FEDERATED GNMA TRUST
NSAR-A, 1995-09-29
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<PAGE>      PAGE  1
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<PAGE>      PAGE  2
012 A000001 FEDERATED SERVICES COMANY
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<PAGE>      PAGE  3
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022 C000003    529728
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022 A000004 FIRST CHICAGO CAPITAL MARKETS
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022 A000005 CHEMICAL SECURITIES, INC.
<PAGE>      PAGE  4
022 C000005    332915
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022 A000006 UBS SECURITIES, INC.
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022 A000007 NCNB OF NORTH CAROLINA-CHARLOTTE
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SIGNATURE   S.ELLIOTT COHAN                              
TITLE       ASST.GEN. COUNSEL   
 


<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   1                                              
     <NAME>                     Federated GNMA Trust                           
                                Institutional Shares                           
                                                                               
<PERIOD-TYPE>                   6-MOS                                          
<FISCAL-YEAR-END>               Jan-31-1996                                    
<PERIOD-END>                    Jul-31-1995                                    
<INVESTMENTS-AT-COST>           1,744,565,820                                  
<INVESTMENTS-AT-VALUE>          1,766,674,356                                  
<RECEIVABLES>                   353,779                                        
<ASSETS-OTHER>                  12,189                                         
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  1,767,040,324                                  
<PAYABLE-FOR-SECURITIES>        32,412,153                                     
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       200,556,290                                    
<TOTAL-LIABILITIES>             232,968,443                                    
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        1,696,821,423                                  
<SHARES-COMMON-STOCK>           127,299,856                                    
<SHARES-COMMON-PRIOR>           135,857,801                                    
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         (184,858,078)                                  
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        22,108,536                                     
<NET-ASSETS>                    1,411,584,103                                  
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               61,577,410                                     
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  4,890,101                                      
<NET-INVESTMENT-INCOME>         56,687,309                                     
<REALIZED-GAINS-CURRENT>        7,166,443                                      
<APPREC-INCREASE-CURRENT>       61,790,516                                     
<NET-CHANGE-FROM-OPS>           125,644,268                                    
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       52,642,233                                     
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         11,345,826                                     
<NUMBER-OF-SHARES-REDEEMED>     21,076,351                                     
<SHARES-REINVESTED>             1,172,580                                      
<NET-CHANGE-IN-ASSETS>          (28,428,691)                                   
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       (192,024,521)                                  
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           3,119,488                                      
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 6,416,880                                      
<AVERAGE-NET-ASSETS>            1,566,787,529                                  
<PER-SHARE-NAV-BEGIN>           10.610                                         
<PER-SHARE-NII>                 0.400                                          
<PER-SHARE-GAIN-APPREC>         0.480                                          
<PER-SHARE-DIVIDEND>            0.400                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             11.090                                         
<EXPENSE-RATIO>                 61                                             
<AVG-DEBT-OUTSTANDING>          146,104,534                                    
<AVG-DEBT-PER-SHARE>            1.022                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   2                                              
     <NAME>                     Federated GNMA Trust                           
                                Institutional Service Shares                   
                                                                               
<PERIOD-TYPE>                   6-MOS                                          
<FISCAL-YEAR-END>               Jan-31-1996                                    
<PERIOD-END>                    Jul-31-1995                                    
<INVESTMENTS-AT-COST>           1,744,565,820                                  
<INVESTMENTS-AT-VALUE>          1,766,674,356                                  
<RECEIVABLES>                   353,779                                        
<ASSETS-OTHER>                  12,189                                         
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  1,767,040,324                                  
<PAYABLE-FOR-SECURITIES>        32,412,153                                     
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       200,556,290                                    
<TOTAL-LIABILITIES>             232,968,443                                    
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        1,696,821,423                                  
<SHARES-COMMON-STOCK>           11,046,369                                     
<SHARES-COMMON-PRIOR>           11,345,508                                     
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         (184,858,078)                                  
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        22,108,536                                     
<NET-ASSETS>                    122,487,778                                    
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               61,577,410                                     
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  4,890,101                                      
<NET-INVESTMENT-INCOME>         56,687,309                                     
<REALIZED-GAINS-CURRENT>        7,166,443                                      
<APPREC-INCREASE-CURRENT>       61,790,516                                     
<NET-CHANGE-FROM-OPS>           125,644,268                                    
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       4,075,200                                      
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         910,792                                        
<NUMBER-OF-SHARES-REDEEMED>     1,492,875                                      
<SHARES-REINVESTED>             282,944                                        
<NET-CHANGE-IN-ASSETS>          (28,428,691)                                   
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       (192,024,521)                                  
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           3,119,488                                      
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 6,416,880                                      
<AVERAGE-NET-ASSETS>            1,566,787,529                                  
<PER-SHARE-NAV-BEGIN>           10.610                                         
<PER-SHARE-NII>                 0.410                                          
<PER-SHARE-GAIN-APPREC>         0.460                                          
<PER-SHARE-DIVIDEND>            0.390                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             11.090                                         
<EXPENSE-RATIO>                 81                                             
<AVG-DEBT-OUTSTANDING>          146,104,534                                    
<AVG-DEBT-PER-SHARE>            1.022                                          
                                                                               

</TABLE>


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