Federated Enhanced Treasury Income Fund

Portfolio of Investments

February 28, 2011 (unaudited)

Principal Amount			Value
		U.S. TREASURY – 94.5%
$3,042,000		U.S. Treasury Inflation-Protected Bond, 2.125%, 2/15/2040	$3,161,405
4,054,000		U.S. Treasury Inflation-Protected Note, 1.375%, 1/15/2020	4,238,182
2,643,650		U.S. Treasury Inflation-Protected Note, 2.625%, 7/15/2017	3,034,012
5,000,000		United States Treasury Bond, 4.375%, 11/15/2039	4,906,641
10,000,000		United States Treasury Bond, 5.250%, 11/15/2028	11,317,969
5,200,000		United States Treasury Bond, 7.500%, 11/15/2024	7,214,594
28,500,000		United States Treasury Note, 0.875%, 2/29/2012	28,664,764
24,000,000		United States Treasury Note, 2.125%, 11/30/2014	24,510,000
11,000,000		United States Treasury Note, 2.625%, 11/15/2020	10,288,437
10,000,000		United States Treasury Note, 2.625%, 8/15/2020	9,395,703
35,000,000		United States Treasury Note, 2.750%, 10/31/2013	36,616,311
15,000,000		United States Treasury Note, 3.500%, 5/15/2020	15,240,820
		TOTAL U.S. TREASURY (IDENTIFIED COST $160,814,164)	158,588,838
		REPURCHASE AGREEMENT – 5.9%
9,845,000		Interest in $5,305,000,000 joint repurchase agreement 0.200%, dated 2/28/2011 under which Bank of America N.A. will repurchase securities provided as collateral for $5,305,029,472 on 3/1/2011. The securities provided as collateral at the end of the period were U.S. Government Agency securities with various maturities to 4/15/2040 and the market value of those underlying securities was $5,411,130,063 (AT COST)	9,845,000
		TOTAL INVESTMENTS — 100.4% (IDENTIFIED COST $170,659,164)1	168,433,838
		OTHER ASSETS AND LIABILITIES - NET — (0.4)%2	(648,735)
		TOTAL NET ASSETS — 100%	$167,785,104

At February 28, 2011, the Fund had the following open futures contracts:

Description	Number of Contracts	Notional Value	Expiration Date	Unrealized Depreciation
3U.S. Treasury Notes, 10-Year Short Futures. 6/21/2011	394	$46,904,469	June 2011	$(115,073)

At February 28, 2011, the Fund had the following outstanding written call option contracts:

Security	Expiration Date	Exercise Price	Contracts	Value
3U.S. Treasury Notes 2-Year Short Calls on Futures, 3/25/2011	March 2011	$109	260	$(134,063)
3U.S. Treasury Notes 10-Year Short Calls on Futures, 3/25/2011	March 2011	$118	523	$(817,187)
3U.S. Treasury Bond Short Calls on Futures, 3/25/2011	March 2011	$119	248	$(550,250)
(PREMIUMS RECEIVED $952,707)				$(1,501,500)

Unrealized Depreciation on Futures Contracts and Value of Written Call Option Contracts is included in “Other Assets and Liabilities — Net.”

1	At February 28, 2011, the cost of investments for federal tax purposes was $170,659,164. The net unrealized depreciation of investments for federal tax purposes excluding any unrealized depreciation resulting from futures contracts and written call option contracts was $2,225,326. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $531,773 and net unrealized depreciation from investments for those securities having an excess of cost over value of $2,757,099.
2	Assets, other than investments in securities, less liabilities.
3	Non-income producing security.

Note: The categories of investments are shown as a percentage of total net assets at February 28, 2011.

Investment Valuation

In calculating its net asset value (NAV), the Fund generally values investments as follows:

• Fixed-income securities acquired with remaining maturities greater than 60 days are fair valued using price evaluations provided by a pricing service approved by the Fund's Board of Trustees (the “Trustees”).

• Fixed-income securities acquired with remaining maturities of 60 days or less are valued at their cost (adjusted for the accretion of any discount or amortization of any premium).
• Shares of other mutual funds are valued based upon their reported NAVs.
• Derivative contracts listed on exchanges are valued at their reported settlement or closing price.
• Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees.

If the Fund cannot obtain a price or price evaluation from a pricing service for an investment, the Fund may attempt to value the investment based upon the mean of bid and asked quotations or fair value the investment based on price evaluations, from one or more dealers. If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could purchase or sell an investment at the price used to calculate the Fund's NAV.

Fair Valuation and Significant Events Procedures

The Trustees have authorized the use of pricing services to provide evaluations of the current fair value of certain investments for purposes of calculating the NAV. Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers, and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and asked for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for other types of fixed-income securities and OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Trustees.

The Trustees also have adopted procedures requiring an investment to be priced at its fair value whenever the Adviser determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment's value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:

• With respect to securities traded in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures or options contracts;
• With respect to price evaluations of fixed-income securities determined before the close of regular trading on the NYSE, actions by the Federal Reserve Open Market Committee and other significant trends in U.S. fixed-income markets;
• Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded; and
• Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, a natural disaster affecting the issuer's operations or regulatory changes or market developments affecting the issuer's industry.

The Trustees have approved the use of a pricing service to determine the fair value of equity securities traded principally in foreign markets when the Adviser determines that there has been a significant trend in the U.S. equity markets or in index futures trading. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Fund will determine the fair value of the investment using another method approved by the Trustees.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1 — quoted prices in active markets for identical securitiesLevel 2- — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of February 28, 2011, in valuing the Fund's assets carried at fair value:

Valuation Inputs
	Level 1 —  Quoted Prices and Investments in Mutual Funds	Level 2 —  Other Significant Observable Inputs	Level 3 —  Significant Unobservable Inputs	Total
Debt Securities:
U.S. Treasury	$ —	$158,588,838	$ —	$158,588,838
Repurchase Agreements	—	9,845,000	—	9,845,000
TOTAL SECURITIES	—	168,433,838	—	168,433,838
OTHER FINANCIAL INSTRUMENTS*	$(1,616,573)	$ —	$ —	$(1,616,573)

*	Other financial instruments include futures contracts and written call option contracts.