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<PAGE> PAGE 2
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<PAGE> PAGE 3
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SIGNATURE STEVE KEENE
TITLE GENERAL COUNSEL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000355691
<NAME> Federated Government Income Securities, Inc.
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000355691
<NAME> Federated Government Income Securities, Inc.
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</TABLE>
INDEPENDENT AUDITORS' REPORT
To the Board of Directors and Shareholders of
Federated Government Income Securities, Inc.:
In planning and performing our audit of the financial statements of
Federated Government Income Securities, Inc. (the "Fund") for the year
ended February 29, 2000 (on which we have issued our report dated April
14, 2000), we considered its internal control, including control
activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR,
and not to provide assurance on the Fund's internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in any internal control, errors or fraud
may occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that the
internal control may become inadequate because of changes in conditions,
or that the degree of compliance with policies and procedures may
deteriorate.
Our consideration of the Fund's internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition in
which the design or operation of one or more of the internal control
components does not reduce to a relatively low level the risk that
misstatements caused by errors or fraud in amounts that would be
material in relation to the financial statements being audited may occur
and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no
matters involving the Fund's internal control and its operation,
including controls for safeguarding securities, that we consider to be
material weaknesses as defined above as of February 29, 2000.
This report is intended solely for the information and use of
management, the Directors and Shareholders of Federated Government
Income Securities, Inc., and the Securities and Exchange Commission and
is not intended to be and should not be used by anyone other than these
specified parties.
April 14, 2000
Shareholder Meeting Results
A Special Meeting of Shareholders of Federated Government Income Securities,
Inc. was held on November 30, 1999. On September 21, 1999, the record date
for shareholders voting at the meeting, there were 156,747,965 total
outstandingshares. The following items were considered by shareholders and
the results of their voting were as follows:
AGENDA ITEM 1
Election of Directors:1
For Withheld
Authority
To Vote
Nicholas P. Constantakis 84,690,135 2,358,098
John F. Cunningham 84,733,409 2,314,824
J. Christopher Donahue 84,658,163 2,390,070
Charles F. Mansfield, Jr. 84,717,210 2,331,023
John S. Walsh 84,650,067 2,398,166
1 The following Directors continued their terms as Directors: John F. Donahue,
Thomas G. Bigley, John T. Conroy, Jr., Lawrence D. Ellis, M.D, Peter E.
Madden, John E. Murray, Jr., and Marjorie P. Smuts.
AGENDA ITEM 2
To make changes to the fund's fundamental investment policies:
(a) To amend the fund's fundamental investment policy regarding borrowing
money and issuing senior securities.
For Against Abstentions
and Broker
Non-Votes
60,979,747 4,314,208 21,754,278
(b) To amend the fund's fundamental investment policy regarding investments
in real estate.
For Against Abstentions
and Broker
Non-Votes
61,189,710 4,279,860 21,578,663
(c) To amend the fund's fundamental investment policy regarding investments
in commodities.
For Against Abstentions
and Broker
Non-Votes
59,931,385 5,316,094 21,800,754
(d) To amend the fund's fundamental investment policy regarding underwriting
securities.
For Against Abstentions
and Broker
Non-Votes
61,434,782 3,968,835 21,644,616
(e) To amend the fund's fundamental investment policy regarding lending assets.
For Against Abstentions
and Broker
Non-Votes
60,560,591 4,711,464 21,776,178
(f) To amend, and to make non-fundamental, the fund's fundamental investment
policy regarding buying securities on margin.
For Against Abstentions
and Broker
Non-Votes
59,432,455 5,808,393 21,807,385
(g) To amend, and to make non-fundamental, the fund's fundamental investment
policy regarding pledging assets.
For Against Abstentions
and Broker
Non-Votes
59,671,220 5,400,248 21,976,765
(h) To amend, and to make non-fundamental, the fund's fundamental investment
policy regarding investing in restricted securities.
For Against Abstentions
and Broker
Non-Votes
60,010,985 5,109,240 21,928,008
AGENDA ITEM 3
To eliminate the fund's fundamental investment policy regarding selling
securities short.
For Against Abstentions
and Broker
Non-Votes
59,643,501 5,604,361 21,800,371