%, 5/05/2008		342,235
			United Kingdom--0.3%
	220,000		United Kingdom, Government of, Treasury Bill, 5.00%, 3/07/2012		385,711
Principal Amount				Value in U.S. Dollars
			BONDS--continued
			FOREIGN BONDS--continued
			United States--0.8%
$	280,000		CL Capital Trust I, Bond, 7.047%, 4/29/2049	$	380,729
	160,000		Goldman Sachs Group, Inc., Note, 5.125%, 4/24/2013		196,000
	37,000,000		Toyota Motor Credit Corp., Sr. Unsub., 0.75%, 6/09/2008		316,800
			TOTAL		893,529
			TOTAL FOREIGN BONDS		8,157,257
			TOTAL BONDS (IDENTIFIED COST $58,441,356)		62,665,723
			TOTAL INVESTMENTS--99.4% (IDENTIFIED COST $107,424,733)3		114,291,660
			OTHER ASSETS AND LIABILITIES -- NET--0.6%		667,690
			TOTAL NET ASSETS--100%	$	114,959,350

1 Non-income producing security.

2 The Fund purchases index futures contracts to efficiently manage cash flows resulting from shareholder purchases and redemptions, dividends and capital gain payments to shareholders and corporate actions while maintaining exposure to the Index and to minimize trading costs. The underlying face amount, at value, of open index futures contracts was $10,114,650 at May 31, 2003.

3 The cost of investments for federal tax purposes amounts to $107,865,750.

Note: The categories of investments are shown as a percentage of total net assets at May 31, 2003.

The following acronyms are used throughout this portfolio:

ADR	--American Depositary Receipt
MTN	--Medium Term Note

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

May 31, 2003 (unaudited)

Assets:
Total investments in securities, at value (identified cost $107,424,733)			$	114,291,660
Cash				619
Cash denominated in foreign currencies (identified cost $10,841)				10,838
Income receivable				526,770
Receivable for daily variation margin				148,050
Receivable for investments sold				59,594
Receivable for shares sold				91,672
Net receivable for foreign currency exchange contracts sold				47
TOTAL ASSETS				115,129,250
Liabilities:
Payable for investments purchased	$	63,982
Payable for shares redeemed		76,666
Accrued expenses		29,252
TOTAL LIABILITIES				169,900
Net assets for 11,318,312 shares outstanding			$	114,959,350
Net Assets Consist of:
Paid in capital			$	120,941,122
Net unrealized appreciation of investments, translation of assets and liabilities in foreign currency and futures contracts				7,976,844
Accumulated net realized loss on investments, foreign currency transactions and futures contracts				(14,055,529	)
Undistributed net investment income				96,913
TOTAL NET ASSETS			$	114,959,350
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
$76,783,095 ÷ 7,557,528 shares outstanding				$10.16
Select Shares:
$38,176,255 ÷ 3,760,784 shares outstanding				$10.15

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended May 31, 2003 (unaudited)

Investment Income:
Dividends (net of foreign taxes withheld of $6,082)							$	1,059,245
Interest								1,015,754
TOTAL INCOME								2,074,999
Expenses:
Investment adviser fee				$	411,964
Administrative personnel and services fee					77,288
Custodian fees					17,719
Transfer and dividend disbursing agent fees and expenses					63,026
Directors'/Trustees' fees					1,747
Auditing fees					3,061
Legal fees					2,450
Portfolio accounting fees					32,120
Distribution services fee--Select Shares					137,355
Shareholder services fee--Institutional Shares					91,536
Shareholder services fee--Select Shares					45,785
Share registration costs					18,117
Printing and postage					15,533
Insurance premiums					852
Miscellaneous					2,035
TOTAL EXPENSES					920,588
Waivers:
Waiver of distribution services fee--Select Shares	$	(45,785	)
Waiver of shareholder services fee--Institutional Shares		(73,229	)
TOTAL WAIVERS					(119,014	)
Net expenses								801,574
Net investment income								1,273,425
Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transaction and Futures Contracts:
Net realized loss on investments and foreign currency transactions								(8,152,999	)
Net realized gain on futures contracts								34,645
Net change in unrealized depreciation of investments, translation of assets and liabilities in foreign currency and futures contracts								13,198,834
Net realized and unrealized gain on investments, foreign currency and futures contracts								5,080,480
Change in net assets resulting from operations							$	6,353,905

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 5/31/2003			Year Ended 11/30/2002
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	1,273,425		$	3,775,141
Net realized loss on investments, foreign currency transactions and futures contracts		(8,118,354	)		(3,114,638	)
Net realized gain on capital gain distributions from other investment companies		--			325
Net change in unrealized appreciation/depreciation of investments, translation of assets and liabilities in foreign currency and futures contracts		13,198,834			(5,166,001	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		6,353,905			(4,505,173	)
Distributions to Shareholders:
Distributions from net investment income
Institutional Shares		(958,930	)		(2,477,875	)
Select Shares		(348,251	)		(899,714	)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS		(1,307,181	)		(3,377,589	)
Share Transactions:
Proceeds from sale of shares		10,523,137			18,592,054
Net asset value of shares issued to shareholders in payment of distributions declared		1,004,573			2,489,235
Cost of shares redeemed		(16,938,227	)		(58,701,372	)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		(5,410,517	)		(37,620,083	)
Change in net assets		(363,793	)		(45,502.845	)
Net Assets:
Beginning of period		115,323,143			160,825,988
End of period (including undistributed net investment income of $96,913 and $130,669, respectively)	$	114,959,350		$	115,323,143

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

May 31, 2003 (unaudited)

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 four diversified portfolios. The financial statements included herein are only those of Federated Managed Conservative Growth Portfolio (the "Fund"). 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 investment objective of the Fund is to seek total return with an emphasis on income and capital appreciation.

The Fund offers two classes of shares: Institutional Shares and Select Shares.

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").

Investment Valuation

Listed equity securities are valued at the last sale price reported on a national securities exchange. U.S. government securities, listed corporate bonds, other fixed income and asset-backed securities and unlisted securities and private placement securities are generally valued at the mean of the latest bid and asked price as furnished by an independent pricing service. Short-term securities are valued at the prices provided by an independent pricing service. However, short-term securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, which approximates fair market value. Investments in other open-end regulated investment companies are valued at net asset value. Securities for which no quotations are readily availiable, or whose values have been affected by a significant event occurring after the close of their primary markets, are valued at fair value as determined in good faith using methods approved by the Board of Trustees (the "Trustees").

With respect to valuation of foreign securities, trading in foreign cities may be completed at times which vary from the closing of the New York Stock Exchange. Therefore, foreign securities are valued at the latest closing price on the exchange on which they are traded prior to the closing of the New York Stock Exchange. Foreign securities quoted in foreign currencies are translated into U.S. dollars at the foreign exchange rate in effect at noon, Eastern Time, on the day the value of the foreign security is determined.

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund may invest in Federated Core Trust ("Core Trust") which is managed by Federated Investment Management Company, the Fund's adviser. Core Trust is an open-end management investment company, registered under the Investment Company Act of 1940, available only to registered investment companies and other institutional investors. The investment objective of High Yield Bond Portfolio, a series of Core Trust, is to seek high current income by investing primarily in a diversified portfolio of lower rated fixed income securities. The investment objective of Federated Mortgage Core Portfolio, a series of Core Trust, is to seek total return by investing in a diversified portfolio of mortgage backed fixed income securities. Federated receives no advisory or administrative fees on behalf of Core Trust. Income distributions from Core Trust are declared daily and paid monthly, and are recorded by the Fund as dividend income. Capital gain distributions, if any, from Core Trust are declared and paid annually, and are recorded by the Fund as capital gains received. Additional information regarding High Yield Bond Portfolio and/or Federated Mortgage Core Portfolio is available upon request.

Repurchase Agreements

It is the policy of the Funds to require the custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System or to have segregated within the custodian bank's vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Fund to monitor, on a daily basis, the market value of each repurchase agreement's collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement transaction.

The Fund will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Fund's adviser to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Trustees. Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Fund could receive less than the repurchase price on the sale of collateral securities. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into one or more repurchase agreements.

Investment Income, Expenses and Distributions

Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair market value. The Fund offers multiple classes of shares, which differ in their respective distribution and service fees. All shareholders bear the common expenses of the Fund based on average daily net assets of each class, without distinction between share 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 discount 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 tax is necessary.

Withholding taxes on foreign interest and dividends have been provided for in accordance with the Fund's applicable country's tax rules and rates.

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.

Futures Contracts

The Fund may purchase stock index futures contracts to manage cashflows, enhance yield and to potentially reduce transaction costs. Upon entering into a stock index futures contract with a broker, the Fund is required to deposit in a segregated account a specified amount of cash or U.S. government securities. Futures contracts are valued daily and unrealized gains or losses are recorded in a "variation margin" account. Daily, the Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. For the six months ended May 31, 2003, the Fund had realized gain of $34,645 on futures contracts.

Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities.

At May 31, 2003, the Fund had outstanding futures contracts as set forth below:

Expiration Date	Contracts to Receive	Position	Unrealized Appreciation
June 2003	42 S&P 500 Index Futures	Long	$1,098,216

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 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 purpose as unrealized until the settlement date.

At May 31, 2003, the Fund had outstanding foreign currency commitments as set forth below:

Settlement Date	Contracts to Deliver/Receive	In Exchange for	Contracts at Value	Net Unrealized Appreciation (Depreciation)
Contracts Purchased:
5/28/2003	17,998 Euro Dollars	$21,390	$21,171	$(219	)
Contracts Sold:
5/28/2003	20,091 Euro Dollars	$23,899	$23,633	$  266
NET UNREALIZED APPRECIATION ON FOREIGN EXCHANGE CONTRACTS				$  47

Foreign Currency Translation

The accounting records of the Fund are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies ("FC") 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. Differences between income and expense amounts recorded and collected or paid are adjusted when reported by the custodian bank. 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 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.

Restricted Securities

Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer's expense either upon demand by the Fund or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid under criteria established by the Trustees. The Fund will not incur any registration costs upon such resales. The Fund's restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined in good faith using methods approved by the Trustees.

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.

CHANGE IN ACCOUNTING POLICY

Effective December 1, 2001, the Fund has adopted the provisions of the revised American Institute of Certified Public Accountants (AICPA) Audit and Accounting Guide for Investment Companies (the "Guide"). For financial statement purposes, the revised Guide requires the Fund to amortize premium and discount on all fixed income securities and to classify gains and losses realized on principal payments received on mortgage-backed securities (paydown gains and losses) as part of investment income.

Upon initial adoption, the Fund adjusted its cost of fixed income securities by the cumulative amount of amortization that would have been recognized had amortization been in effect from the purchase date of each holding with a corresponding reclassification between unrealized appreciation/depreciation on investments and undistributed net investment income. Adoption of these accounting principles does not affect the Fund's net asset value or distributions, but changes the classification of certain amounts between interest income and realized and unrealized gain/loss on the Statement of Operations. The cumulative effect to the Fund resulting from the adoption of premium and discount amortization and recognition of paydown gains and losses as part of interest income on the financial statements is as follows:

	As of 12/1/2001			For the Year Ended 11/30/2002
	Cost of Investments	Accumulated Net Realized Gain (Loss)	Undistributed Net Investment Income	Net Investment Income	Net Unrealized Appreciation (Depreciation)	Net Realized Gain (Loss)
Increase (Decrease)	$(476,028)	$609	$(476,637)	$153,941	$(142,161)	$296,102

The Statement of Changes in Net Assets and Financial Highlights for prior periods have not been restated to reflect this change in presentation.

SHARES OF BENEFICIAL INTEREST

The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value) for each class of shares. Transactions in shares were as follows:

	Six Months Ended 5/31/2003					Year Ended 11/30/2002
Institutional Shares:	Shares			Amount		Shares			Amount
Shares sold	913,652		$	8,775,248		1,343,155		$	13,288,599
Shares issued to shareholders in payment of distributions declared	73,287			694,662		171,487			1,696,546
Shares redeemed	(1,351,399	)		(12,869,817	)	(4,392,552	)		(43,299,445	)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(364,460	)	$	(3,399,907	)	(2,877,910	)	$	(28,314,300	)
	Six Months Ended 5/31/2003					Year Ended 11/30/2002
Select Shares:	Shares			Amount		Shares			Amount
Shares sold	182,224		$	1,747,889		536,070		$	5,303,455
Shares issued to shareholders in payment of distributions declared	32,669			309,911		80,109			792,689
Shares redeemed	(425,391	)		(4,068,410	)	(1,579,237	)		(15,401,927	)
NET CHANGE RESULTING FROM SELECT SHARE TRANSACTIONS	(210,498	)	$	(2,010,610	)	(963,058	)	$	(9,305,783	)
NET CHANGE RESULTING FROM SHARE TRANSACTIONS	(574,958	)	$	(5,410,517	)	(3,840,968	)	$	(37,620,083	)

FEDERAL TAX INFORMATION

At May 31, 2003, the cost of investments for federal tax purposes was $107,865,750. The net unrealized appreciation of investments for federal tax purposes, excluding any unrealized appreciation/depreciation from changes in the value of assets and liabilities resulting from changes in foreign exchange rates was $6,425,910. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $12,487,294 and net unrealized depreciation from investments for those securities having an excess of cost over value of $6,061,384.

The difference between book-basis and tax-basis unrealized appreciation is attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains on certain forward foreign currency contracts and the amortization/accretion tax elections on fixed income securities.

At November 30, 2002, the Fund had a capital loss carryforward of $4,778,688 which will reduce the Fund's taxable income arising from net realized gain on investments, if any, to the extent permitted by the Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal tax. Pursuant to the Code, such capital loss carryforward will expire as follows:

Expiration Year	Expiration Amount
2009	$	2,464,553
2010	$	2,314,135

INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Federated Investment Management Company, 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.

Certain of the Fund's assets are managed by Federated Global Investment Management Corp. (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.

Administrative Fee

Federated Services Company ("FServ"), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. The fee paid to FServ is based on a scale that ranges from 0.150% to 0.075% of the average aggregate daily net assets of all funds advised by subsidiaries of Federated Investors, Inc., subject to a $125,000 minimum per portfolio and $30,000 per each additional class.

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 net assets of the Fund to finance activities intended to result in the sale of the Fund's Select Shares. The Plan provides that the Fund may incur distribution expenses of up to 0.75% of average net assets, annually, to compensate FSC. The distributor may voluntarily choose to waive any portion of its fee. The distributor can modify or terminate this voluntary waiver at any time at its sole discretion.

Shareholder Services Fee

Under the terms of a Shareholder Services Agreement with Federated Shareholder Services Company ("FSSC"), the Fund will pay FSSC up to 0.25% of average daily net assets of the Fund's shares for the period. The fee paid to FSSC is used to finance certain services for shareholders and to maintain shareholder accounts. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.

Transfer and Dividend Disbursing Agent Fees and Expenses

FServ, through its subsidiary FSSC, serves as transfer and dividend disbursing agent for the Fund. The fee paid to FSSC is based on the size, type and number of accounts and transactions made by shareholders.

Portfolio Accounting Fees

FServ maintains the Fund's accounting records for which it receives a fee. The fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.

Custodian Fees

State Street Bank & Trust Co. is the Trust's custodian. The fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.

General

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

INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations (and in-kind contributions), for the six months ended May 31, 2003, were as follows:

Purchases	$	19,589,019
Sales	$	25,256,186

CONCENTRATION OF CREDIT RISK

The Fund invests in securities of non-U.S. issuers. Although the Fund maintains a diversified investment portfolio, the political or economic developments within a particular country or region may have an adverse effect on the stability of domiciled issuers to meet their obligations. Additionally, political or economic developments may have an effect on the liquidity and volatility of portfolio securities and currency holdings.

At May 31, 2003, the diversification of industries for non-U.S. issuers was as follows:

Industry	Percentage of Net Assets	Industry	Percentage of Net Assets
Automobiles & Components	0.1%	Industrial Conglomerates	0.2%
Automotive	0.2%	Insurance	0.0%
Banking	1.3%	Internet Software & Services	0.0%
Banks	0.3%	Materials	0.1%
Capital Goods	0.1%	Media	0.2%
Commercial Services & Supplies	0.1%	Oil & Gas	0.1%
Communications Equipment	0.0%	Pharmaceuticals & Biotechnology	0.3%
Computers & Peripherals	0.0%	Retailing	0.0%
Consumer Durables & Apparel	0.0%	Semiconductors & Semiconductors Equipment	0.2%
Diversified Financials	0.2%	Software & Services	0.1%
Energy	0.2%	Sovereign	5.7%
Food & Staples Retailing	0.0%	State/Provincial Government	0.5%
Food, Beverage & Tobacco	0.2%	Technology Hardware & Equipment	0.1%
Health Care Equipment, Services & Supplies	0.1%	Telecommunication Services	0.3%
Hotels, Restaurants & Leisure	0.1%	Transportation	0.1%
Household & Personal Products	0.1%	Utilities	0.2%

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.

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain documents to each household in which more than one shareholder of the Fund(s) resides (so-called "householding"), as permitted by applicable rules. The Fund's "householding" program covers its/their Prospectus and Statement of Additional Information, and supplements to each, as well as Semi-Annual and Annual Reports and any Proxies or information statements. Shareholders must give their written consent to participate in the householding program. The Fund is also permitted to treat a shareholder as having given consent ("implied consent") if (i) shareholders with the same last name, or believed to be members of the same family, reside at the same street address or receive mail at the same post office box, (ii) the Fund gives notice of its intent to "household" at least sixty (60) days before it begins "householding" and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire to "opt out" of householding. Shareholders who have granted written consent, or have been deemed to have granted implied consent, can revoke that consent and opt out of householding at any time by calling 1-800-341-7400.

Federated Investors
World-Class Investment Manager

Federated Managed Conservative Growth Portfolio
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
www.federatedinvestors.com

Contact us at 1-800-341-7400 or
www.federatedinvestors.com/contact

Federated Securities Corp., Distributor

Cusip 314212408
Cusip 314212309

Federated is a registered mark of Federated Investors, Inc. 2003 ©Federated Investors, Inc.

G00516-01 (7/03)

Federated Investors
World-Class Investment Manager

Federated Managed Growth Portfolio

A Portfolio of Federated Managed Allocation Portfolios

SEMI-ANNUAL SHAREHOLDER REPORT

May 31, 2003

FINANCIAL HIGHLIGHTS

FINANCIAL STATEMENTS

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Financial Highlights -- Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited)			Year Ended November 30
	5/31/2003			2002			2001			2000			1999	1		1998
Net Asset Value, Beginning of Period	$ 9.93			$11.39			$13.42			$15.17			$14.12			$13.58
Income From Investment Operations:
Net investment income	0.05			0.12	2		0.18			0.27	3		0.22			0.23
Net realized and unrealized gain (loss) on investments, foreign currency transactions and futures contracts	0.34			(1.47	)2		(1.39	)		(1.02	)		1.75			1.22
TOTAL FROM INVESTMENT OPERATIONS	0.39			(1.35	)		(1.21	)		(0.75	)		1.97			1.45
Less Distributions:
Distributions from net investment income	(0.04	)		(0.11	)		(0.18	)		(0.22	)		(0.20	)		(0.22	)
Distributions from paid in capital4	--			--			(0.03	)		--			--			--
Distributions from net realized gain on investments, foreign currency transactions and futures contracts	--			--			(0.61	)		(0.78	)		(0.72	)		(0.69	)
TOTAL DISTRIBUTIONS	(0.04	)		(0.11	)		(0.82	)		(1.00	)		(0.92	)		(0.91	)
Net Asset Value, End of Period	$10.28			$ 9.93			$11.39			$13.42			$15.17			$14.12
Total Return5	3.97	%		(11.95	)%		(9.55	)%		(5.48	)%		14.83	%		11.34	%
Ratios to Average Net Assets:
Expenses	1.41	%6		1.28	%7		1.27	%		1.16	%		1.15	%		1.12	%
Net investment income	0.92	%6		0.98	%2		1.52	%		1.81	%		1.53	%		1.66	%
Expense waiver/reimbursement8	0.25	%6		0.20	%		0.20	%		0.20	%		0.22	%		0.33	%
Supplemental Data
Net assets, end of period (000 omitted)	$43,577		$48,840			$69,632			$83,495			$93,453			$88,113
Portfolio turnover	39	%		14	%		43	%		86	%		113	%		123	%

1 Beginning with the year ended November 30, 1999, the Fund was audited by Deloitte & Touche LLP. The previous year was audited by other auditors.

2 Effective December 1, 2001, the Fund adopted the provisions of the American Institute of Certified Public Accountants ("AICPA") Audit and Accounting Guide for Investment Companies and began accreting discount/amortizing premium on long-term debt securities. For the year ended November 30, 2002, this change had no effect on net investment income per share or net realized and unrealized gain (loss) on investments per share, but decreased the ratio of net investment income to average net assets from 1.01% to 0.98%. Per share, ratios and supplemental data for periods prior to December 1, 2001 have not been restated to reflect this change in presentation.

3 Based on average shares outstanding.

4 Represents a return of capital for federal income tax purposes.

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

6 Computed on an annualized basis.

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

8 This voluntary expense decrease is reflected in both the 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)

	Six Months Ended (unaudited)			Year Ended November 30,
	5/31/2003			2002			2001			2000			1999	1		1998
Net Asset Value, Beginning of Period	$ 9.92			$11.38			$13.40			$15.15			$14.10			$13.56
Income From Investment Operations:
Net investment income	0.01			0.03	2		0.10			0.17	3		0.12			0.15
Net realized and unrealized gain (loss) on investments, foreign currency transactions and futures contracts	0.35			(1.46	)2		(1.39	)		(1.02	)		1.75			1.21
TOTAL FROM INVESTMENT OPERATIONS	0.36			(1.43	)		(1.29	)		(0.85	)		1.87			1.36
Less Distributions:
Distributions from net investment income	(0.01	)		(0.03	)		(0.10	)		(0.12	)		(0.10	)		(0.13	)
Distributions from paid in capital4	--			--			(0.02	)		--			--			--
Distributions from net realized gain on investments, foreign currency transactions and futures contracts	--			--			(0.61	)		(0.78	)		(0.72	)		(0.69	)
TOTAL DISTRIBUTIONS	(0.01	)		(0.03	)		(0.73	)		(0.90	)		(0.82	)		(0.82	)
Net Asset Value, End of Period	$10.27			$ 9.92			$11.38			$13.40			$15.15			$14.10
Total Return5	3.62	%		(12.60	)%		(10.18	)%		(6.15	)%		14.05	%		10.58	%
Ratios to Average Net Assets:
Expenses	2.11	%6		1.98	%7		1.97	%		1.86	%		1.85	%		1.82	%
Net investment income	0.23	%6		0.28	%2		0.82	%		1.13	%		0.83	%		0.96	%
Expense waiver/reimbursement8	0.30	%6		0.25	%		0.25	%		0.25	%		0.27	%		0.38	%
Supplemental Data:
Net assets, end of period (000 omitted)	$36,750		$38,719			$59,463			$72,377			$68,512			$66,407
Portfolio turnover	39	%		14	%		43	%		86	%		113	%		123	%

1 Beginning with the year ended November 30, 1999, the Fund was audited by Deloitte & Touche LLP. The previous year was audited by other auditors.

2 Effective December 1, 2001, the Fund adopted the provisions of the American Institute of Certified Public Accountants ("AICPA") Audit and Accounting Guide for Investment Companies and began accreting discount/amortizing premium on long-term debt securities. For the year ended November 30, 2002, this change had no effect on net investment income per share or net realized and unrealized gain (loss) on investments per share, but decreased the ratio of net investment income to average net assets from 0.31% to 0.28%. Per share, ratios and supplemental data for periods prior to December 1, 2001 have not been restated to reflect this change in presentation.

3 Based on average shares outstanding.

4 Represents a return of capital for federal income tax purposes.

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

6 Computed on an annualized basis.

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

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

See Notes which are an integral part of the Financial Statements

Portfolio of Investments

May 31, 2003 (unaudited)

Shares				Value in U.S. Dollars
			STOCKS--86.3%
			LARGE-CAP STOCKS--52.3%
			Consumer Discretionary--5.2%
	25,900	1	AOL Time Warner, Inc.	$	394,198
	4,100	1	Clear Channel Communications, Inc.		166,870
	12,114	1	Comcast Corp., Class A		364,752
	15,772		Ford Motor Co.		165,606
	1,500		Gannett Co., Inc.		118,500
	12,950		Home Depot, Inc.		420,745
	5,600		Interpublic Group Cos., Inc.		77,000
	2,500		Johnson Controls, Inc.		208,125
	4,500		Knight-Ridder, Inc.		316,980
	4,300	1	Kohl's Corp.		225,105
	6,100		Lowe's Cos., Inc.		257,786
	4,800		Nike, Inc., Class B		268,752
	1,800		Omnicom Group, Inc.		125,658
	7,400		Target Corp.		271,062
	10,428	1	Viacom, Inc., Class B		474,683
	14,700		Walt Disney Co.		288,855
			TOTAL		4,144,677
			Consumer Staples--6.4%
	11,100		Altria Group, Inc.		458,430
	4,400		Anheuser-Busch Cos., Inc.		231,572
	13,500		Coca-Cola Co.		615,195
	7,000		Costco Wholesale Corp.		259,350
	11,100		Gillette Co.		373,071
	4,400		Kimberly-Clark Corp.		228,492
	8,200		Kroger Co.		131,610
	14,700		McCormick & Co., Inc.		395,430
Shares				Value in U.S. Dollars
			STOCKS--continued
			LARGE-CAP STOCKS--continued
			Consumer Staples--continued
	9,900		PepsiCo, Inc.	$	437,580
	6,100		Procter & Gamble Co.		560,102
	3,500		UST, Inc.		123,585
	21,500		Wal-Mart Stores, Inc.		1,131,115
	6,900		Walgreen Co.		212,451
			TOTAL		5,157,983
			Energy--3.3%
	4,400		Anadarko Petroleum Corp.		216,832
	4,400		Ashland, Inc.		142,824
	900		BP Amoco PLC, ADR		37,701
	5,000		Baker Hughes, Inc.		165,250
	6,500		ChevronTexaco Corp.		461,110
	5,208		ConocoPhillips		281,076
	29,380		Exxon Mobil Corp.		1,069,432
	1,500		Royal Dutch Petroleum Co., ADR		68,325
	4,500		Schlumberger Ltd.		218,790
			TOTAL		2,661,340
			Financials--10.0%
	7,100		Allstate Corp.		255,529
	7,800		American Express Co.		324,948
	13,339		American International Group, Inc.		772,061
	10,600		Bank One Corp.		396,016
	8,094		Bank of America Corp.		600,575
	7,100		Bank of New York Co., Inc.		205,474
	26,033		Citigroup, Inc.		1,067,874
	4,000		Federal Home Loan Mortgage Corp.		239,240
	5,300		Fannie Mae		392,200
	5,300		Fifth Third Bancorp		304,750
	7,826		FleetBoston Financial Corp.		231,415
Shares				Value in U.S. Dollars
			STOCKS--continued
			LARGE-CAP STOCKS--continued
			Financials--continued
	2,900		Lehman Brothers Holdings, Inc.	$	207,727
	4,500		Lincoln National Corp.		156,600
	2,100		Loews Corp.		101,010
	5,200		Marsh & McLennan Cos., Inc.		260,676
	5,300		Mellon Financial Corp.		144,001
	5,700		Merrill Lynch & Co., Inc.		246,810
	6,800		Morgan Stanley		311,100
	1,600		SLM Holding Corp.		192,000
	16,500		Schwab (Charles) Corp.		160,050
	5,483		Travelers Property Casualty Corp., Class B		88,660
	13,614		U.S. Bancorp		322,652
	9,700		Wachovia Corp.		389,746
	6,900		Washington Mutual, Inc.		281,382
	8,300		Wells Fargo & Co.		400,890
			TOTAL		8,053,386
			Healthcare--7.9%
	8,600		Abbott Laboratories		383,130
	6,800	1	Amgen, Inc.		440,028
	3,200	1	Anthem, Inc.		234,720
	4,800		Baxter International, Inc.		121,632
	3,700	1	Biogen, Inc.		157,028
	11,700		Bristol-Myers Squibb Co.		299,520
	3,600		Cardinal Health, Inc.		207,756
	2,700	1	Forest Laboratories, Inc., Class A		136,350
	3,500		Guidant Corp.		147,980
	12,600		Johnson & Johnson		684,810
	5,800		Lilly (Eli) & Co.		346,666
	5,800		Medtronic, Inc.		282,634
	10,500		Merck & Co., Inc.		583,590
Shares				Value in U.S. Dollars
			STOCKS--continued
			LARGE-CAP STOCKS--continued
			Healthcare--continued
	2,600		Mylan Laboratories, Inc.	$	75,088
	35,568		Pfizer, Inc.		1,103,319
	10,500		Schering Plough Corp.		193,725
	2,200		St. Jude Medical, Inc.		123,420
	4,300		UnitedHealth Group, Inc.		412,542
	7,400		Wyeth		324,490
	2,430	1	Zimmer Holdings, Inc.		109,010
			TOTAL		6,367,438
			Industrials--4.9%
	600		3M Co.		75,882
	6,800		Boeing Co.		208,556
	3,200		Caterpillar, Inc.		166,880
	2,000		Danaher Corp.		133,840
	4,700		Deere & Co.		205,249
	2,300		Eaton Corp.		193,039
	46,600		General Electric Co.		1,337,420
	6,400		Honeywell International, Inc.		167,680
	4,000		Lockheed Martin Corp.		185,680
	4,700		Raytheon Co.		150,588
	3,900		Textron, Inc.		135,915
	12,200		Tyco International Ltd.		215,940
	5,200		Union Pacific Corp.		317,148
	3,700		United Technologies Corp.		252,525
	7,000		Waste Management, Inc.		178,290
			TOTAL		3,924,632
			Information Technology--9.1%
	6,900	1	Apple Computer, Inc.		123,993
	11,300	1	Applied Materials, Inc.		175,828
	4,900		Automatic Data Processing, Inc.		171,010
	36,800	1	Cisco Systems, Inc.		599,104
	6,500		Computer Associates International, Inc.		140,855
Shares				Value in U.S. Dollars
			STOCKS--continued
			LARGE-CAP STOCKS--continued
			Information Technology--continued
	11,100	1	Corning, Inc.	$	81,141
	10,400	1	Dell Computer Corp.		325,416
	15,800		EMC Corp. Mass		170,956
	4,500		Electronic Data Systems Corp.		90,675
	3,600	1	Fiserv, Inc.		119,124
	5,400		First Data Corp.		223,668
	17,433		Hewlett-Packard Co.		339,944
	34,100		Intel Corp.		710,644
	8,400		International Business Machines Corp.		739,536
	6,900	1	Intuit, Inc.		318,021
	1,700	1	Lexmark International Group, Class A		126,480
	32,600	1	Lucent Technologies, Inc.		72,046
	45,700		Microsoft Corp.		1,124,677
	18,300		Motorola, Inc.		155,916
	1,900		Nokia Oyj, ADR, Class A		34,276
	3,500	1	Novellus Systems, Inc.		121,275
	30,000	1	Oracle Corp.		390,300
	5,900		Qualcomm, Inc.		198,122
	29,000	1	Sun Microsystems, Inc.		125,570
	4,700	1	SunGuard Data Systems, Inc.		108,100
	10,700		Texas Instruments, Inc.		219,350
	5,300	1	Veritas Software Corp.		147,075
	5,100	1	Yahoo, Inc.		152,235
			TOTAL		7,305,337
			Materials--1.5%
	7,200		Alcoa, Inc.		177,192
	6,160		Du Pont (E.I.) de Nemours & Co.		259,582
	6,500		International Paper Co.		238,355
	4,200		MeadWestvaco Corp.		105,168
	4,975		Monsanto Co.		99,749
	4,200		PPG Industries, Inc.		204,246
	2,700		Weyerhaeuser Co.		136,026
			TOTAL		1,220,318
Shares				Value in U.S. Dollars
			STOCKS--continued
			LARGE-CAP STOCKS--continued
			Telecommunication Services--2.5%
	5,693		AT&T Corp.	$	110,957
	18,207	1	AT&T Wireless Services, Inc.		141,468
	2,400		Alltel Corp.		114,912
	10,200		BellSouth Corp.		270,402
	6,600	1	NEXTEL Communications, Inc., Class A		98,934
	29,375		Qwest Communications International, Inc.		131,894
	17,100		SBC Communications, Inc.		435,366
	8,700		Sprint Corp. (FON Group)		117,972
	14,300	1	Sprint Corp. (PCS Group)		63,778
	13,406		Verizon Communications		507,417
			TOTAL		1,993,100
			Utilities--1.5%
	6,300		CenterPoint Energy, Inc.		60,165
	8,800		Cinergy Corp.		333,872
	3,100		FPL Group, Inc.		206,057
	5,100		FirstEnergy Corp.		187,731
	6,300		NiSource, Inc.		123,543
	4,700		Sempra Energy		128,169
	6,000		Southern Co.		188,880
			TOTAL		1,228,417
			TOTAL LARGE-CAP STOCKS		42,056,628
			SMALL-CAP STOCKS--18.1%
			Consumer Discretionary--3.7%
	7,600	1	1-800-FLOWERS.COM, Inc.		63,460
	1,500	1	Advance Auto Parts, Inc.		89,220
	7,100	1	Aftermarket Technology Co.		74,195
	2,550	1	Ann Taylor Stores Corp.		65,203
	2,200		Bob Evans Farms, Inc.		56,694
	1,900		Borg-Warner Automotive, Inc.		110,428
Shares				Value in U.S. Dollars
			STOCKS--continued
			SMALL-CAP STOCKS--continued
			Consumer Discretionary--continued
	3,982	1	CarMax, Inc.	$	92,581
	2,800	1	Chicos Fas, Inc.		59,920
	1,300	1	Coach, Inc.		63,869
	2,400	1	Cost Plus, Inc.		86,280
	2,200	1	Cox Communications, Inc., Class A		68,156
	2,200		Darden Restaurants, Inc.		43,582
	2,600	1	Dollar Tree Stores, Inc.		75,400
	1,300	1	Entercom Communication Corp.		63,115
	2,200		Family Dollar Stores, Inc.		80,190
	1,900	1	Furniture Brands International, Inc.		49,932
	3,000	1	Genesco, Inc.		45,450
	200		Grey Global Group, Inc.		131,400
	1,900	1	Gtech Holdings Corp.		66,766
	1,300		Harman International Industries, Inc.		96,460
	1,500		KB HOME		93,750
	2,000	1	Lamar Advertising Co.		70,520
	2,400	1	Leapfrog Enterprises, Inc.		69,432
	900		Lennar Corp., Class A		60,345
	90		Lennar Corp., Class B		5,864
	2,200		M/I Schottenstein Homes, Inc.		89,320
	4,100	1	Macrovision Corp.		78,798
	3,300	1	Monro Muffler Brake, Inc.		83,160
	200	1	NVR, Inc.		81,550
	2,800		Nordstrom, Inc.		52,220
	4,500	1	Orient-Express Hotel Ltd.		55,710
	2,400		OshKosh B'Gosh, Inc., Class A		60,360
	1,700	1	Panera Bread Co.		59,347
	14,740	1	PetSmart, Inc.		254,855
	7,700	1	Prime Hospitality Corp.		51,282
Shares				Value in U.S. Dollars
			STOCKS--continued
			SMALL-CAP STOCKS--continued
			Consumer Discretionary--continued
	2,600		Ruby Tuesday, Inc.	$	59,982
	2,600	1	Shuffle Master, Inc.		69,701
	1,700		Stanley Works		47,532
	3,700		The Nautilus Group, Inc.		48,063
	1,300	1	Timberland Co., Class A		64,467
	1,400		Worldwide Restaurant Concepts, Inc.		3,990
			TOTAL		2,942,549
			Consumer Staples--0.5%
	1,300		Coors Adolph Co., Class B		71,604
	1,700	1	Dean Foods Co.		77,775
	600		Farmer Brothers Co.		193,200
	5,200		Nu Skin Enterprises, Inc.		52,000
			TOTAL		394,579
			Energy--0.8%
	1,242		Devon Energy Corp.		64,584
	3,163	1	FMC Technologies, Inc.		70,630
	2,400		Forest Oil Corp.		58,632
	3,700	1	Oceaneering International, Inc.		101,565
	1,900	1	Patterson-UTI Energy, Inc.		69,521
	4,500	1	Stelmar Shipping Ltd.		69,750
	2,400	1	Stone Energy Corp.		98,160
	1,900		Tidewater, Inc.		62,738
	3,300	1	Varco International, Inc. - New		71,445
			TOTAL		667,025
			Financials--2.9%
	1,300	1	Affiliated Managers Group		71,500
	2,200	1	Arch Capital Group Ltd.		81,400
	2,000		Bank of Hawaii Corp.		69,840
	2,200		Capital One Financial Corp.		105,974
	3,000		Cathay Bancorp, Inc.		122,550
Shares				Value in U.S. Dollars
			STOCKS--continued
			SMALL-CAP STOCKS--continued
			Financials--continued
	1,500		Chicago Mercantile Exchange Holdings, Inc.	$	92,220
	2,600		Chittenden Corp.		71,864
	1,700		Downey Financial Corp.		74,630
	2,600	1	Federal Agricultural Mortgage Association, Class C		61,802
	1,700		First Citizens Bancshares, Inc., Class A		171,989
	2,400		Gallagher (Arthur J.) & Co.		65,400
	4,800		Greater Bay Bancorp		96,480
	8,600		IndyMac Bancorp, Inc.		221,020
	1,600		International Bancshares Corp.		74,224
	3,700	1	Investment Technology Group, Inc.		51,874
	2,600		Labranche & Co. Inc.		53,950
	700	1	Markel Corp.		176,575
	800	1	National Western Life Insurance Co., Class A		86,888
	1,200		Park National Corp.		133,800
	2,100	1	Philadelphia Consolidated Holding Corp.		85,911
	6,900		Phoenix Companies, Inc.		58,029
	3,200		Seacoast Banking Corp. of Florida		56,800
	3,700		Silicon Valley Bancshares		93,277
	1,900		Suffolk Bancorp		62,263
	3,500		Wilmington Trust Corp.		101,500
			TOTAL		2,341,760
			Healthcare--2.6%
	1,500		Analogic Corp.		76,500
	4,100	1	Apria Healthcare Group, Inc.		98,933
	13,200	1	Aspect Medical Systems, Inc.		99,660
	2,100		Bausch & Lomb, Inc.		79,674
	2,200	1	Charles River Laboratories International, Inc.		69,894
	7,400	1	Conceptus, Inc.		106,190
	3,000	1	First Health Group Corp.		76,980
	1,700		Fisher Scientific International, Inc.		53,873
Shares				Value in U.S. Dollars
			STOCKS--continued
			SMALL-CAP STOCKS--continued
			Healthcare--continued
	7,600	1	Genta, Inc.	$	88,084
	1,500	1	ICU Medical, Inc.		46,350
	1,700	1	IDEC Pharmaceuticals Corp.		64,889
	1,900	1	INAMED Corp.		97,926
	3,000	1	InterMune, Inc.		75,540
	2,800	1	Inveresk Research Group, Inc.		45,836
	3,300	1	King Pharmaceuticals, Inc.		47,223
	3,300	1	Laboratory Corporation of America Holdings		106,095
	2,300	1	LifePoint Hospitals, Inc.		49,105
	2,000	1	Lincare Holdings, Inc.		61,740
	2,200		Matthews International Corp., Class A		52,866
	1,100	1	Medicis Pharmaceutical Corp., Class A		61,600
	2,600	1	Orthofix International NV		85,540
	2,229	1	Quest Diagnostic, Inc.		141,229
	5,900	1	SangStat Medical Corp.		81,007
	4,600	1	Serologicals Corp.		60,950
	3,000	1	Shire Pharmaceuticals Group PLC, ADR		62,250
	4,500	1	Telik, Inc.		65,745
	3,700	1	VCA Antech, Inc.		69,560
	1,500		Varian Medical Systems, Inc.		83,625
			TOTAL		2,108,864
			Industrials--2.2%
	828		Alleghany Corp.		146,763
	1,150	1	Alliant Techsystems, Inc.		58,040
	1,700		Arbitron, Inc.		59,585
	2,600		CNF Transporation, Inc.		78,234
	9,900	1	Ceradyne, Inc.		157,727
	2,800	1	CoStar Group, Inc.		78,848
	2,100	1	Corporate Executive Board Co.		88,620
	2,000	1	DRS Technologies, Inc.		50,000
Shares				Value in U.S. Dollars
			STOCKS--continued
			SMALL-CAP STOCKS--continued
			Industrials--continued
	5,600		Delta Air Lines, Inc.	$	74,816
	3,300	1	Dollar Thrifty Automotive Group		63,789
	1,500	1	Emcor Group Inc.		74,445
	3,500	1	Forward Air Corp.		89,040
	1,700		Franklin Electronics, Inc.		95,353
	2,000	1	Genlyte Group, Inc.		75,980
	1,900		Jacobs Engineering Group, Inc.		74,176
	2,800	1	Kroll, Inc.		64,988
	1,700		NACCO Industries, Inc., Class A		98,345
	1,700		SPX Corp.		65,501
	2,800		Sequa Corp., Class A		101,948
	1,500	1	Simpson Manufacturing Co., Inc.		53,400
	900		Strayer Education, Inc.		60,057
	2,100		Tennant Co.		73,395
			TOTAL		1,783,050
			Information Technology--3.6%
	12,100	1	ATI Technologies, Inc.		101,035
	1,200	1	Affiliated Computer Services, Inc., Class A		55,608
	5,000	1	Altiris, Inc.		80,950
	4,800	1	Amdocs Ltd.		93,648
	1,900	1	Amphenol Corp., Class A		89,775
	15,400	1	Applied Micro Circuits Corp.		77,308
	2,200	1	Avocent Corp.		65,032
	1,500		Black Box Corp.		55,815
	1,300	1	Cabot Microelectronics Corp.		60,125
	9,700	1	Concord EFS, Inc.		146,664
	3,000	1	Cree Research, Inc.		73,710
	2,400		FactSet Research Systems		92,400
	4,300	1	Fairchild Semiconductor International, Inc., Class A		60,114
	9,900	1	Informatica Corp.		69,300
Shares				Value in U.S. Dollars
			STOCKS--continued
			SMALL-CAP STOCKS--continued
			Information Technology--continued
	2,940	1	Intersil Holding Corp.	$	71,854
	8,000	1	Intrado, Inc.		108,240
	1,850	1	Iron Mountain, Inc.		73,075
	4,300	1	Macromedia, Inc.		86,688
	9,100	1	Magma Design Automation		157,439
	2,400	1	Manhattan Associates, Inc.		64,464
	31,400	1	NIC, Inc.		70,022
	1,500	1	National Instruments Corp.		54,525
	22,400	1	Online Resources Corp.		94,080
	11,900	1	ParthusCeva, Inc.		82,110
	4,500	1	Plantronics, Inc.		96,885
	8,200	1	Radvision Ltd.		52,972
	1,700		Roper Industries, Inc.		62,373
	2,200	1	ScanSource, Inc.		55,220
	10,000	1	SeaChange International, Inc.		113,000
	7,800		Skyworks Solutions, Inc.		58,032
	8,000	1	Synaptics, Inc.		93,040
	5,800	1	UTStarcom, Inc.		171,970
	2,200	1	Varian Semiconductor Equipment Associates, Inc.		61,358
	1,100	1	Zebra Technologies Co., Class A		80,288
	3,800	1	Zoran Corp.		77,786
			TOTAL		2,906,905
			Materials--1.0%
	1,800		Ameron, Inc.		62,802
	3,200		Arch Coal, Inc.		72,352
	1,700		Ball Corp.		84,184
	5,600		Commercial Metals Corp.		100,128
	2,200	1	Cytec Industries, Inc.		72,820
	2,400		Greif Brothers Corp., Class A		51,840
	2,000		Lubrizol Corp.		63,800
Shares				Value in U.S. Dollars
			STOCKS--continued
			SMALL-CAP STOCKS--continued
			Materials--continued
	4,300		Penford Corp.	$	50,998
	1,500	1	Phelps Dodge Corp.		54,675
	1,900		Rayonier, Inc.		98,097
	1,300	1	Scotts Co.		64,350
			TOTAL		776,046
			Telecommunication Services--0.1%
	1,100	1	Lynch Interactive Corp.		24,090
			Utilities--0.7%
	2,200		Black Hills Corp.		66,110
	4,300		DQE, Inc.		70,692
	1,300		Entergy Corp.		67,197
	3,000		Kinder Morgan, Inc.		153,150
	2,100		SJW Corp.		180,075
			TOTAL		537,224
			TOTAL SMALL-CAP STOCKS		14,482,092
			FOREIGN STOCKS--15.3%
			Australia--0.2%
	5,765		News Corp. Ltd., ADR		177,389
			Canada--0.2%
	11,300		Placer Dome, Inc.		123,509
			France--1.6%
	5,860		BNP Paribas SA		290,761
	3,541		L'Oreal SA		257,327
	1,452		Pernod Ricard		144,496
	2,785		Schneider Electric SA		127,515
	4,496		Tf1 Television Francaise		133,223
	2,342		TotalFinaElf SA, Class B		343,391
			TOTAL		1,296,713
Shares				Value in U.S. Dollars
			STOCKS--continued
			FOREIGN STOCKS--continued
			Germany, Federal Republic of--1.2%
	4,090		Deutsche Boerse AG	$	215,345
	17,300		Deutsche Telekom AG		259,304
	3,220		SAP AG (Systeme, Anwendungen, Produkte in der Datenverarbeitung)		362,168
	3,100		Schering AG		163,343
			TOTAL		1,000,160
			Hong Kong--0.4%
	81,500		CNOOC Ltd.		114,002
	96,000		Cathay Pacific Airways		121,965
	34,000		Television Broadcasts Ltd.		109,172
			TOTAL		345,139
			Ireland--0.2%
	9,820		Bank of Ireland		118,801
			Israel--0.2%
	2,600		Teva Pharmaceutical Industries, Ltd., ADR		131,791
			Italy--0.3%
	29,700		Enel SpA		206,933
			Japan--2.6%
	10,000		Ajinomoto Co., Inc.		99,691
	10,300		Bridgestone Corp.		134,689
	7,300		Credit Saison Co. Ltd.		128,301
	13,000		Dai Nippon Printing Co. Ltd.		134,695
	4,600		Honda Motor Co. Ltd.		167,135
	2,000		Hoya Corp.		126,375
	38		KDDI Corp.		132,497
	15,000		Kirin Brewery Co. Ltd.		111,994
	34,000		Komatsu Ltd.		125,957
	14,000		Konica Corp		129,071
	24,000		NGK Insulators		128,757
	15,700		Nomura Securities Co. Ltd.		161,169
Shares				Value in U.S. Dollars
			STOCKS--continued
			FOREIGN STOCKS--continued
			Japan--continued
	5,100		Pioneer Electronic Corp	$	107,631
	5,500		Secom Co. Ltd.		169,353
	14,000		Taiyo Yuden Co		119,357
	5,000		Toyota Motor Corp.		120,466
			TOTAL		2,097,138
			Korea, Republic of--0.2%
	463		Samsung Electronics Co.		125,526
	2,820		Samsung Securities Co. Ltd.		64,381
			TOTAL		189,907
			Netherlands--0.6%
	23,958	1	ASM Lithography Holding NV		238,740
	5,900		Euronext NV		146,170
	4,800		VNU - Verenigde Nederlandse Uitgeversbedrijven		139,505
			TOTAL		524,415
			Portugal--0.1%
	10,900		Portugal Telecom SGPS SA		83,426
			Russia--0.4%
	1,750		Gazprom, ADR		30,625
	3,915	1	JSC Mining and Smelting Co. Norilsk Nickel, ADR		108,250
	1,250		Lukoil Oil Co., ADR		92,050
	1,462		YUKOS Oil Co., ADR		73,710
			TOTAL		304,635
			Singapore--0.7%
	608,209	1	Comfortdelgro Corp.		287,536
	22,000		DBS Group Holdings Ltd.		125,201
	22,000		Singapore Airlines Ltd.		122,425
			TOTAL		535,162
			Spain--0.4%
	26,803		Telefonica SA		301,543
Shares				Value in U.S. Dollars
			STOCKS--continued
			FOREIGN STOCKS--continued
			Switzerland--0.8%
	1,005		Nestle SA	$	210,876
	4,354		Roche Holding AG - GENUSS		332,543
	6,020		STMicroelectronics N.V. (NY Reg Shs)		137,316
			TOTAL		680,735
			Taiwan, Province of China--0.6%
	55,000		Asustek Computer, Inc.		129,629
	120,000	1	Taiwan Semiconductor Manufacturing Co.		187,981
	294,000		United Microelectronics Corp.		186,870
			TOTAL		504,480
			United Kingdom--4.6%
	17,100		Amvescap PLC		104,128
	6,730		AstraZeneca PLC		273,182
	36,380		BP Amoco PLC		249,584
	42,600		Barclays PLC		300,878
	14,500		British American Tobacco PLC		155,901
	21,600		Cadbury Schweppes PLC		125,702
	19,780		GlaxoSmithKline PLC		391,305
	48,204		Kingfisher PLC		202,327
	29,170		Rank Group PLC		119,546
	8,700		Reckitt Benckiser PLC		169,739
	7,600		Rio Tinto PLC		149,113
	13,783		Royal Bank of Scotland PLC, Edinburgh		358,699
	31,700		Smith & Nephew PLC		192,364
	55,800		Tesco PLC		186,990
	248,102		Vodafone Group PLC		539,808
	20,500		WPP Group PLC		164,919
			TOTAL		3,684,185
			TOTAL FOREIGN STOCKS		12,306,061
Principal Amount or Shares				Value in U.S. Dollars
			STOCKS--continued
			FUTURES CONTRACTS COLLATERAL--0.6%2
$	500,000		United States Treasury Bill, 6/19/2003	$	499,711
			TOTAL STOCKS (IDENTIFIED COST $64,651,719)		69,344,492
			BONDS--13.6%
			TREASURY AND GOVERNMENT SECURITIES--7.8%
			Repurchase Agreement--2.3%
	1,858,000		Agreement with CIBC World Markets Corp., 1.270%, dated 5/30/2003, to be repurchased at $1,858,197 on 6/2/2003, collateralized by U.S. Treasury Obligations with maturities to 11/15/2027 (cost $1,858,000)		1,858,000
			Treasury Securities--5.5%
	315,000		United States Treasury Bond, 6.125%, 11/15/2027		393,306
	1,800,000		United States Treasury Bond, 8.125%, 5/15/2021		2,678,346
	850,000		United States Treasury Note, 1.875%, 9/30/2004		857,837
	405,000		United States Treasury Note, 6.500%, 10/15/2006		467,840
			TOTAL		4,397,329
			TOTAL TREASURY AND GOVERNMENT SECURITIES		6,255,329
			HIGH YIELD BONDS--2.9%
	359,817		High Yield Bond Portfolio		2,353,204
			MORTGAGE-BACKED SECURITIES--2.9%
	228,673		Federated Mortgage Core Portfolio		2,350,754
			TOTAL BONDS (IDENTIFIED COST $10,556,321)		10,959,287
			TOTAL INVESTMENTS--99.9% (IDENTIFIED COST $75,208,040)3		80,303,779
			OTHER ASSETS AND LIABILITIES -- NET--0.1%		22,903
			TOTAL NET ASSETS--100%	$	80,326,682

1 Non-income producing security.

2 The Fund purchases index futures contracts to efficiently manage cash flows resulting from shareholder purchases and redemptions, dividends and capital gain payments to shareholders and corporate actions while maintaining exposure to the index and to minimize trading costs. The underlying face amount, at value, of open index futures contracts was $481,650 at May 31, 2003.

3 The cost of investments for federal tax purposes amounts to $75,232,862.

Note: The categories of investments are shown as a percentage of total net assets at May 31, 2003.

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

May 31, 2003 (unaudited)

Assets:
Total investments in securities, at value (identified cost $75,208,040)			$	80,303,779
Cash				853
Cash denominated in foreign currency (identified cost $8,814)				8,815
Income receivable				138,222
Receivable for daily variation margin				7,050
Net receivable for foreign currency exchange contracts sold				330
Receivable for investments sold				243,521
Receivable for shares sold				85,325
TOTAL ASSETS				80,787,895
Liabilities:
Payable for investments purchased	$	248,999
Payable for shares redeemed		147,193
Accrued expenses		65,021
TOTAL LIABILITIES				461,213
Net assets for 7,817,534 shares outstanding			$	80,326,682
Net Assets Consist of:
Paid in capital			$	101,305,139
Net unrealized appreciation of investments, translation of assets and liabilities in foreign currency and futures contracts				5,166,947
Accumulated net realized loss on investments, foreign currency transactions and futures contracts				(26,197,525	)
Undistributed net investment income				52,121
TOTAL NET ASSETS			$	80,326,682
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
$43,577,191 ÷ 4,238,820 shares outstanding				$10.28
Select Shares:
$36,749,491 ÷ 3,578,714 shares outstanding				$10.27

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended May 31, 2003 (unaudited)

Investment Income:
Dividends (net of foreign taxes withheld of $24,089)							$	776,006
Interest								133,047
TOTAL INCOME								909,053
Expenses:
Investment adviser fee				$	292,507
Administrative personnel and services fee					77,288
Custodian fees					12,280
Transfer and dividend disbursing agent fees and expenses					85,664
Directors'/Trustees' fees					1,463
Auditing fees					6,380
Legal fees					2,572
Portfolio accounting fees					33,906
Distribution services fee--Select Shares					130,491
Shareholder services fee--Institutional Shares					54,005
Shareholder services fee--Select Shares					43,497
Share registration costs					16,041
Printing and postage					17,002
Insurance premiums					755
Miscellaneous					1,408
TOTAL EXPENSES					775,259
Waivers:
Waiver of investment adviser fee	$	(17,633	)
Waiver of distribution services fee--Select Shares		(43,497	)
Waiver of shareholder services fee--Institutional Shares		(43,204	)
TOTAL WAIVERS					(104,334	)
Net expenses								670,925
Net investment income								238,128
Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions and Futures Contracts:
Net realized loss on investments and foreign currency transactions								(8,308,655	)
Net realized gain on futures contracts								171,187
Net change in unrealized depreciation of investments, translation of assets and liabilities in foreign currency and futures contracts								10,342,320
Net realized and unrealized gain on investments, foreign currency and futures contracts								2,204,852
Change in net assets resulting from operations							$	2,442,980

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 5/31/2003				Year Ended 11/30/2002
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	238,128		$	708,791
Net realized loss on investments, foreign currency transactions and futures contracts		(8,137,468	)		(7,537,622	)
Net realized gain on capital gain distributions from other investment companies		--			64
Net change in unrealized appreciation/depreciation of investments, translation of assets and liabilities in foreign currency and futures contracts		10,342,320			(7,628,290	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		2,442,980			(14,457,057	)
Distributions to Shareholders:
Distributions from net investment income
Institutional Shares		(187,433	)		(602,693	)
Select Shares		(30,072	)		(141,316	)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS		(217,505	)		(744,009	)
Share Transactions:
Proceeds from sale of shares		7,234,876			23,966,439
Net asset value of shares issued to shareholders in payment of distributions declared		187,710			646,713
Cost of shares redeemed		(16,879,933	)		(50,949,210	)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		(9,457,347	)		(26,336,058	)
Change in net assets		(7,231,872	)		(41,537,124	)
Net Assets:
Beginning of period		87,558,554			129,095,678
End of period (including undistributed net investment income of $52,121 and $31,498, respectively)	$	80,326,682		$	87,558,554

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

May 31, 2003 (unaudited)

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 four diversified portfolios. The financial statements included herein are only those of Federated Managed Growth Portfolio (the "Fund"). 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 investment objective of the Fund is to seek capital appreciation.

The Fund offers two classes of shares: Institutional Shares and Select Shares.

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).

Investment Valuation

Listed equity securities are valued at the last sale price reported on a national securities exchange. U.S. government securities, listed corporate bonds, other fixed income and asset-backed securities and unlisted securities and private placement securities are generally valued at the mean of the latest bid and asked price as furnished by an independent pricing service. Short-term securities are valued at the prices provided by an independent pricing service. However, short-term securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, which approximates fair market value. Investments in other open-end regulated investment companies are valued at net asset value. Securities for which no quotations are readily available, or whose values have been affected by a significant event occurring after the close of their primary markets, are valued at fair value as determined in good faith using methods approved by the Board of Trustees (the "Trustees").

With respect to valuation of foreign securities, trading in foreign cities may be completed at times which vary from the closing of the New York Stock Exchange. Therefore, foreign securities are valued at the latest closing price on the exchange on which they are traded prior to the closing of the New York Stock Exchange. Foreign securities quoted in foreign currencies are translated into U.S. dollars at the foreign exchange rate in effect at noon, Eastern Time, on the day the value of the foreign security is determined.

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund may invest in Federated Core Trust ("Core Trust") which is managed by Federated Investment Management Company, the Fund's adviser. Core Trust is an open-end management investment company, registered under the Investment Company Act of 1940, available only to registered investment companies and other institutional investors. The investment objective of High Yield Bond Portfolio, a series of Core Trust, is to seek high current income by investing primarily in a diversified portfolio of lower rated fixed income securities. The investment objective of Federated Mortgage Core Portfolio, a series of Core Trust, is to seek total return by investing in a diversified portfolio of mortgage backed fixed income securities. Federated receives no advisory or administrative fees on behalf of Core Trust. Income distributions from Core Trust are declared daily and paid monthly, and are recorded by the Fund as dividend income. Capital gain distributions, if any, from Core Trust are declared and paid annually, and are recorded by the Fund as capital gains received. Additional information regarding High Yield Bond Portfolio and/or Federated Mortgage Core Portfolio is available upon request.

Repurchase Agreements

It is the policy of the Fund to require the custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System or to have segregated within the custodian bank's vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Fund to monitor, on a daily basis, the market value of each repurchase agreement's collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement transaction.

The Fund will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Fund's adviser to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Trustees. Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Fund could receive less than the repurchase price on the sale of collateral securities. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into one or more repurchase agreements.

Investment Income, Expenses and Distributions

Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair market value. The Fund offers multiple classes of shares, which differ in their respective distribution and service fees. All shareholders bear the common expenses of the Fund based on average daily net assets of each class, without distinction between share 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.

Distributions are determined in accordance with income tax regulations which may differ from GAAP. These distributions do not represent a return of capital for federal income tax purposes.

Premium and Discount Amortization

All premiums and discount 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 tax is necessary.

Withholding taxes on foreign interest and dividends have been provided for in accordance with the Fund's applicable country's tax rules and rates.

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.

Futures Contracts

The Fund may purchase stock index futures contracts to manage cash flows, enhance yield and to potentially reduce transaction costs. Upon entering into a stock index futures contract with a broker, the Fund is required to deposit in a segregated account a specified amount of cash or U.S. government securities. Futures contracts are valued daily and unrealized gains or losses are recorded in a "variation margin" account. Daily, the Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. For the six months ended May 31, 2003, the Fund had net realized gains of $171,187 on futures contracts.

Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities.

At May 31, 2003, the Fund had outstanding futures contracts as set forth below:

Expiration Date	Contracts to Receive	Position	Unrealized Appreciation
June 2003	2 S&P 500 Index Futures	Long	$68,516

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 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 purpose as unrealized until the settlement date.

At May 31, 2003, the Fund had outstanding foreign currency commitments as set forth below:

Settlement Date	Contracts to Deliver/Receive	In Exchange for	Contracts at Value	Net Unrealized Appreciation (Depreciation)
Contracts Purchased:
5/28/2003	62,992 Euro Dollars	$74,864	$74,098	$ (766	)
Contracts Sold:
5/28/2003	82,659 Euro Dollars	$98,328	$97,232	1,096
NET UNREALIZED APPRECIATION ON FOREIGN EXCHANGE CONTRACTS				$  330

Foreign Currency Translation

The accounting records of the Fund are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies ("FC") 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. Differences between income and expense amounts recorded and collected or paid are adjusted when reported by the custodian bank. 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

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.

CHANGE IN ACCOUNTING POLICY

Effective December 1, 2001, the Fund has adopted the provisions of the revised American Institute of Certified Public Accountants (AICPA) Audit and Accounting Guide for Investment Companies (the "Guide"). For financial statement purposes, the revised Guide requires the Fund to amortize premium and discount on all fixed income securities and to classify gains and losses realized on principal payments received on mortgage-backed securities (paydown gains and losses) as part of investment income.

Upon initial adoption, the Fund adjusted its cost of fixed income securities by the cumulative amount of amortization that would have been recognized had amortization been in effect from the purchase date of each holding with a corresponding reclassification between unrealized appreciation/depreciation on investments and undistributed net investment income. Adoption of these accounting principles does not affect the Fund's net asset value or distributions, but changes the classification of certain amounts between interest income and realized and unrealized gain/loss on the Statement of Operations. The cumulative effect to the Fund resulting from the adoption of premium and discount amortization and recognition of paydown gains and losses as part of interest income on the financial statements is as follows:

	As of 12/1/2001		For the Year Ended 11/30/2002
	Cost of Investments	Undistributed Net Investment Income	Net Investment Income	Net Unrealized Appreciation (Depreciation)	Net Realized Gain (Loss)
Increase (Decrease)	$(51,726)	$(51,726)	$(28,241)	$(29,296)	$57,537

The Statement of Changes in Net Assets and Financial Highlights for prior periods have not been restated to reflect this change in presentation.

SHARES OF BENEFICIAL INTEREST

The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value) for each class of shares.

Transactions in shares were as follows:

	Six Months Ended 5/31/2003					Year Ended 11/30/2002
Institutional Shares:	Shares			Amount		Shares			Amount
Shares sold	475,112		$	4,472,652		1,482,462		$	15,964,791
Shares issued to shareholders in payment of distributions declared	16,929			158,880		47,485			512,172
Shares redeemed	(1,172,513	)		(11,059,385	)	(2,725,225	)		(28,835,905	)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(680,472	)	$	(6,427,853	)	(1,195,278	)	$	(12,358,942	)
	Six Months Ended 5/31/2003					Year Ended 11/30/2002
Select Shares:	Shares			Amount		Shares			Amount
Shares sold	291,716		$	2,762,224		748,013		$	8,001,648
Shares issued to shareholders in payment of distributions declared	3,068			28,830		12,287			134,541
Shares redeemed	(619,908	)		(5,820,548	)	(2,083,775	)		(22,113,305	)
NET CHANGE RESULTING FROM SELECT SHARE TRANSACTIONS	(325,124	)	$	(3,029,494	)	(1,323,475	)	$	(13,977,116	)
NET CHANGE RESULTING FROM SHARE TRANSACTIONS	(1,005,596	)	$	(9,457,347	)	(2,518,753	)	$	(26,336,058	)

FEDERAL TAX INFORMATION

At May 31, 2003, the cost of investments for federal tax purposes was $75,232,862. The net unrealized appreciation of investments for federal tax purposes, excluding any unrealized appreciation/depreciation from changes in the value of assets and liabilities resulting from changes in foreign exchange rates was $5,070,917. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $12,279,720 and net unrealized depreciation from investments for those securities having an excess of cost over value of $7,208,803.

The difference between book-basis and tax-basis unrealized appreciation is attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains on certain forward foreign currency contracts and the amortization/accretion tax elections on fixed income securities.

At November 30, 2002, the Fund had a capital loss carryforward of $17,240,438, which will reduce the Fund's taxable income arising from net realized gain on investments, if any, to the extent permitted by the Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal tax. Pursuant to the Code, such capital loss carryforward will expire as follows:

Expiration Year	Expiration Amount
2009	$10,114,806
2010	$  7,125,632

INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Federated Investment Management Company, 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.

Certain of the Fund's assets are managed by Federated Global Investment Management Corp. (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.

Administrative Fee

Federated Services Company ("FServ"), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. The fee paid to FServ is based on a scale that ranges from 0.150% to 0.075% of the average aggregate daily net assets of all funds advised by subsidiaries of Federated Investors, Inc., subject to a $125,000 minimum per portfolio and $30,000 per each additional class.

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 net assets of the Fund to finance activities intended to result in the sale of the Fund's Select Shares. The Plan provides that the Fund may incur distribution expenses of up to 0.75% of average net assets, annually, to compensate FSC. The distributor may voluntarily choose to waive any portion of its fee. The distributor can modify or terminate this voluntary waiver at any time at its sole discretion.

Shareholder Services Fee

Under the terms of a Shareholder Services Agreement with Federated Shareholder Services Company ("FSSC"), the Fund will pay FSSC up to 0.25% of average daily net assets of the Fund's shares for the period. The fee paid to FSSC is used to finance certain services for shareholders and to maintain shareholder accounts. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.

Transfer and Dividend Disbursing Agent Fees and Expenses

FServ, through its subsidiary FSSC, serves as transfer and dividend disbursing agent for the Fund. The fee paid to FSSC is based on the size, type and number of accounts and transactions made by shareholders.

Portfolio Accounting Fees

FServ maintains the Fund's accounting records for which it receives a fee. The fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.

Custodian Fees

State Street Bank & Trust Co. is the the Trust's custodian. The fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.

General

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

INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations (and in-kind contributions), for the six months ended May 31, 2003, were as follows:

Purchases	$	28,793,868
Sales	$	29,390,355

CONCENTRATION OF CREDIT RISK

The Fund invests in securities of non-U.S. issuers. Although the Fund maintains a diversified investment portfolio, the political or economic developments within a particular country or region may have an adverse effect on the stability of domiciled issuers to meet their obligations. Additionally, political or economic developments may have an effect on the liquidity and volatility of portfolio securities and currency holdings.

At May 31, 2003, the diversification of industries for non-U.S. issuers was as follows.

Industry	Percentage of Net Assets	Industry	Percentage of Net Assets
Automobiles & Components	0.5%	Industrial Conglomerates	0.3%
Banks	1.5%	Insurance	0.1%
Capital Goods	0.5%	Internet Software & Services	0.1%
Commercial Services & Supplies	0.4%	Materials	0.5%
Communications Equipment	0.0%	Media	0.9%
Computers & Peripherals	0.1%	Oil & Gas	0.2%
Consumer Durables & Apparel	0.3%	Pharmaceuticals & Biotechnology	1.7%
Diversified Financials	1.0%	Retailing	0.3%
Energy	1.1%	Semiconductors & Semiconductor Equipment	1.1%
Food & Staples Retailing	0.2%	Software & Services	0.6%
Food, Beverage & Tobacco	1.1%	Technology HW & Equipment	0.5%
Health Care Equipment, Services & Supplies	0.4%	Telecommunications Services	1.6%
Hotels, Restaurants & Leisure	0.2%	Transportation	0.7%
Household & Personal Products	0.5%	Utilities	0.3%

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.

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain documents to each household in which more than one shareholder of the Fund(s) resides (so-called "householding"), as permitted by applicable rules. The Fund's "householding" program covers its/their Prospectus and Statement of Additional Information, and supplements to each, as well as Semi-Annual and Annual Reports and any Proxies or information statements. Shareholders must give their written consent to participate in the householding program. The Fund is also permitted to treat a shareholder as having given consent ("implied consent") if (i) shareholders with the same last name, or believed to be members of the same family, reside at the same street address or receive mail at the same post office box, (ii) the Fund gives notice of its intent to "household" at least sixty (60) days before it begins "householding" and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire to "opt out" of householding. Shareholders who have granted written consent, or have been deemed to have granted implied consent, can revoke that consent and opt out of householding at any time by calling 1-800-341-7400.

Federated Investors
World-Class Investment Manager

Federated Managed Growth Portfolio
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
www.federatedinvestors.com

Contact us at 1-800-341-7400 or
www.federatedinvestors.com/contact

Federated Securities Corp., Distributor

Cusip 314212200
Cusip 314212101

Federated is a registered mark of Federated Investors, Inc. 2003 ©Federated Investors, Inc.

G00514-01 (7/03)

Federated Investors
World-Class Investment Manager

Federated Managed Income Portfolio

A Portfolio of Federated Managed Allocation Portfolios

SEMI-ANNUAL SHAREHOLDER REPORT

May 31, 2003

FINANCIAL HIGHLIGHTS

FINANCIAL STATEMENTS

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Financial Highlights--Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Period Ended (unaudited)			Year Ended November 30,
	5/31/2003			2002			2001			2000			1999	1		1998
Net Asset Value, Beginning of Period	$10.11			$10.28			$10.24			$10.41			$11.13			$10.77
Income From Investment Operations:
Net investment income	0.18			0.45	2,3		0.51			0.58	3		0.55			0.55
Net realized and unrealized gain (loss) on investments, foreign currency transactions and futures contracts	0.49			(0.20	)2		0.06			(0.13	)		(0.42	)		0.49
TOTAL FROM INVESTMENT OPERATIONS	0.67			0.25			0.57			0.45			0.13			1.04
Less Distributions:
Distributions from net investment income	(0.21	)		(0.42	)		(0.51	)		(0.53	)		(0.54	)		(0.55	)
Distributions from net realized gain on investments, foreign currency transactions and futures contracts	--			--			(0.02	)		(0.09	)		(0.31	)		(0.13	)
TOTAL DISTRIBUTIONS	(0.21	)		(0.42	)		(0.53	)		(0.62	)		(0.85	)		(0.68	)
Net Asset Value, End of Period	$10.57			$10.11			$10.28			$10.24			$10.41			$11.13
Total Return4	6.69	%		2.51	%		5.76	%		4.49	%		1.22	%		10.06	%
Ratios to Average Net Assets:
Expenses	0.91	%5		0.89	%		0.83	%		0.80	%		0.80	%		0.80	%
Net investment income	3.55	%5		4.45	%2		5.13	%		5.62	%		5.21	%		5.09	%
Expense waiver/reimbursement6	0.61	%5		0.57	%		0.57	%		0.52	%		0.54	%		0.62	%
Supplemental Data:
Net assets, end of period (000 omitted)	$62,655		$55,775			$71,668			$71,408			$86,919			$81,421
Portfolio turnover	13	%		21	%		19	%		35	%		95	%		122	%

1 Beginning with the year ended November 30, 1999, the Fund was audited by Deloitte & Touche LLP. The previous year was audited by other auditors.

2 Effective December 1, 2001, the Fund adopted the provisions of the American Institute of Certified Public Accountants ("AICPA") Audit and Accounting Guide for Investment Companies and began accreting discount/amortizing premium on long-term debt securities. The effect of this change for the fiscal year ended November 30, 2002 was to decrease the net investment income per share by $0.02, increase net realized gain/loss per share by $0.02, and decrease the ratio of net investment income to average net assets from 4.66% to 4.45%. Per share, ratios and supplemental data for periods prior to November 30, 2002 have not been restated to reflect this change in presentation.

3 Based on average shares outstanding.

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

5 Computed on an annualized basis.

6 This voluntary expense decrease is reflected in both the 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)

	Period Ended (unaudited)			Year Ended November 30,
	5/31/2003			2002			2001			2000			1999	1		1998
Net Asset Value, Beginning of Period	$10.11			$10.28			$10.24			$10.41			$11.13			$10.77
Income From Investment Operations:
Net investment income	0.14			0.38	2,3		0.46			0.51	3		0.48			0.48
Net realized and unrealized gain (loss) on investments, foreign currency transactions and futures contracts	0.49			(0.20	)2		0.04			(0.13	)		(0.42	)		0.49
TOTAL FROM INVESTMENT OPERATIONS	0.63			0.18			0.50			0.38			0.06			0.97
Less Distributions:
Distributions from net investment income	(0.17	)		(0.35	)		(0.44	)		(0.46	)		(0.47	)		(0.48	)
Distributions from net realized gain on investments, foreign currency transactions and futures contracts	--			--			(0.02	)		(0.09	)		(0.31	)		(0.13	)
TOTAL DISTRIBUTIONS	(0.17	)		(0.35	)		(0.46	)		(0.55	)		(0.78	)		(0.61	)
Net Asset Value, End of Period	$10.57			$10.11			$10.28			$10.24			$10.41			$11.13
Total Return4	6.34	%		1.80	%		5.01	%		3.76	%		0.52	%		9.29	%
Ratios to Average Net Assets:
Expenses	1.61	%5		1.59	%		1.53	%		1.50	%		1.50	%		1.50	%
Net investment income	2.86	%5		3.75	%2		4.43	%		4.92	%		4.50	%		4.39	%
Expense waiver/reimbursement6	0.66	%5		0.62	%		0.62	%		0.57	%		0.59	%		0.67	%
Supplemental Data:
Net assets, end of period (000 omitted)	$29,752		$28,582			$32,171			$36,238			$43,523			$46,193
Portfolio turnover	13	%		21	%		19	%		35	%		95	%		122	%

1 Beginning with the year ended November 30, 1999, the Fund was audited by Deloitte & Touche LLP. The previous year was audited by other auditors.

2 Effective December 1, 2001, the Fund adopted the provisions of the American Institute of Certified Public Accountants ("AICPA") Audit and Accounting Guide for Investment Companies and began accreting discount/amortizing premium on long-term debt securities. The effect of this change for the fiscal year ended November 30, 2002 was to decrease the net investment income per share by $0.02, increase net realized gain/loss per share by $0.02, and decrease the ratio of net investment income to average net assets from 3.96% to 3.75%. Per share, ratios and supplemental data for periods prior to November 30, 2002 have not been restated to reflect this change in presentation.

3 Based on average shares outstanding.

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

5 Computed on an annualized basis.

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

See Notes which are an integral part of the Financial Statements

Portfolio of Investments

May 31, 2003 (unaudited)

Shares				Value in U.S. Dollars
			STOCKS--20.9%
			LARGE-COMPANY STOCKS--13.1%
			Consumer Discretionary--1.3%
	7,500	1	AOL Time Warner, Inc.	$	114,150
	1,200	1	Clear Channel Communications, Inc.		48,840
	3,511	1	Comcast Corp., Class A		105,716
	4,520		Ford Motor Co.		47,460
	400		Gannett Co., Inc.		31,600
	3,700		Home Depot, Inc.		120,213
	1,600		Interpublic Group Cos., Inc.		22,000
	700		Johnson Controls, Inc.		58,275
	1,300		Knight-Ridder, Inc.		91,572
	1,200	1	Kohl's Corp.		62,820
	1,800		Lowe's Cos., Inc.		76,068
	1,400		Nike, Inc., Class B		78,386
	500		Omnicom Group, Inc.		34,905
	2,100		Target Corp.		76,923
	2,983	1	Viacom, Inc., Class B		135,786
	4,200		Walt Disney Co.		82,530
			TOTAL		1,187,244
			Consumer Staples--1.6%
	3,200		Altria Group, Inc.		132,160
	1,300		Anheuser-Busch Cos., Inc.		68,419
	3,900		Coca-Cola Co.		177,723
	2,000		Costco Wholesale Corp.		74,100
	3,200		Gillette Co.		107,552
	1,300		Kimberly-Clark Corp.		67,509
	2,400		Kroger Co.		38,520
	4,200		McCormick & Co., Inc.		112,980
	2,900		PepsiCo, Inc.		128,180
	1,700		Procter & Gamble Co.		156,094
	1,000		UST, Inc.		35,310
	6,200		Wal-Mart Stores, Inc.		326,182
	2,000		Walgreen Co.		61,580
			TOTAL		1,486,309
Shares				Value in U.S. Dollars
			STOCKS--continued
			LARGE-COMPANY STOCKS--continued
			Energy--0.8%
	1,300		Anadarko Petroleum Corp.	$	64,064
	1,300		Ashland, Inc.		42,198
	300		BP Amoco PLC, ADR		12,567
	1,400		Baker Hughes, Inc.		46,270
	1,824		ChevronTexaco Corp.		129,395
	1,474		ConocoPhillips		79,552
	8,476		Exxon Mobil Corp.		308,526
	400		Royal Dutch Petroleum Co., ADR		18,220
	1,300		Schlumberger Ltd.		63,206
			TOTAL		763,998
			Financials--2.5%
	1,996		Allstate Corp.		71,836
	2,300		American Express Co.		95,818
	3,802		American International Group, Inc.		220,060
	3,100		Bank One Corp.		115,816
	2,365		Bank of America Corp.		175,483
	2,100		Bank of New York Co., Inc.		60,774
	7,533		Citigroup, Inc.		309,004
	1,200		Federal Home Loan Mortgage Corp.		71,772
	1,500		Fannie Mae		111,000
	1,500		Fifth Third Bancorp		86,250
	2,310		FleetBoston Financial Corp.		68,307
	800		Lehman Brothers Holdings, Inc.		57,304
	1,300		Lincoln National Corp.		45,240
	600		Loews Corp.		28,860
	1,500		Marsh & McLennan Cos., Inc.		75,195
	1,500		Mellon Financial Corp.		40,755
	1,600		Merrill Lynch & Co., Inc.		69,280
	2,000		Morgan Stanley		91,500
	500		SLM Holding Corp.		60,000
	4,750		Schwab (Charles) Corp.		46,075
Shares				Value in U.S. Dollars
			STOCKS--continued
			LARGE-COMPANY STOCKS--continued
			Financials--continued
	1,557		Travelers Property Casualty Corp., Class B	$	25,177
	3,921		U.S. Bancorp		92,928
	2,800		Wachovia Corp.		112,504
	2,018		Washington Mutual, Inc.		82,294
	2,400		Wells Fargo & Co.		115,920
			TOTAL		2,329,152
			Healthcare--2.0%
	2,500		Abbott Laboratories		111,375
	2,000	1	Amgen, Inc.		129,420
	900	1	Anthem, Inc.		66,015
	1,400		Baxter International, Inc.		35,476
	1,100	1	Biogen, Inc.		46,684
	3,400		Bristol-Myers Squibb Co.		87,040
	1,100		Cardinal Health, Inc.		63,481
	800	1	Forest Laboratories, Inc., Class A		40,400
	1,000		Guidant Corp.		42,280
	3,600		Johnson & Johnson		195,660
	1,700		Lilly (Eli) & Co.		101,609
	1,700		Medtronic, Inc.		82,841
	3,000		Merck & Co., Inc.		166,740
	800		Mylan Laboratories, Inc.		23,104
	10,283		Pfizer, Inc.		318,979
	3,000		Schering Plough Corp.		55,350
	600		St. Jude Medical, Inc.		33,660
	1,300		UnitedHealth Group, Inc.		124,722
	2,100		Wyeth		92,085
	670	1	Zimmer Holdings, Inc.		30,056
			TOTAL		1,846,977
Shares				Value in U.S. Dollars
			STOCKS--continued
			LARGE-COMPANY STOCKS--continued
			Industrials--1.2%
	200		3M Co.	$	25,294
	2,000		Boeing Co.		61,340
	900		Caterpillar, Inc.		46,935
	600		Danaher Corp.		40,152
	1,300		Deere & Co.		56,771
	700		Eaton Corp.		58,751
	13,400		General Electric Co.		384,580
	1,900		Honeywell International, Inc.		49,780
	1,100		Lockheed Martin Corp.		51,062
	1,300		Raytheon Co.		41,652
	1,100		Textron, Inc.		38,335
	3,500		Tyco International Ltd.		61,950
	1,500		Union Pacific Corp.		91,485
	1,100		United Technologies Corp.		75,075
	2,000		Waste Management, Inc.		50,940
			TOTAL		1,134,102
			Information Technology--2.3%
	2,000	1	Apple Computer, Inc.		35,940
	3,300	1	Applied Materials, Inc.		51,348
	1,400		Automatic Data Processing, Inc.		48,860
	10,600	1	Cisco Systems, Inc.		172,568
	1,900		Computer Associates International, Inc.		41,173
	3,200	1	Corning, Inc.		23,392
	3,000	1	Dell Computer Corp.		93,870
	4,600		EMC Corp. Mass		49,772
	1,300		Electronic Data Systems Corp.		26,195
	1,000	1	Fiserv, Inc.		33,090
	1,500		First Data Corp.		62,130
	5,054		Hewlett-Packard Co.		98,553
	9,800		Intel Corp.		204,232
	2,400		International Business Machines Corp.		211,296
	2,000	1	Intuit, Inc.		92,180
Shares				Value in U.S. Dollars
			STOCKS--continued
			LARGE-COMPANY STOCKS--continued
			Information Technology--continued
	500	1	Lexmark International Group, Class A	$	37,200
	9,360	1	Lucent Technologies, Inc.		20,686
	13,200		Microsoft Corp.		324,852
	5,300		Motorola, Inc.		45,156
	500		Nokia Oyj, ADR, Class A		9,020
	1,000	1	Novellus Systems, Inc.		34,650
	8,600	1	Oracle Corp.		111,886
	1,700		Qualcomm, Inc.		57,086
	8,400	1	Sun Microsystems, Inc.		36,372
	1,400	1	SunGuard Data Systems, Inc.		32,200
	3,100		Texas Instruments, Inc.		63,550
	1,500	1	Veritas Software Corp.		41,625
	1,500	1	Yahoo, Inc.		44,775
			TOTAL		2,103,657
			Materials--0.4%
	2,100		Alcoa, Inc.		51,681
	1,825		Du Pont (E.I.) de Nemours & Co.		76,905
	1,900		International Paper Co.		69,673
	1,200		MeadWestvaco Corp.		30,048
	1,414		Monsanto Co.		28,351
	1,200		PPG Industries, Inc.		58,356
	800		Weyerhaeuser Co.		40,304
			TOTAL		355,318
			Telecommunication Services--0.6%
	1,658		AT&T Corp.		32,314
	5,290	1	AT&T Wireless Services, Inc.		41,103
	700		Alltel Corp.		33,516
	2,900		BellSouth Corp.		76,879
	1,900	1	NEXTEL Communications, Inc., Class A		28,481
	4,229		Qwest Communications International, Inc.		18,988
	4,900		SBC Communications, Inc.		124,754
	2,500		Sprint Corp. (FON Group)		33,900
	4,100	1	Sprint Corp. (PCS Group)		18,286
	3,818		Verizon Communications		144,511
			TOTAL		552,732
Shares or Principal Amount				Value in U.S. Dollars
			STOCKS--continued
			LARGE-COMPANY STOCKS--continued
			Utilities--0.4%
	1,800		CenterPoint Energy, Inc.	$	17,190
	2,500		Cinergy Corp.		94,850
	900		FPL Group, Inc.		59,823
	1,500		FirstEnergy Corp.		55,215
	1,800		NiSource, Inc.		35,298
	1,400		Sempra Energy		38,178
	1,700		Southern Co.		53,516
			TOTAL		354,070
			TOTAL LARGE-COMPANY STOCKS		12,113,559
			FUTURES CONTRACTS COLLATERAL--7.8%3
$	1,800,000		United States Treasury Bill, 6/19/2003		1,798,992
	5,400,000		United States Treasury Bill, 7/17/2003		5,392,065
			TOTAL FUTURES CONTRACTS COLLATERAL		7,191,057
			TOTAL STOCKS (IDENTIFIED COST $18,145,025)		19,304,616
			BONDS--78.5%
			TREASURY AND GOVERNMENT SECURITIES--26.1%
			Repurchase Agreement--6.9%
	6,334,000		Agreement with CIBC World Markets Corp., 1.270%, dated 5/30/2003, to be repurchased at $6,334,670 on 6/2/2003, collateralized by U.S. Treasury Obligations with various maturities to 11/15/2027 (cost of $6,334,000)		6,334,000
			Treasury Securities--19.2%
	1,935,000		United States Treasury Bond, 6.125%, 11/15/2027		2,416,022
	4,400,000		United States Treasury Bond, 7.250%, 5/15/2004		4,654,012
	4,107,000		United States Treasury Note, 6.000%, 8/15/2009		4,891,191
	4,919,000		United States Treasury Note, 6.625%, 5/15/2007		5,795,221
			TOTAL		17,756,446
			TOTAL TREASURY AND GOVERNMENT SECURITIES		24,090,446
			HIGH YIELD SECURITIES--4.4%
	629,307		High Yield Bond Portfolio		4,115,665
			MORTGAGE-BACKED SECURITIES--22.3%
	2,003,269		Federated Mortgage Core Portfolio		20,593,607
Principal Amount				Value in U.S. Dollars
			BONDS--continued
			INVESTMENT GRADE BONDS--17.0%
			Banking--1.0%
$	100,000		City National Bank, Sub. Note, 6.375%, 1/15/2008	$	112,152
	470,000		Swedbank, Sub., 11/29/2049		539,269
	240,000		US BANK N.A., 6.30%, 2/04/2014		283,903
			TOTAL		935,324
			Basic Ind. - Metals & Mining--0.9%
	725,000		Barrick Gold Corp., Deb., 7.50%, 5/1/2007		842,399
			Cap. Goods - Diversified Manufacturing--0.6%
	500,000	2	Hutchison Whampoa Ltd., 6.50%, 2/13/2013		534,135
			Communications - Media & Cable--1.0%
	800,000		Continental Cablevision, Sr. Deb., 9.50%, 8/1/2013		947,840
			Communications - Media Noncable--0.7%
	200,000		News America Holdings, Sr. Note, 8.50%, 2/15/2005		220,196
	350,000		Reed Elsevier, Inc., 6.75%, 8/01/2011		416,437
			TOTAL		636,633
			Communications - Telecom Wirelines--2.1%
	410,000		CenturyTel, Inc., 8.375%, 10/15/2010		524,505
	720,000		Telecom de Puerto Rico, Note, 6.65%, 5/15/2006		790,963
	500,000		Verizon Global Funding, Note, 7.25%, 12/01/2010		601,285
			TOTAL		1,916,753
			Consumer Cyclical - Retailers--2.5%
	650,000		Target Corp., 5.40%, 10/01/2008		730,444
	1,325,000		Wal-Mart Stores, Inc., Sr. Unsecd. Note, 6.875%, 8/10/2009		1,602,349
			TOTAL		2,332,793
			Consumer Non - Supermarkets--1.1%
	850,000		Meyer (Fred), Inc., Company Guarantee, 7.45%, 3/01/2008		998,657
			Education--0.4%
	300,000		Boston University, 7.625%, 7/15/2097		390,486
			Finance - Automotive--0.6%
	500,000		General Motors Acceptance, 8.00%, 11/01/2031		519,400
			Financial Inst. - Brokerage--1.0%
	400,000		DLJ, Note, 6.875%, 11/1/2005		443,124
	325,000		Lehman Brothers, Inc., Sr. Sub. Note, 7.375%, 1/15/2007		372,271
	100,000		Salomon, Inc., Note, 7.20%, 2/1/2004		103,965
			TOTAL		919,360
Principal Amount or Foreign Currency Par Amount				Value in U.S. Dollars
			BONDS--continued
			INVESTMENT GRADE BONDS--continued
			Financial Inst. - Finance Non-captive--0.6%
$	500,000		Household Finance Corp., 7.00%, 5/15/2012	$	594,620
			Financial Inst. - Insurance - Life--0.2%
	250,000		Delphi Funding, 9.31%, 3/25/2027		205,813
			Financial Inst. - Insurance - P&C--0.5%
	250,000		AFC Capital Trust I, Bond, 8.207%, 2/3/2027		195,062
	250,000		USF&G Corp., Company Guarantee, 8.47%, 1/10/2027		291,030
			TOTAL		486,092
			Financial Inst. - REITS--1.0%
	743,000		SUSA Partnership, L.P., Deb., 7.50%, 12/1/2027		896,578
			Healthcare--0.6%
	500,000		HCA - The Healthcare Corp., 6.95%, 5/01/2012		544,350
			Sovereign--0.5%
	305,000		Quebec, Province of, Deb., 7.50%, 9/15/2029		418,088
			Supranational--0.5%
	415,000		Corp Andina De Fomento, Bond, 7.375%, 1/18/2011		478,698
			Technology Services--0.7%
	500,000		Dell Computer Corp., Deb., 7.10%, 4/15/2028		619,705
			Utility - Electric--0.5%
	250,000		Enersis S.A., Note, 7.40%, 12/1/2016		226,250
	250,000		National Rural Utilities, Medium Term Note, 5.75%, 12/01/2008		276,098
			TOTAL		502,348
			TOTAL INVESTMENT GRADE BONDS		15,720,072
			FOREIGN BONDS--8.7%
			Australia--0.1%
	170,000		New South Wales, State of, Local Government Guarantee, (Series 08RG), 8.00%, 3/01/2008		125,880
			Canada--0.3%
	205,000		Canada, Government of, Bond, 5.50%, 6/01/2009		161,860
	187,000		Canada, Government of, Deb., 6.50%, 6/1/2004		141,190
			TOTAL		303,050
Foreign Currency Par Amount				Value in U.S. Dollars
			BONDS--continued
			FOREIGN BONDS--continued
			Germany, Federal Republic of--1.8%
	190,000		Germany, Government of, 4.50%, 7/04/2009	$	240,595
	700,000		Germany, Government of, Bond, 5.00%, 1/04/2012		910,856
	380,000		Germany, Government of, Bond, (Series 99), 5.375%, 1/04/2010		503,896
			TOTAL		1,655,347
			Greece--1.0%
	275,000		Greece, Government of, Bond, 6.50%, 1/11/2014		393,429
	440,205		Greece, Government of, Bond, (Series 7-RG), 9/30/2003		522,008
			TOTAL		915,437
			Hungary--0.3%
	57,000,000		Hungary, Government of, Bond, (Series 05/G), 7.75%, 4/12/2005		275,404
			Ireland--0.3%
	200,000		Porsche International Finance PLC, Company Guarantee, 5.25%, 6/05/2007		249,846
			Italy--2.0%
	58,000,000		Italy, Government of, Bond, 1.80%, 2/23/2010		535,432
	740,000		Italy, Government of, Bond, 4.75%, 7/01/2005		915,576
	300,000		San Paolo-IMI SPA, Bank Guarantee, 8.126%, 12/29/2049		426,549
			TOTAL		1,877,557
			Netherlands--0.0%
	35,000		Netherlands, Government, 5.50%, 1/15/2028		46,819
			Norway--0.5%
	2,900,000		Norway, Government of, Foreign Government Guarantee, 5.75%, 11/30/2004		443,426
			Poland--0.2%
	650,000		Poland, Government of, Bond, (Series 0608), 5.75%, 6/24/2008		180,696
			Slovak Republic--0.2%
	5,800,000		Slovakia Government Bond, Bond, (Series 187), 5.00%, 12/18/2004		165,407
			Spain--0.4%
	240,404		Spain, Government of, 6.15%, 1/31/2013		337,862
			Sweden--0.5%
	3,150,000		Sweden, Kingdom of, Deb., (Series 1040), 6.50%, 5/05/2008		458,740
			United Kingdom--0.5%
	250,000		United Kingdom, Government of, Treasury Bill, 5.00%, 3/07/2012		438,308
Principal Amount				Value in U.S. Dollars
			BONDS--continued
			FOREIGN BONDS--continued
			United States--0.6%
$	255,000		CL Capital Trust I, Bond, 7.047%, 4/29/2049	$	346,735
	160,000		Goldman Sachs Group, Inc., Note, 5.125%, 4/24/2013		196,000
			TOTAL		542,735
			TOTAL FOREIGN BONDS		8,016,514
			TOTAL BONDS (IDENTIFIED COST $68,173,455)		72,536,304
			TOTAL INVESTMENTS--99.4% (IDENTIFIED COST $86,318,480)4	$	91,840,920
			OTHER ASSETS AND LIABILITIES -- NET--0.6%		565,700
			TOTAL NET ASSETS--100%	$	92,406,620

1 Non-income producing security.

2 Denotes a restricted security which is subject to restrictions on resale under federal securities laws. These securities have been deemed liquid based upon criteria approved by the Fund's Board of Trustees. At May 31, 2003, these securities amounted to $534,135 which represents 0.6% of net assets.

3 The Fund purchases index futures contracts to efficiently manage cash flows resulting from shareholder purchases and redemptions, dividend and capital gain payments to shareholders and corporate actions while maintaining exposure to the Index and minimizing trade costs. The underlying face amount, at value, of open Index futures contracts was $7,465,575 at May 31, 2003.

4 The cost of investments for federal tax purposes amounts to $86,797,672.

Note: The categories of investments are shown as a percentage of total net assets at May 31, 2003.

The following acronym are used throughout this portfolio:

ADR --American Depositary Receipt

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

May 31, 2003 (unaudited)

Assets:
Total investments in securities, at value (identified cost $86,318,480)			$	91,840,920
Cash				933
Income receivable				536,857
Receivable for daily variation margin				109,275
Receivable for shares sold				52,117
TOTAL ASSETS				92,540,102
Liabilities:
Payable for shares redeemed	$	97,223
Accrued expenses		36,259
TOTAL LIABILITIES				133,482
Net assets for 8,741,238 shares outstanding			$	92,406,620
Net Assets Consist of:
Paid in capital			$	91,386,237
Net unrealized appreciation of investments, translation of assets and liabilities in foreign currency and futures contracts				6,646,177
Accumulated net realized loss on investments, foreign currency transactions and futures contracts				(5,560,736	)
Distributions in excess of net investment income				(65,058	)
TOTAL NET ASSETS			$	92,406,620
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
$62,654,645 ÷ 5,927,495 shares outstanding				$10.57
Select Shares:
$29,751,975 ÷ 2,813,743 shares outstanding				$10.57

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended May 31, 2003 (unaudited)

Investment Income:
Dividends (net of foreign taxes withheld of $13)							$	806,894
Interest (net of foreign taxes withheld of $1,825)								1,135,086
TOTAL INCOME								1,941,980
Expenses:
Investment adviser fee				$	325,984
Administrative personnel and services fee					77,289
Custodian fees					8,470
Transfer and dividend disbursing agent fees and expenses					58,684
Directors'/Trustees' fees					1,638
Auditing fees					10,420
Legal fees					2,661
Portfolio accounting fees					33,174
Distribution services fee--Select Shares					106,656
Shareholder services fee--Institutional Shares					73,109
Shareholder services fee--Select Shares					35,552
Share registration costs					17,900
Printing and postage					14,076
Insurance premiums					350
Miscellaneous					1,601
TOTAL EXPENSES					767,564
Waivers:
Waiver of investment adviser fee	$	(176,077	)
Waiver of transfer and dividend disbursing agent fees and expenses		(244	)
Waiver of distribution services fee--Select Shares		(35,552	)
Waiver of shareholder services fee--Institutional Shares		(58,488	)
TOTAL WAIVERS					(270,361	)
Net expenses								497,203
Net investment income								1,444,777
Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions and Futures Contracts:
Net realized loss on investments and foreign currency transactions								(1,739,306	)
Net realized loss on futures contracts								(621,721	)
Net change in unrealized depreciation of investments, translation of assets and liabilities in foreign currency and futures contracts								6,661,202
Net realized and unrealized gain on investments, foreign currency and futures contracts								4,300,175
Change in net assets resulting from operations							$	5,744,952

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 5/31/2003			Year Ended 11/30/2002
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	1,444,777		$	3,879,286
Net realized loss on investments, foreign currency transactions and futures contracts		(2,361,027	)		(1,572,211	)
Net realized gain on capital gain distributions from other investment companies		--			388
Net change in unrealized appreciation/depreciation of investments, translation of assets and liabilities in foreign currency and futures contracts		6,661,202			(464,300	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		5,744,952			1,843,163
Distributions to Shareholders:
Distributions from net investment income
Institutional Shares		(1,181,484	)		(2,575,300	)
Select Shares		(484,531	)		(1,040,481	)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS		(1,666,015	)		(3,615,781	)
Share Transactions:
Proceeds from sale of shares		14,446,352			19,162,800
Net asset value of shares issued to shareholders in payment of distributions declared		1,092,275			2,321,667
Cost of shares redeemed		(11,568,328	)		(39,193,065	)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		3,970,299			(17,708,598	)
Change in net assets		8,049,236			(19,481,216	)
Net Assets:
Beginning of period		84,357,384			103,838,600
End of period (including undistributed (distributions in excess of) net investment income of $(65,068) and $156,180, respectively)	$	92,406,620		$	84,357,384

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

May 31, 2003 (unaudited)

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 four diversified portfolios. The financial statements included herein are only those of Federated Managed Income Portfolio (the "Fund"). 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 investment objective of the Fund is to seek total return with an emphasis on income and potential for capital appreciation.

The Fund offers two classes of shares: Institutional Shares and Select Shares.

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").

Investment Valuations

Listed equity securities are valued at the last sale price reported on a national securities exchange. U.S. government securities, listed corporate bonds, other fixed income and asset-backed securities, and unlisted securities and private placement securities are generally valued at the mean of the latest bid and asked price as furnished by an independent pricing service. Short-term securities are valued at the prices provided by an independent pricing service. However, short-term securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, which approximates fair market value. Investment in other open-end regulated investment companies are valued at net asset value. Securities for which no quotations are readily available, or whose values have been affected by a significant event occurring after the close of their primary markets, are valued at fair value as determined in good faith using methods approved by the Board of Trustees (the "Trustees").

With respect to valuation of foreign securities, trading in foreign cities may be completed at times which vary from the closing of the New York Stock Exchange. Therefore, foreign securities are valued at the latest closing price on the exchange on which they are traded prior to the closing of the New York Stock Exchange. Foreign securities quoted in foreign currencies are translated into U.S. dollars at the foreign exchange rate in effect at noon, Eastern Time, on the day the value of the foreign security is determined.

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund may invest in Federated Core Trust ("Core Trust") which is managed by Federated Investment Management Company, the Fund's adviser. Core Trust is an open-end management investment company, registered under the Investment Company Act of 1940, available only to registered investment companies and other institutional investors. The investment objective of High Yield Bond Portfolio, a series of Core Trust, is to seek high current income by investing primarily in a diversified portfolio of lower rated fixed income securities. The investment objective of Federated Mortgage Core Portfolio, a series of Core Trust, is to seek total return by investing in a diversified portfolio of mortgage-backed fixed income securities. Federated receives no advisory or administrative fees on behalf of Core Trust. Income distributions from Core Trust are declared daily and paid monthly, and are recorded by the Fund as dividend income. Capital gain distributions, if any, from Core Trust are declared and paid annually, and are recorded by the Fund as capital gains received. Additional information regarding High Yield Bond Portfolio and/or Federated Mortgage Core Portfolio is available upon request.

Repurchase Agreements

It is the policy of the Fund to require the custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian bank's vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Fund to monitor, on a daily basis, the market value of each repurchase agreement's collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement transaction.

The Fund will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Fund's adviser to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Trustees. Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Fund could receive less than the repurchase price on the sale of collateral securities. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into one or more repurchase agreements.

Investment Income, Expenses and Distributions

Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair market value. The Fund offers multiple classes of shares, which differ in their respective distribution and service fees. All shareholders bear the common expenses of the Fund based on average daily net assets of each class, without distinction between share 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 share class expenses.

Premium and Discount Amortization

All premiums and discount 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 tax is necessary.

Withholding taxes on foreign interest and dividends have been provided for in accordance with the Fund's applicable country's tax rules and rates.

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.

Futures Contracts

The Fund may purchase stock index futures contracts to manage cashflows, enhance yield and to potentially reduce transaction costs. Upon entering into a stock index futures contract with a broker, the Fund is required to deposit in a segregated account a specified amount of cash or U.S. government securities. Futures contracts are valued daily and unrealized gains or losses are recorded in a "variation margin" account. Daily, the Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. For the six months ended May 31, 2003, the Fund had net realized losses of $621,721 on futures contracts.

Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities.

At May 31, 2003, the Fund had outstanding futures contracts as set forth below:

Expiration Date	Contracts to Receive	Position	Unrealized Appreciation
June 2003	31 S&P 500 Index Futures	Long	$1,112,119

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 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 purpose as unrealized until the settlement date. For the six months ended May 31, 2003, there were no open foreign currency commitments.

Foreign Currency Translation

The accounting records of the Fund are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies ("FC") are translated into U.S. dollars based on the rate 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 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.

Restricted Securities

Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer's expense either upon demand by the Fund or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid under criteria established by the Trustees. The Fund will not incur any registration costs upon such resales. The Fund's restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined in good faith using methods approved by the Trustees.

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.

CHANGE IN ACCOUNTING POLICY

Effective December 1, 2001, the Fund has adopted the provisions of the revised American Institute of Certified Public Accountants (AICPA) Audit and Accounting Guide for Investment Companies (the "Guide"). For financial statement purposes, the revised Guide requires the Fund to amortize premium and discount on all fixed income securities and to classify gains and losses realized on principal payments received on mortgage backed securities (paydown gains and losses) as part of investment income.

Upon initial adoption, the Fund adjusted its cost of fixed income securities by the cumulative amount of amortization that would have been recognized had amortization been in effect from the purchase date of each holding with a corresponding reclassification between unrealized appreciation/ depreciation on investments and undistributed net investment income. Adoption of these accounting principles does not affect the Fund's net asset value or distributions, but changes the classification of certain amounts between interest income and realized and unrealized gain/loss on the Statement of Operations. The cumulative effect to the Fund resulting from the adoption of premium and discount amortization and recognition of paydown gains and losses as part of interest income on the financial statements is as follows:

	As of 12/1/2001				For the Year Ended 11/30/2002
	Cost of Investments		Undistributed NetInvestment Income		Net Investment Income		Net Unrealized Appreciation (Depreciation)		Net Realized Gain (Loss)
Increase (Decrease)	$(505,277	)	$(505,277	)	$(194,476	)	$(132,836	)	$327,312

The Statement of Changes in Net Assets and Financial Highlights for prior periods have not been restated to reflect this change in presentation.

SHARES OF BENEFICIAL INTEREST

The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value) for each class of shares.

Transactions in shares were as follows:

	Six Months Ended 5/31/2003					Year Ended 11/30/2002
Institutional Shares:	Shares			Amount		Shares			Amount
Shares sold	1,111,388		$	11,284,375		1,298,171		$	13,055,993
Shares issued to shareholders in payment of distributions declared	74,666			759,162		159,676			1,605,507
Shares redeemed	(777,758	)		(7,940,965	)	(2,913,486	)		(29,322,061	)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	408,296		$	4,102,572		(1,455,639	)	$	(14,660,561	)
	Six Months Ended 5/31/2003					Year Ended 11/30/2002
Select Shares:	Shares			Amount		Shares			Amount
Shares sold	310,406		$	3,161,977		606,927		$	6,106,807
Shares issued to shareholders in payment of distributions declared	32,742			333,113		71,156			716,160
Shares redeemed	(356,052	)		(3,627,363	)	(980,577	)		(9,871,004	)
NET CHANGE RESULTING FROM SELECT SHARE TRANSACTIONS	(12,904	)	$	(132,273	)	(302,494	)	$	(3,048,037	)
NET CHANGE RESULTING FROM SHARE TRANSACTIONS	395,392		$	3,970,299		(1,758,133	)	$	(17,708,598	)

FEDERAL TAX INFORMATION

At May 31, 2003, the cost of investments for federal tax purposes was $86,797,672. The net unrealized appreciation of investments for federal tax purposes, excluding any unrealized appreciation/depreciation from changes in the value of assets and liabilities resulting from changes in foreign exchange rates was $5,043,248. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $7,279,502 and net unrealized depreciation from investments for those securities having an excess of cost over value of $2,236,254.

The difference between book-basis and tax-basis unrealized appreciation is attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains on certain forward foreign currency contracts and the amortization/accretion tax elections on fixed income securities.

At November 30, 2002, the Fund had a capital loss carryforward of $2,408,280 which will reduce the Fund's taxable income arising from net realized gain on investments, if any, to the extent permitted by the Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal tax. Pursuant to the Code, such capital loss carryforward will expire as follows:

Expiration Year	Expiration Amount
2009	$1,145,554
2010	$1,262,726

INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Federated Investment Management Company, the Fund's investment adviser (the "Adviser"), receives for its services an annual investment adviser fee equal 0.75% of the Fund's average daily net assets. The Adviser may voluntarily choose to waive any portion of its fee. The Adviser can modify or terminate this voluntary waiver at any time at its sole discretion.

Certain of the Fund's assets are managed by Federated Global Investment Management Corp. (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. This fee is paid by the Adviser out of its resources and is not an incremental Fund expense.

Administrative Fee

Federated Services Company ("FServ"), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. The fee paid to FServ is based on a scale that ranges from 0.150% to 0.075% of the average aggregate daily net assets of all funds advised by subsidiaries of Federated Investors, Inc., subject to a $125,000 minimum per portfolio and $30,000 per each additional class.

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 net assets of the Fund to finance activities intended to result in the sale of the Fund's Select Shares. The Plan provides that the Fund may incur distribution expenses of up to 0.75% of average net assets, annually, to compensate FSC. The distributor may voluntarily choose to waive any portion of its fee. The distributor can modify or terminate this voluntary waiver at any time at its sole discretion.

Shareholder Services Fee

Under the terms of a Shareholder Services Agreement with Federated Shareholder Services Company ("FSSC"), the Fund will pay FSSC up to 0.25% of average daily net assets of the Fund's shares for the period. The fee paid to FSSC is used to finance certain services for shareholders and to maintain shareholder accounts. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.

Transfer and Dividend Disbursing Agent Fees and Expenses

FServ, through its subsidiary FSSC, serves as transfer and dividend disbursing agent for the Fund. The fee paid to FSSC is based on the size, type and number of accounts and transactions made by shareholders. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.

Portfolio Accounting Fees

FServ maintains the Fund's accounting records for which it receives a fee. The fee is based on the level of each of the Fund's average daily net assets for the period, plus out-of-pocket expenses.

Custodian Fees

State Street Bank & Trust Co. is the Trust's custodian. The fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.

General

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

INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government and short-term obligations (and in-kind contributions), for the six months ended May 31, 2003, were as follows:

Purchases	$11,353,959
Sales	$ 9,289,932

CONCENTRATION OF CREDIT RISK

The Fund invests in securities of non-U.S. issuers. Although the Fund maintains a diversified investment portfolio, the political or economic developments within a particular country or region may have an adverse effect on the stability of domiciled issuers to meet their obligations. Additionally, political or economic developments may have an effect on the liquidity and volatility of portfolio securities and currency holdings.

At May 31, 2003, the diversification of industries for non-U.S. issuers was as follows:

Industry	Percentage of Net Assets
Automotive	0.3%
Banking	1.0%
Cap. Goods -- Diversified Manufacturing	0.6%
Communications Equipment	0.0%
Industrial Conglomerates	0.1%
Oil & Gas	0.0%
Sovereign Government	7.7%
State/Provincial Government	0.1%
Utilities - Electric	0.2%

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.

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain documents to each household in which more than one shareholder of the Fund(s) resides (so-called "householding"), as permitted by applicable rules. The Fund's "householding" program covers its/their Prospectus and Statement of Additional Information, and supplements to each, as well as Semi-Annual and Annual Reports and any Proxies or information statements. Shareholders must give their written consent to participate in the householding program. The Fund is also permitted to treat a shareholder as having given consent ("implied consent") if (i) shareholders with the same last name, or believed to be members of the same family, reside at the same street address or receive mail at the same post office box, (ii) the Fund gives notice of its intent to "household" at least sixty (60) days before it begins "householding" and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire to "opt out" of householding. Shareholders who have granted written consent, or have been deemed to have granted implied consent, can revoke that consent and opt out of householding at any time by calling 1-800-341-7400.

Federated Investors
World-Class Investment Manager

Federated Managed Income Portfolio
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
www.federatedinvestors.com

Contact us at 1-800-341-7400 or
www.federatedinvestors.com/contact

Federated Securities Corp., Distributor

Cusip 314212804
Cusip 314212705

Federated is a registered mark of Federated Investors, Inc. 2003 ©Federated Investors, Inc.

G00517-01 (7/03)

Federated Investors
World-Class Investment Manager

Federated Managed Moderate Growth Portfolio

A Portfolio of Federated Managed Allocation Portfolios

SEMI-ANNUAL SHAREHOLDER REPORT

May 31, 2003

FINANCIAL HIGHLIGHTS

FINANCIAL STATEMENTS

NOT FDIC INSURED * MAY LOSE VALUE * NO BANK GUARANTEE

Financial Highlights--Institutional Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited)			Year Ended November 30,
	5/31/2003			2002			2001			2000			1999	1		1998
Net Asset Value, Beginning of Period	$  9.99			$10.91			$12.33			$13.55			$13.15			$13.10
Income From Investment Operations:
Net investment income	0.09			0.22	2		0.29			0.39	3		0.35			0.35
Net realized and unrealized gain (loss) on investments, foreign currency transactions and futures contracts	0.47			(0.95	)2		(0.89	)		(0.64	)		1.00			0.92
TOTAL FROM INVESTMENT OPERATIONS	0.56			(0.73	)		(0.60	)		(0.25	)		1.35			1.27
Less Distributions:
Distributions from net investment income	(0.08	)		(0.19	)		(0.30	)		(0.36	)		(0.35	)		(0.34	)
Distributions from net realized gain on investments, foreign currency transactions and futures contracts	--			--			(0.52	)		(0.61	)		(0.60	)		(0.88	)
TOTAL DISTRIBUTIONS	(0.08	)		(0.19	)		(0.82	)		(0.97	)		(0.95	)		(1.22	)
Net Asset Value, End of Period	$10.47			$  9.99			$10.91			$12.33			$13.55			$13.15
Total Return4	5.68	%		(6.76	)%		(5.17	)%		(2.19	)%		11.00	%		10.56	%
Ratios to Average Net Assets:
Expenses	1.18	%5		1.09	%		1.09	%		1.07	%		1.06	%		1.07	%
Net investment income	1.94	%5		2.16	%2		2.70	%		2.89	%		2.69	%		2.67	%
Expense waiver/reimbursement6	0.22	%5		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Supplemental Data:
Net assets, end of period (000 omitted)	$90,882		$95,288			125,741			$161,366			$168,702			$173,514
Portfolio turnover	31	%		23	%		36	%		72	%		113	%		111	%

1 Beginning with the year ended November 30, 1999, the Fund was audited by Deloitte & Touche LLP. The previous year was audited by other auditors.

2 Effective December 1, 2001, the Fund adopted the provisions of the American Institute of Certified Public Accountant ("AICPA") Audit and Accounting Guide for Investment Companies and began accreting discount/amortizing premium on long-term debt securities. The effect of this change for the fiscal year ended November 30, 2002 was to decrease net investment income per share by $0.01, increase net realized gain/loss per share by $0.01, and decrease the ratio of net investment income to average net assets from 2.25% to 2.16%. Per share, ratios and supplemental data for periods prior to November 30, 2002 have not been restated to reflect this change in presentation.

3 Based on average shares outstanding.

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

5 Computed on an annualized basis.

6 This voluntary expense decrease is reflected in both the 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)

	Six Months Ended (unaudited)			Year Ended November 30,
	5/31/2003			2002			2001			2000			1999	1		1998
Net Asset Value, Beginning of Period:	$  9.96			$10.87			$12.29			$13.51			$13.11			$13.06
Income From Investment Operations:
Net investment income	0.06			0.15	2		0.23			0.30	3		0.26			0.26
Net realized and unrealized gain (loss) on investments, foreign currency transactions and futures contracts	0.48			(0.94	)2		(0.91	)		(0.64	)		1.00			0.92
TOTAL FROM INVESTMENT OPERATIONS	0.54			(0.79	)		(0.68	)		(0.34	)		1.26			1.18
Less Distributions:
Distributions from net investment income	(0.05	)		(0.12	)		(0.22	)		(0.27	)		(0.26	)		(0.25	)
Distributions from net realized gain on investments, foreign currency transactions and futures contracts	--			--			(0.52	)		(0.61	)		(0.60	)		(0.88	)
TOTAL DISTRIBUTIONS	(0.05	)		(0.12	)		(0.74	)		(0.88	)		(0.86	)		(1.13	)
Net Asset Value, End of Period	$10.45			$  9.96			$10.87			$12.29			$13.51			$13.11
Total Return4	5.42	%		(7.36	)%		(5.89	)%		(2.87)	%		10.26	%		9.80	%
Ratios to Average Net Assets:
Expenses	1.88	%5		1.79	%		1.79	%		1.77	%		1.76	%		1.77	%
Net investment income	1.24	%5		1.46	%2		2.00	%		2.19	%		1.99	%		2.00	%
Expense waiver/reimbursement6	0.27	%5		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%
Supplemental Data:
Net assets, end of period (000 omitted)	$54,231		$58,706			76,065			$89,725			$95,824			$88,588
Portfolio turnover	31	%		23	%		36	%		72	%		113	%		111	%

1 Beginning with the year ended November 30, 1999, the Fund was audited by Deloitte & Touche LLP. The previous year was audited by other auditors.

2 Effective December 1, 2001, the Fund adopted the provisions of the American Institute of Certified Public Accountant ("AICPA") Audit and Accounting Guide for Investment Companies and began accreting discount/amortizing premium on long-term debt securities. The effect of this change for the fiscal year ended November 30, 2002 was to decrease net investment income per share by $0.01, increase net realized gain/loss per share by $0.01, and decrease the ratio of net investment income to average net assets from 1.55% to 1.46%. Per share, ratios and supplemental data for periods prior to November 30, 2002 have not been restated to reflect this change in presentation.

3 Based on average shares outstanding.

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

5 Computed on an annualized basis.

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

See Notes which are an integral part of the Financial Statements

Portfolio of Investments

May 31, 2003 (unaudited)

Shares					Value in U.S. Dollars
			STOCKS--66.3%
			LARGE-COMPANY STOCKS--41.4%
			Consumer Discretionary--4.1%
	37,100	1	AOL Time Warner, Inc.	$	564,662
	5,900	1	Clear Channel Communications, Inc.		240,130
	17,271	1	Comcast Corp., Class A		520,030
	22,442		Ford Motor Co.		235,641
	2,200		Gannett Co., Inc.		173,800
	18,500		Home Depot, Inc.		601,065
	8,000		Interpublic Group Cos., Inc.		110,000
	3,600		Johnson Controls, Inc.		299,700
	6,400		Knight-Ridder, Inc.		450,816
	6,100	1	Kohl's Corp.		319,335
	8,700		Lowe's Cos., Inc.		367,662
	6,800		Nike, Inc., Class B		380,732
	2,600		Omnicom Group, Inc.		181,506
	10,600		Target Corp.		388,278
	15,008	1	Viacom, Inc., Class B		683,164
	21,000		Walt Disney Co.		412,650
			TOTAL		5,929,171
			Consumer Staples--5.1%
	15,900		Altria Group, Inc.		656,670
	6,300		Anheuser-Busch Cos., Inc.		331,569
	19,300		Coca-Cola Co.		879,501
	9,900		Costco Wholesale Corp.		366,795
	15,900		Gillette Co.		534,399
	6,300		Kimberly-Clark Corp.		327,159
	11,700		Kroger Co.		187,785
	20,900		McCormick & Co., Inc.		562,210
	14,200		PepsiCo, Inc.		627,640
	8,700		Procter & Gamble Co.		798,834
	5,100		UST, Inc.		180,081
	30,700		Wal-Mart Stores, Inc.		1,615,127
	9,800		Walgreen Co.		301,742
			TOTAL		7,369,512
Shares					Value in U.S. Dollars
			STOCKS--continued
			LARGE-COMPANY STOCKS--continued
			Energy--2.6%
	6,200		Anadarko Petroleum Corp.	$	305,536
	6,300		Ashland, Inc.		204,498
	1,300		BP Amoco PLC, ADR		54,457
	7,200		Baker Hughes, Inc.		237,960
	9,309		ChevronTexaco Corp.		660,381
	7,442		ConocoPhillips		401,645
	42,104		Exxon Mobil Corp.		1,532,586
	2,200		Royal Dutch Petroleum Co., ADR		100,210
	6,400		Schlumberger Ltd.		311,168
			TOTAL		3,808,441
			Financials--7.9%
	10,100		Allstate Corp.		363,499
	11,200		American Express Co.		466,592
	19,048		American International Group, Inc.		1,102,498
	15,200		Bank One Corp.		567,872
	11,618		Bank of America Corp.		862,056
	10,200		Bank of New York Co., Inc.		295,188
	37,266		Citigroup, Inc.		1,528,651
	5,800		Federal Home Loan Mortgage Corp.		346,898
	7,600		Fannie Mae		562,400
	7,600		Fifth Third Bancorp		437,000
	11,229		FleetBoston Financial Corp.		332,042
	4,200		Lehman Brothers Holdings, Inc.		300,846
	6,400		Lincoln National Corp.		222,720
	3,000		Loews Corp.		144,300
	7,500		Marsh & McLennan Cos., Inc.		375,975
	7,600		Mellon Financial Corp.		206,492
	8,200		Merrill Lynch & Co., Inc.		355,060
	9,700		Morgan Stanley		443,775
Shares					Value in U.S. Dollars
			STOCKS--continued
			LARGE-COMPANY STOCKS--continued
			Financials--continued
	2,300		SLM Holding Corp.	$	276,000
	23,500		Schwab (Charles) Corp.		227,950
	7,885		Travelers Property Casualty Corp., Class B		127,500
	19,501		U.S. Bancorp		462,174
	13,900		Wachovia Corp.		558,502
	9,808		Washington Mutual, Inc.		399,970
	11,900		Wells Fargo & Co.		574,770
			TOTAL		11,540,730
			Healthcare--6.3%
	12,300		Abbott Laboratories		547,965
	9,800	1	Amgen, Inc.		634,158
	4,600	1	Anthem, Inc.		337,410
	6,800		Baxter International, Inc.		172,312
	5,300	1	Biogen, Inc.		224,932
	16,800		Bristol-Myers Squibb Co.		430,080
	5,250		Cardinal Health, Inc.		302,978
	3,900	1	Forest Laboratories, Inc., Class A		196,950
	5,000		Guidant Corp.		211,400
	18,000		Johnson & Johnson		978,300
	8,200		Lilly (Eli) & Co.		490,114
	8,300		Medtronic, Inc.		404,459
	15,000		Merck & Co., Inc.		833,700
	3,800		Mylan Laboratories, Inc.		109,744
	50,882		Pfizer, Inc.		1,578,360
	15,000		Schering Plough Corp.		276,750
	3,100		St. Jude Medical, Inc.		173,910
	6,200		UnitedHealth Group, Inc.		594,828
	10,500		Wyeth		460,425
	3,420	1	Zimmer Holdings, Inc.		153,421
			TOTAL		9,112,196
Shares					Value in U.S. Dollars
			STOCKS--continued
			LARGE-COMPANY STOCKS--continued
			Industrials--3.9%
	900		3M Co.	$	113,823
	9,800		Boeing Co.		300,566
	4,600		Caterpillar, Inc.		239,890
	2,800		Danaher Corp.		187,376
	6,700		Deere & Co.		292,589
	3,300		Eaton Corp.		276,969
	66,700		General Electric Co.		1,914,290
	9,200		Honeywell International, Inc.		241,040
	5,700		Lockheed Martin Corp.		264,594
	6,700		Raytheon Co.		214,668
	5,600		Textron, Inc.		195,160
	17,400		Tyco International Ltd.		307,980
	7,400		Union Pacific Corp.		451,326
	5,300		United Technologies Corp.		361,725
	9,900		Waste Management, Inc.		252,153
			TOTAL		5,614,149
			Information Technology--7.2%
	9,900	1	Apple Computer, Inc.		177,903
	16,100	1	Applied Materials, Inc.		250,516
	6,900		Automatic Data Processing, Inc.		240,810
	52,600	1	Cisco Systems, Inc.		856,328
	9,200		Computer Associates International, Inc.		199,364
	15,900	1	Corning, Inc.		116,229
	14,900	1	Dell Computer Corp.		466,221
	22,600		EMC Corp. Mass		244,532
	6,400		Electronic Data Systems Corp.		128,960
	5,100	1	Fiserv, Inc.		168,759
	7,700		First Data Corp.		318,934
	24,947		Hewlett-Packard Co.		486,467
	48,800		Intel Corp.		1,016,992
	12,000		International Business Machines Corp.		1,056,480
	9,900	1	Intuit, Inc.		456,291
	2,500	1	Lexmark International Group, Class A		186,000
Shares					Value in U.S. Dollars
			STOCKS--continued
			LARGE-COMPANY STOCKS--continued
			Information Technology--continued
	46,590	1	Lucent Technologies, Inc.	$	102,964
	65,400		Microsoft Corp.		1,609,494
	26,100		Motorola, Inc.		222,372
	2,700		Nokia Oyj, ADR, Class A		48,708
	5,000	1	Novellus Systems, Inc.		173,250
	42,900	1	Oracle Corp.		558,129
	8,400		Qualcomm, Inc.		282,072
	41,400	1	Sun Microsystems, Inc.		179,262
	6,700	1	SunGuard Data Systems, Inc.		154,100
	15,300		Texas Instruments, Inc.		313,650
	7,500	1	Veritas Software Corp.		208,125
	7,200	1	Yahoo, Inc.		214,920
			TOTAL		10,437,832
			Materials--1.2%
	10,300		Alcoa, Inc.		253,483
	8,810		Du Pont (E.I.) de Nemours & Co.		371,253
	9,300		International Paper Co.		341,031
	6,000		MeadWestvaco Corp.		150,240
	7,107		Monsanto Co.		142,495
	6,100		PPG Industries, Inc.		296,643
	3,900		Weyerhaeuser Co.		196,482
			TOTAL		1,751,627
			Telecommunication Services--1.9%
	8,035		AT&T Corp.		156,602
	25,981	1	AT&T Wireless Services, Inc.		201,872
	3,500		Alltel Corp.		167,580
	14,600		BellSouth Corp.		387,046
	9,400	1	NEXTEL Communications, Inc., Class A		140,906
	37,961		Qwest Communications International, Inc.		170,445
	24,400		SBC Communications, Inc.		621,224
	12,500		Sprint Corp. (FON Group)		169,500
	20,500	1	Sprint Corp. (PCS Group)		91,430
	19,088		Verizon Communications		722,481
			TOTAL		2,829,086
Shares					Value in U.S. Dollars
			STOCKS--continued
			LARGE-COMPANY STOCKS--continued
			Utilities--1.2%
	9,100		CenterPoint Energy, Inc.	$	86,905
	12,600		Cinergy Corp.		478,044
	4,500		FPL Group, Inc.		299,115
	7,300		FirstEnergy Corp.		268,713
	9,100		NiSource, Inc.		178,451
	6,800		Sempra Energy		185,436
	8,600		Southern Co.		270,728
			TOTAL		1,767,392
			TOTAL LARGE-COMPANY STOCKS		60,160,136
			SMALL-COMPANY STOCKS--11.5%
			Consumer Discretionary--2.4%
	8,800	1	1-800-FLOWERS.COM, Inc.		73,480
	1,800	1	Advance Auto Parts, Inc.		107,064
	8,100	1	Aftermarket Technology Co.		84,645
	2,900	1	Ann Taylor Stores Corp.		74,153
	2,600		Bob Evans Farms, Inc.		67,002
	2,200		Borg-Warner Automotive, Inc.		127,864
	4,651	1	CarMax, Inc.		108,136
	3,200	1	Chicos Fas, Inc.		68,480
	1,500	1	Coach, Inc.		73,695
	2,800	1	Cost Plus, Inc.		100,660
	2,600	1	Cox Communications, Inc., Class A		80,548
	2,600		Darden Restaurants, Inc.		51,506
	3,000	1	Dollar Tree Stores, Inc.		87,000
	1,500	1	Entercom Communication Corp.		72,825
	2,600		Family Dollar Stores, Inc.		94,770
	2,100	1	Furniture Brands International, Inc.		55,188
	3,400	1	Genesco, Inc.		51,510
	200		Grey Global Group, Inc.		131,400
	2,100	1	Gtech Holdings Corp.		73,794
	1,500		Harman International Industries, Inc.		111,300
	1,700		KB HOME		106,250
	2,400	1	Lamar Advertising Co.		84,624
	2,800	1	Leapfrog Enterprises, Inc.		81,004
	1,100		Lennar Corp., Class A		73,755
	110		Lennar Corp., Class B		7,167
Shares					Value in U.S. Dollars
			STOCKS--continued
			SMALL-COMPANY STOCKS--continued
			Consumer Discretionary--continued
	2,600		M/I Schottenstein Homes, Inc.	$	105,560
	4,700	1	Macrovision Corp.		90,329
	3,900	1	Monro Muffler Brake, Inc.		98,280
	300	1	NVR, Inc.		122,325
	3,200		Nordstrom, Inc.		59,680
	5,100	1	Orient-Express Hotel Ltd.		63,138
	2,800		OshKosh B'Gosh, Inc., Class A		70,420
	1,900	1	Panera Bread Co.		66,329
	17,320	1	PetSmart, Inc.		299,463
	8,800	1	Prime Hospitality Corp.		58,608
	3,000		Ruby Tuesday, Inc.		69,210
	3,000	1	Shuffle Master, Inc.		80,424
	1,900		Stanley Works		53,124
	4,300		The Nautilus Group, Inc.		55,857
	1,500	1	Timberland Co., Class A		74,385
			TOTAL		3,414,952
			Consumer Staples--0.3%
	1,500		Coors Adolph Co., Class B		82,620
	1,900	1	Dean Foods Co.		86,925
	600		Farmer Brothers Co.		193,200
	6,000		Nu Skin Enterprises, Inc.		60,000
			TOTAL		422,745
			Energy--0.5%
	1,407		Devon Energy Corp.		73,164
	3,719	1	FMC Technologies, Inc.		83,045
	2,800		Forest Oil Corp.		68,404
	4,300	1	Oceaneering International, Inc.		118,035
	2,100	1	Patterson-UTI Energy, Inc.		76,839
	5,100	1	Stelmar Shipping Ltd.		79,050
	2,800	1	Stone Energy Corp.		114,520
	2,200		Tidewater, Inc.		72,644
	3,900	1	Varco International, Inc. - New		84,435
			TOTAL		770,136
Shares					Value in U.S. Dollars
			STOCKS--continued
			SMALL-COMPANY STOCKS--continued
			Financials--1.9%
	1,500	1	Affiliated Managers Group	$	82,500
	2,600	1	Arch Capital Group Ltd.		96,200
	2,400		Bank of Hawaii Corp.		83,808
	2,600		Capital One Financial Corp.		125,242
	3,400		Cathay Bancorp, Inc.		138,890
	1,700		Chicago Mercantile Exchange Holdings, Inc.		104,516
	3,000		Chittenden Corp.		82,920
	1,900		Downey Financial Corp.		83,410
	3,000	1	Federal Agricultural Mortgage Association, Class C		71,310
	1,900		First Citizens Bancshares, Inc., Class A		192,223
	2,800		Gallagher (Arthur J.) & Co.		76,300
	5,600		Greater Bay Bancorp		112,560
	9,900		IndyMac Bancorp, Inc.		254,430
	1,875		International Bancshares Corp.		86,981
	4,300	1	Investment Technology Group, Inc.		60,286
	3,000		Labranche & Co. Inc.		62,250
	900	1	Markel Corp.		227,025
	900	1	National Western Life Insurance Co., Class A		97,749
	1,300		Park National Corp.		144,950
	2,400	1	Philadelphia Consolidated Holding Corp.		98,184
	7,900		Phoenix Companies, Inc.		66,439
	3,600		Seacoast Banking Corp. of Florida		63,900
	4,300		Silicon Valley Bancshares		108,403
	2,200		Suffolk Bancorp		72,094
	4,100		Wilmington Trust Corp.		118,900
			TOTAL		2,711,470
Shares					Value in U.S. Dollars
			STOCKS--continued
			SMALL-COMPANY STOCKS--continued
			Healthcare--1.7%
	1,800		Analogic Corp.	$	91,800
	4,700	1	Apria Healthcare Group, Inc.		113,411
	15,200	1	Aspect Medical Systems, Inc.		114,760
	2,400		Bausch & Lomb, Inc.		91,056
	2,600	1	Charles River Laboratories International, Inc.		82,602
	8,600	1	Conceptus, Inc.		123,410
	3,400	1	First Health Group Corp.		87,244
	1,900		Fisher Scientific International, Inc.		60,211
	8,800	1	Genta, Inc.		101,992
	1,700	1	ICU Medical, Inc.		52,530
	1,900	1	IDEC Pharmaceuticals Corp.		72,523
	2,200	1	INAMED Corp.		113,388
	3,400	1	InterMune, Inc.		85,612
	3,200	1	Inveresk Research Group, Inc.		52,384
	3,900	1	King Pharmaceuticals, Inc.		55,809
	3,900	1	Laboratory Corporation of America Holdings		125,385
	2,600	1	LifePoint Hospitals, Inc.		55,510
	2,400	1	Lincare Holdings, Inc.		74,088
	2,600		Matthews International Corp., Class A		62,478
	1,300	1	Medicis Pharmaceutical Corp., Class A		72,800
	3,000	1	Orthofix International NV		98,700
	2,635	1	Quest Diagnostic, Inc.		166,954
	6,900	1	SangStat Medical Corp.		94,737
	5,300	1	Serologicals Corp.		70,225
	3,400	1	Shire Pharmaceuticals Group PLC, ADR		70,550
	5,100	1	Telik, Inc.		74,511
	4,300	1	VCA Antech, Inc.		80,840
	1,700		Varian Medical Systems, Inc.		94,775
			TOTAL		2,440,285
Shares					Value in U.S. Dollars
			STOCKS--continued
			SMALL-COMPANY STOCKS--continued
			Industrials--1.4%
	928		Alleghany Corp.	$	164,488
	1,300	1	Alliant Techsystems, Inc.		65,611
	1,900		Arbitron, Inc.		66,595
	3,000		CNF Transporation, Inc.		90,270
	11,400	1	Ceradyne, Inc.		181,625
	3,200	1	CoStar Group, Inc.		90,112
	2,400	1	Corporate Executive Board Company		101,280
	2,400	1	DRS Technologies, Inc.		60,000
	6,400		Delta Air Lines, Inc.		85,504
	3,900	1	Dollar Thrifty Automotive Group		75,387
	1,700	1	Emcor Group Inc.		84,371
	4,100	1	Forward Air Corp.		104,304
	2,000		Franklin Electronics, Inc.		112,180
	2,400	1	Genlyte Group, Inc.		91,176
	2,200		Jacobs Engineering Group, Inc.		85,888
	3,200	1	Kroll, Inc.		74,272
	1,900		NACCO Industries, Inc., Class A		109,915
	1,900		SPX Corp.		73,207
	3,200		Sequa Corp., Class A		116,512
	1,700	1	Simpson Manufacturing Co., Inc.		60,520
	1,100		Strayer Education, Inc.		73,403
	2,400		Tennant Co.		83,880
			TOTAL		2,050,500
			Information Technology--2.3%
	13,900	1	ATI Technologies, Inc.		116,065
	1,300	1	Affiliated Computer Services, Inc., Class A		60,242
	5,800	1	Altiris, Inc.		93,902
	5,600	1	Amdocs Ltd.		109,256
	2,200	1	Amphenol Corp., Class A		103,950
Shares					Value in U.S. Dollars
			STOCKS--continued
			SMALL-COMPANY STOCKS--continued
			Information Technology--continued
	17,800	1	Applied Micro Circuits Corp.	$	89,356
	2,600	1	Avocent Corp.		76,856
	1,700		Black Box Corp.		63,257
	1,500	1	Cabot Microelectronics Corp.		69,375
	11,100	1	Concord EFS, Inc.		167,832
	3,400	1	Cree Research, Inc.		83,538
	2,800		FactSet Research Systems		107,800
	4,900	1	Fairchild Semiconductor International, Inc., Class A		68,502
	11,400	1	Informatica Corp.		79,800
	3,392	1	Intersil Holding Corp.		82,900
	9,200	1	Intrado, Inc.		124,476
	2,100	1	Iron Mountain, Inc.		82,950
	4,900	1	Macromedia, Inc.		98,784
	10,500	1	Magma Design Automation		181,661
	2,800	1	Manhattan Associates, Inc.		75,208
	36,100	1	NIC, Inc.		80,503
	1,700	1	National Instruments Corp.		61,795
	25,800	1	Online Resources Corp.		108,360
	13,700	1	ParthusCeva, Inc.		94,530
	5,100	1	Plantronics, Inc.		109,803
	9,400	1	Radvision Ltd.		60,724
	1,900		Roper Industries, Inc.		69,711
	2,600	1	ScanSource, Inc.		65,260
	11,600	1	SeaChange International, Inc.		131,080
	9,000		Skyworks Solutions, Inc.		66,960
	9,200	1	Synaptics, Inc.		106,996
	6,600	1	UTStarcom, Inc.		195,690
	2,600	1	Varian Semiconductor Equipment Associates, Inc.		72,514
	1,300	1	Zebra Technologies Co., Class A		94,886
	4,350	1	Zoran Corp.		89,045
			TOTAL		3,343,567
Shares					Value in U.S. Dollars
			STOCKS--continued
			SMALL-COMPANY STOCKS--continued
			Materials--0.6%
	2,200		Ameron, Inc.	$	76,758
	3,600		Arch Coal, Inc.		81,396
	1,900		Ball Corp.		94,088
	6,400		Commercial Metals Corp.		114,432
	2,600	1	Cytec Industries, Inc.		86,060
	2,800		Greif Brothers Corp., Class A		60,480
	2,400		Lubrizol Corp.		76,560
	4,950		Penford Corp.		58,707
	1,700	1	Phelps Dodge Corp.		61,965
	2,200		Rayonier, Inc.		113,586
	1,500	1	Scotts Co.		74,250
			TOTAL		898,282
			Telecommunication Services--0.0%
	400	1	Lynch Interactive Corp.		8,760
			Utilities--0.4%
	2,600		Black Hills Corp.		78,130
	4,900		DQE, Inc.		80,556
	1,500		Entergy Corp.		77,535
	3,400		Kinder Morgan, Inc.		173,570
	2,400		SJW Corp.		205,800
			TOTAL		615,591
			TOTAL SMALL-COMPANY STOCKS		16,676,288
			FOREIGN EQUITY--11.3%
			Australia--0.2%
	7,722		News Corp. Ltd., ADR		237,606
			Canada--0.1%
	15,100		Placer Dome, Inc.		165,043
			France--1.2%
	7,910		BNP Paribas SA		392,477
	4,738		L'Oreal SA		344,314
	1,946		Pernod Ricard		193,656
	3,730		Schneider Electric SA		170,783
	6,022		Tf1 Television Francaise		178,441
	3,138		TotalFinaElf SA, Class B		460,102
			TOTAL		1,739,773
Shares					Value in U.S. Dollars
			STOCKS--continued
			FOREIGN EQUITY--continued
			Germany, Federal Republic Of--0.9%
	5,540		Deutsche Boerse AG	$	291,690
	23,200		Deutsche Telekom AG		347,737
	4,300		SAP AG (Systeme, Anwendungen, Produkte in der Datenverarbeitung)		483,640
	4,100		Schering AG		216,034
			TOTAL		1,339,101
			Hong Kong--0.3%
	112,000		CNOOC Ltd.		156,665
	129,000		Cathay Pacific Airways		163,890
	45,000		Television Broadcasts Ltd.		144,492
			TOTAL		465,047
			Ireland--0.1%
	13,150		Bank of Ireland		159,087
			Israel--0.1%
	3,500		Teva Pharmaceutical Industries, Ltd., ADR		177,412
			Italy--0.2%
	39,700		Enel SpA		276,608
			Japan--1.9%
	15,000		Ajinomoto Co., Inc.		149,537
	13,800		Bridgestone Corp.		180,457
	9,700		Credit Saison Co. Ltd.		170,482
	17,000		Dai Nippon Printing Co. Ltd.		176,140
	6,100		Honda Motor Co. Ltd.		221,635
	2,700		Hoya Corp.		170,606
	51		KDDI Corp.		177,825
	20,000		Kirin Brewery Co. Ltd.		149,326
	46,000		Komatsu Ltd.		170,413
	19,000		Konica Corp.		175,168
	32,000		NGK Insulators		171,676
	20,900		Nomura Securities Co. Ltd.		214,549
	6,900		Pioneer Electronic Corp.		145,618
	7,000		Secom Co. Ltd.		215,540
	18,000		Taiyo Yuden Co.		153,459
	6,700		Toyota Motor Corp.		161,425
			TOTAL		2,803,856
Shares					Value in U.S. Dollars
			STOCKS--continued
			FOREIGN EQUITY--continued
			Korea, Republic of--0.2%
	620		Samsung Electronics Co.	$	168,091
	3,790		Samsung Securities Co. Ltd.		86,527
			TOTAL		254,618
			Netherlands--0.5%
	32,076	1	ASM Lithography Holding NV		319,635
	7,900		Euronext NV		195,719
	6,400		VNU - Verenigde Nederlandse Uitgeversbedrijven		186,006
			TOTAL		701,360
			Portugal--0.1%
	14,500		Portugal Telecom SGPS SA		110,979
			Russia--0.2%
	2,350		Gazprom, ADR		41,125
	5,240	1	JSC Mining and Smelting Co. Norilsk Nickel, ADR		144,886
	1,540		Lukoil Oil Co., ADR		113,406
	1,575		YUKOS Oil Co., ADR		79,380
			TOTAL		378,797
			Singapore--0.5%
	761,933	1	Comfortdelgro Corp.		360,210
	30,000		DBS Group Holdings Ltd.		170,729
	29,000		Singapore Airlines Ltd.		161,379
			TOTAL		692,318
			Spain--0.3%
	35,831		Telefonica SA		403,111
			Switzerland--0.6%
	1,345		Nestle SA		282,217
	5,826		Roche Holding AG - GENUSS		444,970
	7,187		STMicroelectronics N.V. (NY Reg Shs)		163,935
			TOTAL		891,122
			Taiwan, Province of China--0.5%
	73,000		Asustek Computer, Inc.		172,052
	160,000	1	Taiwan Semiconductor Manufacturing Co.		250,642
	394,000		United Microelectronics Corp.		250,431
			TOTAL		673,125
Shares or Principal Amount					Value in U.S. Dollars
			STOCKS--continued
			FOREIGN EQUITY--continued
			United Kingdom--3.4%
	22,900		Amvescap PLC	$	139,446
	9,020		AstraZeneca PLC		366,137
	48,657		BP Amoco PLC		333,810
	57,000		Barclays PLC		402,583
	19,300		British American Tobacco PLC		207,509
	29,000		Cadbury Schweppes PLC		168,766
	26,580		GlaxoSmithKline PLC		525,829
	64,531		Kingfisher PLC		270,856
	39,015		Rank Group PLC		159,893
	11,650		Reckitt Benckiser PLC		227,294
	10,200		Rio Tinto PLC		200,125
	18,398		Royal Bank of Scotland PLC, Edinburgh		478,803
	42,500		Smith & Nephew PLC		257,902
	74,700		Tesco PLC		250,326
	332,398		Vodafone Group PLC		723,215
	27,500		WPP Group PLC		221,233
			TOTAL		4,933,727
			TOTAL FOREIGN EQUITY		16,402,690
			FUTURES CONTRACTS COLLATERAL--2.1%2
$	3,000,000		United States Treasury Bill, 6/19/2003		2,998,268
			TOTAL STOCKS (IDENTIFIED COST $89,891,389)		96,237,382
			BONDS--33.4%
			TREASURY AND GOVERNMENT SECURITIES--9.8%
			Repurchase Agreement--2.4%
	3,477,000		Agreement with CIBC World Markets Corp., 1.270%, dated 5/30/2003, to be repurchased at $3,477,368 on 6/2/2003, collateralized by U.S. Treasury Obligations with various maturities to 11/15/2027 (cost $3,477,000)		3,477,000
			Treasury Securities--7.4%
	933,000		United States Treasury Bond, 6.125%, 11/15/2027		1,164,934
	3,450,000		United States Treasury Bond, 8.875%, 8/15/2017		5,310,827
	493,000		United States Treasury Note, 5.750%, 8/15/2003		497,639
	245,000		United States Treasury Note, 6.000%, 8/15/2009		291,780
	3,055,000		United States Treasury Note, 6.500%, 10/15/2006		3,529,014
			TOTAL		10,794,194
			TOTAL TREASURY AND GOVERNMENT SECURITIES		14,271,194
Principal Amount					Value in U.S. Dollars
			BONDS--continued
			HIGH YIELD SECURITIES--2.8%
$	611,472		High Yield Bond Portfolio	$	3,999,024
			MORTGAGE-BACKED SECURITIES--9.5%
	1,340,988		Federated Mortgage Core Portfolio		13,785,353
			INVESTMENT GRADE CORPORATE BONDS--7.1%
			Automotive--0.2%
	300,000		Hertz Corp., Note, 7.625%, 8/15/2007		319,605
			Banking--0.7%
	100,000		City National Bank, Sub. Note, 6.375%, 1/15/2008		112,152
	330,000		Swedbank, Sub., 11/29/2049		378,635
	430,000		US BANK N.A., 6.30%, 2/04/2014		508,660
			TOTAL		999,447
			Communications -- Media & Cable--0.8%
	960,000		Continental Cablevision, Sr. Deb., 9.50%, 8/1/2013		1,137,408
	20,000		Cox Communications Inc., MTN, 6.69%, 9/20/2004		21,091
			TOTAL		1,158,499
			Communications -- Media Noncable--1.0%
	500,000		Clear Channel Communication, 7.65%, 9/15/2010		604,140
	360,000		News America Holdings, Sr. Note, 8.50%, 2/15/2005		396,353
	400,000		Reed Elsevier, Inc., 6.75%, 8/01/2011		475,928
			TOTAL		1,476,421
			Communications -- Telecom Wireless--0.4%
	540,000		Telecom de Puerto Rico, Note, 6.65%, 5/15/2006		593,222
			Consumer Non - Supermarkets--0.6%
	450,000		Kroger Co., Inc., 7.25%, 6/01/2009		530,330
	175,000		Meyer (Fred), Inc., Company Guarantee, 7.45%, 3/01/2008		205,606
			TOTAL		735,936
			Education--0.5%
	500,000		Boston University, 7.625%, 7/15/2097		650,810
			Finance - Automotive--0.3%
	470,000		General Motors Acceptance, Sr. Note, 5.75%, 11/10/2003		477,736
			Finance - Captive--0.2%
	32,000,000		Toyota Motor Credit Corp., Sr. Unsub., 0.75%, 6/09/2008		273,989
Principal Amount or Foreign Currency Par Amount					Value in U.S. Dollars
			BONDS--continued
			INVESTMENT GRADE CORPORATE BONDS--continued
			Financial Inst. - Brokerage--0.4%
$	160,000		Goldman Sachs Group, Inc., Note, 5.125%, 4/24/2013	$	196,000
	300,000		Lehman Brothers, Inc., Sr. Sub. Note, 7.375%, 1/15/2007		343,635
			TOTAL		539,635
			Financial Inst. - Insurance -- P&C--0.6%
	525,000		Marsh & McLennan Cos., Sr. Note, 7.125%, 6/15/2009		636,153
	250,000		USF&G Cap, 8.312%, 7/1/2046		296,810
			TOTAL		932,963
			Financial Inst. - Reits--0.1%
	100,000		SUSA Partnership, L.P., Deb., 7.50%, 12/1/2027		120,670
			Sovereign--0.3%
	345,000		Quebec, Province of, Deb., 7.50%, 9/15/2029		472,919
			Technology Services--0.4%
	500,000		Dell Computer Corp., Deb., 7.1%, 4/15/2028		619,705
			Utility - Electric--0.6%
	800,000	3	Israel Electric Corp. Ltd., 7.95%, 5/30/2011		906,280
			TOTAL INVESTMENT GRADE CORPORATE BONDS		10,277,837
			FOREIGN BONDS--4.2%
			Australia--0.1%
	200,000		New South Wales, State of, Local Government Guarantee, (Series 08RG), 8.00%, 3/01/2008		148,094
			Canada--0.2%
	410,000		Canada, Government of, Bond, 5.50%, 6/01/2009		323,719
			Denmark--0.2%
	2,100,000		Denmark, Kingdom of, Note, 4.00%, 11/15/2004		340,673
			Germany, Federal Republic of--0.9%
	36,000,000		Deutsche Post AG, Sr. Unsub., (Series EMTN), 1.75%, 10/07/2009		328,500
	750,000		Germany, Government of, Bond, 5.00%, 1/04/2012		975,918
			TOTAL		1,304,418
Foreign Currency Par Amount or Principal Amount					Value in U.S. Dollars
			BONDS--continued
			FOREIGN BONDS--continued
			Greece--0.3%
	392,663		Greece, Government of, Floating Rate Note, 10/23/2003	$	466,509
			Hungary--0.2%
	51,000,000		Hungary, Government of, Bond, (Series 05/G), 7.75%, 4/12/2005		246,414
			Ireland--0.2%
	200,000		Porsche International Finance PLC, Company Guarantee, 5.25%, 6/05/2007		249,846
			Italy--0.6%
	375,000		Italy, Government of, Bond, 4.75%, 7/01/2005		463,974
	325,000		San Paolo-IMI SPA, Bank Guarantee, 8.126%, 12/29/2049		462,094
			TOTAL		926,068
			Netherlands--0.3%
	350,000		Netherlands, Government, 5.50%, 1/15/2028		468,191
			Norway--0.2%
	1,600,000		Norway, Government of, Foreign Government Guarantee, 5.75%, 11/30/2004		244,649
			Poland--0.1%
	520,000		Poland, Government of, Bond, (Series 0608), 5.75%, 6/24/2008		144,557
			Portugal--0.1%
	145,000		Portugal, Government of, 6.625%, 2/23/2007		194,714
			Slovak Republic--0.1%
	4,600,000		Slovakia Government Bond, Bond, (Series 187), 5%, 12/18/2004		131,185
			Sweden--0.2%
	1,750,000		Sweden, Kingdom of, Deb., (Series 1040), 6.5%, 5/05/2008		254,856
			United Kingdom--0.2%
	130,000		United Kingdom, Government of, Treasury Bill, 5.00%, 3/07/2012		227,920
Principal Amount					Value in U.S. Dollars
			BONDS--continued
			FOREIGN BONDS--continued
			United States--0.3%
$	315,000		CL Capital Trust I, Bond, 7.047%, 4/29/2049	$	428,320
			TOTAL FOREIGN BONDS		6,100,133
			TOTAL BONDS (IDENTIFIED COST $44,181,228)		48,433,541
			TOTAL INVESTMENTS--99.7% (IDENTIFIED COST $134,072,617)4		144,670,923
			OTHER ASSETS AND LIABILITIES -- NET-- 0.3%		441,759
			TOTAL NET ASSETS--100%	$	145,112,682

1 Non-income producing security.

2 The Fund purchases index futures contracts to efficiently manage cash flows resulting from shareholder purchases and redemptions, dividend and capital gain payments to shareholders and corporate actions while maintaining exposure to the index and minimizing trade costs. The underlying face amount, at value, of open Index futures was $481,650 at May 31, 2003.

3 Denotes a restricted security which is subject to restrictions on resale under federal securities laws. These securities have been deemed liquid based upon criteria approved by the Fund's Board of Trustees. At May 31, 2003, these securities amounted to $906,280 which represents 0.6% of net assets.

4 The cost of investments for federal tax purposes amounts to $134,221,026.

Note: The categories of investments are shown as a percentage of total net assets at May 31, 2003.

The following acronyms are used throughout this portfolio:

ADR	--American Depositary Receipt
MTN	--Medium Term Note

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

May 31, 2003 (unaudited)

Assets:
Total investments in securities, at value (identified cost $134,072,617)			$	144,670,923
Cash				134
Income receivable				592,867
Receivable for daily variation margin				49,350
Net receivable for foreign currency exchange contracts sold				437
Receivable for investments sold				333,556
Receivable for shares sold				70,083
TOTAL ASSETS				145,717,350
Liabilities:
Payable for investments purchased	$	331,141
Payable for shares redeemed		77,153
Payable to bank for foreign cash (identified cost $154,492)		154,505
Accrued expenses		41,869
TOTAL LIABILITIES				604,668
Net assets for 13,866,680 shares outstanding			$	145,112,682
Net Assets Consist of:
Paid in capital			$	162,274,113
Net unrealized appreciation of investments, translation of assets and liabilities in foreign currency and futures contracts				11,090,262
Accumulated net realized loss on investments, foreign currency transactions and futures contracts				(28,651,099	)
Undistributed net investment income				399,406
TOTAL NET ASSETS			$	145,112,682
Net Asset Value, Offering Price and Redemption Proceeds Per Share
Institutional Shares:
$90,882,251 ÷ 8,678,652 shares outstanding				$10.47
Select Shares:
$54,230,431 ÷ 5,188,028 shares outstanding				$10.45

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended May 31, 2003 (unaudited)

Investment Income:
Dividends (net of foreign taxes withheld of $31,859)							$	1,340,658
Interest								862,150
TOTAL INCOME								2,202,808
Expenses:
Investment adviser fee				$	529,937
Administrative personnel and services fee					77,288
Custodian fees					21,481
Transfer and dividend disbursing agent fees and expenses					102,286
Directors'/Trustees' fees					1,803
Auditing fees					4,290
Legal fees					2,485
Portfolio accounting fees					35,538
Distribution services fee--Select Shares					197,954
Shareholder services fee--Institutional Shares					110,661
Shareholder services fee--Select Shares					65,985
Share registration costs					17,778
Printing and postage					17,299
Insurance premiums					343
Miscellaneous					1,814
TOTAL EXPENSES					1,186,942
Waivers:
Waiver of investment adviser fee	$	(11,839	)
Waiver of distribution services fee--Select Shares		(65,985	)
Waiver of shareholder services fee--Institutional Shares		(88,529	)
TOTAL WAIVERS					(166,353	)
Net expenses								1,020,589
Net investment income								1,182,219
Realized and Unrealized Gain (Loss) on Investments, Foreign Currency Transactions and Futures Contracts:
Net realized loss on investments and foreign currency transactions								(10,027,811	)
Net realized gain on futures contracts								537,715
Net change in unrealized depreciation of investments, translation of assets and liabilities in foreign currency and futures contracts								15,591,572
Net realized and unrealized gain on investments and foreign currency and futures contracts								6,101,476
Change in net assets resulting from operations							$	7,283,695

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

		Six Months Ended (unaudited) 5/31/2003			Year Ended 11/30/2002
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	1,182,219		$	3,403,910
Net realized loss on investments, foreign currency transactions and futures contracts		(9,490,096	)		(7,675,745	)
Net realized gain on capital gain distributions from other investment companies		--			289
Net change in unrealized appreciation/depreciation of investments, translation of assets and liabilities in foreign currency and futures contracts		15,591,572			(9,678,590	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		7,283,695			(13,950,136	)
Distributions to Shareholders:
Distributions from net investment income
Institutional Shares		(745,607	)		(2,128,609	)
Select Shares		(258,234	)		(753,967	)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS		(1,003,841	)		(2,882,576	)
Share Transactions:
Proceeds from sale of shares		11,221,745			38,391,922
Net asset value of shares issued to shareholders in payment of distributions declared		832,379			2,330,837
Cost of shares redeemed		(27,215,061	)		(71,701,917	)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		(15,160,937	)		(30,979,158	)
Change in net assets		(8,881,083	)		(47,811,870	)
Net Assets:
Beginning of period		153,993,765			201,805,635
End of period (including undistributed net investment income of $399,406 and $221,028, respectively)	$	145,112,682		$	154,993,765

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

May 31, 2003 (unaudited)

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 four diversified portfolios. The financial statements included herein are only those of Federated Managed Moderate Growth Portfolio (the "Fund"). 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 investment objective of the Fund is to seek capital appreciation with income as a secondary objective.

The Fund offers two classes of shares: Institutional Shares and Select Shares.

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").

Investment Valuation

Listed equity securities are valued at the last sale price reported on a national securities exchange. U.S. government securities, listed corporate bonds, other fixed income and asset-backed securities, and unlisted securities and private placement securities are generally valued at the mean of the latest bid and asked price as furnished by an independent pricing service. Short-term securities are valued at the prices provided by an independent pricing service. However, short-term securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, which approximates fair market value. Investments in other open-end regulated investment companies are valued at net asset value. Securities for which no quotations are readily available, or whose values have been affected by a significant event occurring after the close of their primary markets, are valued at fair value as determined in good faith using methods approved by the Board of Trustees (the "Trustees").

With respect to valuation of foreign securities, trading in foreign cities may be completed at times which vary from the closing of the New York Stock Exchange. Therefore, foreign securities are valued at the latest closing price on the exchange on which they are traded prior to the closing of the New York Stock Exchange. Foreign securities quoted in foreign currencies are translated into U.S. dollars at the foreign exchange rate in effect at noon, Eastern Time, on the day the value of the foreign security is determined.

Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the Fund may invest in Federated Core Trust ("Core Trust") which is managed by Federated Investment Management Company, the Fund's adviser. Core Trust is an open-end management investment company, registered under the Investment Company Act of 1940, available only to registered investment companies and other institutional investors. The investment objective of High Yield Bond Portfolio, a series of Core Trust, is to seek high current income by investing primarily in a diversified portfolio of lower rated fixed income securities. The investment objective of Federated Mortgage Core Portfolio, a series of Core Trust, is to seek total return by investing in a diversified portfolio of mortgage backed fixed income securities. Federated receives no advisory or administrative fees on behalf of Core Trust. Income distributions from Core Trust are declared daily and paid monthly, and are recorded by the Fund as dividend income. Capital gain distributions, if any, from Core Trust are declared and paid annually, and are recorded by the Fund as capital gains received. Additional information regarding High Yield Bond Portfolio and/or Federated Mortgage Core Portfolio is available upon request.

Repurchase Agreements

It is the policy of the Fund to require the custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian bank's vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Fund to monitor, on a daily basis, the market value of each repurchase agreement's collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement transaction.

The Fund will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Fund's adviser to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Trustees. Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Fund could receive less than the repurchase price on the sale of collateral securities. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into one or more repurchase agreements.

Investment Income, Expenses and Distributions

Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair market value. The Fund offers multiple classes of shares, which differ in their respective distribution and service fees. All shareholders bear the common expenses of the Fund based on average daily net assets of each class, without distinction between share 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 discount 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 tax is necessary.

Withholding taxes on foreign interest and dividends have been provided for in accordance with the Fund's applicable country's tax rules and rates.

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.

Futures Contracts

The Fund purchases stock index futures contracts to manage cashflows, enhance yield and to potentially reduce transaction costs. Upon entering into a stock index futures contract with a broker, the Fund is required to deposit in a segregated account a specified amount of cash or U.S. government securities. Futures contracts are valued daily and unrealized gains or losses are recorded in a "variation margin" account. Daily, the Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. For the six months ended May 31, 2003, the Fund had net realized gains of $537,715 on futures contracts.

Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities.

At May 31, 2003, the Fund had outstanding futures contracts as set forth below:

Expiration Date	Contracts to Receive	Position	Unrealized Appreciation
June 2003	14 S&P 500 Index Futures	Long	$479,612

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 counterparts 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.

At May 31, 2003, the Fund had outstanding foreign currency commitments as set forth below:

Settlement Date	Contracts to Deliver/Receive	In Exchange For	Contracts at Value	Net Unrealized Appreciation (Depreciation)
Contracts Purchased:
5/28/2003	85,489 Euro Dollars	$101,600	$100,561	$(1,040	)
Contracts Sold:
5/28/2003	111,360 Euro Dollars	$132,470	$130,993	1,477
NET UNREALIZED APPRECIATION ON FOREIGN EXCHANGE CONTRACTS				$  437

Foreign Currency Translation

The accounting records of the Fund are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies ("FC") 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. Differences between income and expense amounts recorded and collected or paid are adjusted when reported by the custodian bank. 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.

Restricted Securities

Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer's expense either upon demand by the Fund or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid under criteria established by the Trustees. The Fund will not incur any registration costs upon such resales. The Fund's restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value as determined in good faith using methods approved by the Trustees.

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.

CHANGE IN ACCOUNTING POLICY

Effective December 1, 2001, the Fund has adopted the provisions of the revised American Institute of Certified Public Accountants (AICPA) Audit and Accounting Guide for Investment Companies (the "Guide"). For financial statement purposes, the revised Guide requires the Fund to amortize premium and discount on all fixed income securities and to classify gains and losses realized on principal payments received on mortgage-backed securities (paydown gains and losses) as part of interest income.

Upon initial adoption, the Fund adjusted its cost of fixed income securities by the cumulative amount of amortization that would have been recognized had amortization been in effect from the purchase date of each holding with a corresponding reclassification between unrealized appreciation/depreciation on investments and undistributed net investment income. Adoption of these accounting principles does not affect the Fund's net asset value or distributions, but changes the classification of certain amounts between interest income and realized and unrealized gain/loss on the Statement of Operations. The cumulative effect to the Fund resulting from the adoption of premium and discount amortization and recognition of paydown gains and losses as part of interest income on the financial statements is as follows:

	As of 12/1/ 2001		For the Year Ended 11/30/02
	Cost of Investments	Undistributed Net Investment Income	Net Investment Income	Net Unrealized Appreciation (Depreciation)	Net Realized Gain (Loss)
Increase (Decrease)	$(213,700)	$(213,700)	$(159,793)	$(138,673)	$298,466

The Statement of Changes in Net Assets and Financial Highlights for prior periods have not been restated to reflect this change in presentation.

SHARES OF BENEFICIAL INTEREST

The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value) for each class of shares.

Transactions in shares were as follows:

	Six Months Ended 5/31/2003					Year Ended 11/30/2002
Institutional Shares:	Shares		Amount			Shares		Amount
Shares sold	809,112		$	7,779,040		2,810,732		$	29,742,487
Shares issued to shareholders in payment of distributions declared	61,593			592,414		156,935			1,644,763
Shares redeemed	(1,729,993	)		(16,750,582	)	(4,959,332	)		(51,125,280	)
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS	(859,288	)	$	(8,379,128	)	(1,991,665	)	$	(19,738,030	)
	Six Months Ended 5/31/2003					Year Ended 11/30/2002
Select Shares:	Shares		Amount			Shares		Amount
Shares sold	355,070		$	3,442,705		845,425		$	8,649,435
Shares issued to shareholders in payment of distributions declared	24,955			239,965		65,429			686,074
Shares redeemed	(1,085,905	)		(10,464,479	)	(2,013,602	)		(20,576,637	)
NET CHANGE RESULTING FROM SELECT SHARE TRANSACTIONS	(705,880	)	$	(6,781,809	)	(1,102,748	)	$	(11,241,128	)
NET CHANGE RESULTING FROM SHARE TRANSACTIONS	(1,565,168	)	$	(15,160,937	)	(3,094,413	)	$	(30,979,158	)

FEDERAL TAX INFORMATION

At May 31, 2003, the cost of investments for federal tax purposes was $134,221,026. The net unrealized appreciation of investments for federal tax purposes, excluding any unrealized appreciation from changes in the value of assets and liabilities resulting from changes in foreign exchange rates was $10,449,897. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $20,307,767 and net unrealized depreciation from investments for those securities having an excess of cost over value of $9,857,870.

The difference between book-basis and tax-basis unrealized appreciation is attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains on certain forward foreign currency contracts and the amortization/accretion tax elections on fixed income securities.

At November 30, 2002, the Fund, for federal tax purposes, had a capital loss carryforward of $17,845,660, which will reduce the Fund's taxable income arising from net realized gain on investments, if any, to the extent permitted by the Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal tax. Pursuant to the Code, such capital loss carryforward will expire as follows:

Expiration Year	Expiration Amount
2009	$11,069,114
2010	$  6,776,546

INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Federated Investment Management Company, 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. The Adviser may voluntarily choose to waive any portion of its fee. The Adviser can modify or terminate this voluntary waiver at any time at its sole discretion.

Certain of the Fund's assets are managed by Federated Global Investment Management Corp. (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. This fee is paid by the Adviser out of its resources and is not an incremental Fund expense.

Administrative Fee

Federated Services Company ("FServ"), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. The fee paid to FServ is based on a scale that ranges from 0.150% to 0.075% of the average aggregate daily net assets of all funds advised by subsidiaries of Federated Investors, Inc., subject to a $125,000 minimum per portfolio and $30,000 per each additional class.

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 net assets of the Fund to finance activities intended to result in the sale of the Fund's Select Shares. The Plan provides that the Fund may incur distribution expenses of up to 0.75% of average net assets, annually, to compensate FSC. The distributor may voluntarily choose to waive any portion of its fee. The distributor can modify or terminate this voluntary waiver at any time at its sole discretion.

Shareholder Services Fee

Under the terms of a Shareholder Services Agreement with Federated Shareholder Services Company ("FSSC"), the Fund will pay FSSC up to 0.25% of average daily net assets of the Fund shares for the period. The fee paid to FSSC is used to finance certain services for shareholders and to maintain shareholder accounts. FSSC may voluntarily choose to waive any portion of its fee. FSSC can modify or terminate this voluntary waiver at any time at its sole discretion.

Transfer and Dividend Disbursing Agent Fees and Expenses

FServ, through its subsidiary FSSC, serves as transfer and dividend disbursing agent for the Fund. The fee paid to FSSC is based on the size, type and number of accounts and transactions made by shareholders. FSSC may voluntarily choose to waive any portion of its fees. FSSC can modify or terminate this voluntary waiver at anytime at its sole discretion.

Portfolio Accounting Fees

FServ maintains the Fund's accounting records for which it receives a fee. The fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.

Custodian Fees

State Street Bank & Trust Co. is the Trust's custodian. The fee is based on the level of the Fund's average daily net assets for the period, plus out-of-pocket expenses.

General

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

INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government and short-term obligations (and in-kind contributions), for the six months ended May 31, 2003, were as follows:

Purchases	$	41,368,822
Sales	$	42,559,438

Sales of long-term U.S. government securities for the six months ended May 31, 2003 were $675,000.

CONCENTRATION OF CREDIT RISK

The Fund invests in securities of non-U.S. issuers. Although the Fund maintains a diversified investment portfolio, the political or economic developments within a particular country or region may have an adverse effect on the stability of domiciled issuers to meet their obligations. Additionally, political or economic developments may have an effect on the liquidity and volatility of portfolio securities and currency holdings.

At May 31, 2003, the diversification of industries for non-U.S. issuers was as follows.

Industry	Percentage of Net Assets
Automobiles & Components	0.6%
Banking	1.9%
Capital Goods	0.4%
Commercial Services & Supplies	0.3%
Communications Equipment	0.0%
Computers & Peripherals	0.1%
Consumer Durables & Apparel	0.2%
Diversified Financials	0.8%
Energy	0.8%
Food, Beverage & Tobacco	1.0%
Health Care Equipment & Services	0.3%
Hotels, Restaurants & Leisure	0.2%
Household & Personal Products	0.4%
Industrial Conglomerates	0.2%
Insurance	0.1%
Internet Software & Services	0.0%
Materials	0.4%
Media	0.7%
Oil & Gas	0.2%
Pharmaceuticals & Biotechnology	1.2%
Retailing	0.2%
Semiconductors & Semiconductor Equipment	0.8%
Software & Services	0.4%
Sovereign	3.4%
State/Provincial	0.1%
Technology Hardware & Equipment	0.4%
Telecommunication Services	1.2%
Transportation	0.5%
Utilities	0.8%

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.

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain documents to each household in which more than one shareholder of the Fund(s) resides (so-called "householding"), as permitted by applicable rules. The Fund's "householding" program covers its/their Prospectus and Statement of Additional Information, and supplements to each, as well as Semi-Annual and Annual Reports and any Proxies or information statements. Shareholders must give their written consent to participate in the householding program. The Fund is also permitted to treat a shareholder as having given consent ("implied consent") if (i) shareholders with the same last name, or believed to be members of the same family, reside at the same street address or receive mail at the same post office box, (ii) the Fund gives notice of its intent to "household" at least sixty (60) days before it begins "householding" and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire to "opt out" of householding. Shareholders who have granted written consent, or have been deemed to have granted implied consent, can revoke that consent and opt out of householding at any time by calling 1-800-341-7400.

Federated Investors
World-Class Investment Manager

Federated Managed Moderate Growth Portfolio
Federated Investors Funds
5800 Corporate Drive
Pittsburgh, PA 15237-7000
www.federatedinvestors.com

Contact us at 1-800-341-7400 or
www.federatedinvestors.com/contact

Federated Securities Corp., Distributor

Cusip 314212606
Cusip 314212507

Federated is a registered mark of Federated Investors, Inc. 2003 ©Federated Investors, Inc.

G00515-01 (7/03)

Item 2.     Code of Ethics

            Not Applicable

Item 3.     Audit Committee Financial Expert

            Not Applicable

Item 4.     Principal Accountant Fees and Services

            Not Applicable

Items 5-6   [Reserved]

Item 7.     Disclosure of Proxy Voting Policies and Procedures for
            Closed-End Management Investment Companies

            Not Applicable

Item 8.     [Reserved]

Item 9.     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-2
     under the  Investment  Company Act of 1940 (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 significant changes in the registrant's internal controls, or
     the internal  controls of its service  providers,  or in other factors that
     could  significantly  affect these controls subsequent to the date of their
     evaluation,  including any  corrective  actions with regard to  significant
     deficiencies and material weaknesses.

Item 10.    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 J. Thomas, Principal Financial Officer

Date        July 28, 2003

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, Principal Executive Officer


Date        July 28, 2003


By          /S/ Richard J. Thomas, Principal Financial Officer


Date        July 28, 2003