<PAGE> PAGE 1
000 A000000 07/31/1999
000 C000000 0000357110
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 FEDERATED GNMA TRUST
001 B000000 811-3375
001 C000000 4122881581
002 A000000 1001 LIBERTY AVENUE
002 B000000 PITTSBURGH
002 C000000 PA
002 D010000 15222
002 D020000 3779
003 000000 N
004 000000 N
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006 000000 N
007 A000000 N
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008 A000001 FEDERATED INVESTMENT MANAGEMENT COMPANY
008 B000001 A
008 C000001 801-34610
008 D010001 PITTSBURGH
008 D020001 PA
008 D030001 15222
008 D040001 3779
010 A000001 FEDERATED SERVICES COMPANY
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010 C020001 PA
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010 C040001 3779
011 A000001 FEDERATED SECURITIES CORP.
011 B000001 8-15561
011 C010001 PITTSBURGH
011 C020001 PA
011 C030001 15222
011 C040001 3779
<PAGE> PAGE 2
012 A000001 FEDERATED SHAREHOLDER SERVICES COMPANY
012 B000001 84-1869
012 C010001 PITTSBURGH
012 C020001 PA
012 C030001 15222
012 C040001 3779
013 A000001 DELOITTE & TOUCHE LLP
013 B010001 BOSTON
013 B020001 MA
013 B030001 02110
015 A000001 STATE STREET BANK AND TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02266
015 C040001 8600
015 E010001 X
015 A000002 BANKERS TRUST CO.
015 B000002 S
015 C010002 NEW YORK
015 C020002 NY
015 C030002 10015
015 E010002 X
015 A000003 BANK OF NEW YORK
015 B000003 S
015 C010003 NEW YORK
015 C020003 NY
015 C030003 10006
015 E010003 X
015 A000004 THE CHASE MANHATTAN CORP.
015 B000004 S
015 C010004 NEW YORK
015 C020004 NY
015 C030004 10006
015 E010004 X
015 A000005 MORGAN GUARANTY BANK & TRUST CO.
015 B000005 S
015 C010005 NEW YORK
015 C020005 NY
015 C030005 10015
015 E010005 X
015 A000006 NATIONSBANK OF NORTH CAROLINA
015 B000006 S
015 C010006 CHARLOTTE
015 C020006 NC
015 C030006 28255
015 E010006 X
015 A000007 PNC BANK, NA
015 B000007 S
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015 C020007 PA
<PAGE> PAGE 3
015 C030007 15265
015 E010007 X
018 000000 Y
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020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 SOCIETE GENERALE
022 C000001 1620160
022 D000001 0
022 A000002 CS FIRST BOSTON CORP.
022 B000002 13-5659485
022 C000002 208783
022 D000002 40703
022 A000003 LEHMAN BROTHERS
022 B000003 13-2518466
022 C000003 97688
022 D000003 98107
022 A000004 SALOMON SMITH BARNEY
022 C000004 100078
022 D000004 74470
022 A000005 GOLDMAN SACHS & CO.
022 B000005 13-5108880
022 C000005 112413
022 D000005 47987
022 A000006 PAINE WEBBER INC.
022 C000006 79644
022 D000006 78587
022 A000007 MORGAN GUARANTY TRUST CO.
022 C000007 143334
022 D000007 0
022 A000008 MERRILL LYNCH PIERCE FENNER & SMITH
022 C000008 45784
022 D000008 50787
022 A000009 BEAR STEARNS SECURITIES
022 B000009 13-3299429
022 C000009 34881
022 D000009 24881
022 A000010 CHASE MANHATTAN BANK N.A.
022 C000010 24785
022 D000010 23539
023 C000000 2539360
<PAGE> PAGE 4
023 D000000 553205
024 000000 N
025 D000001 0
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026 A000000 N
026 B000000 Y
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026 H000000 N
027 000000 Y
028 A010000 21976
028 A020000 0
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028 B010000 23817
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<PAGE> PAGE 5
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<PAGE> PAGE 6
050 000000 N
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE STEVE KEANE
TITLE GENERAL COUNCIL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000357110
<NAME> Federated GNMA Trust
<SERIES>
<NUMBER> 011
<NAME> Federated GNMA Trust - Institutional Shares
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Jan-31-1999
<PERIOD-END> Jul-31-1999
<INVESTMENTS-AT-COST> 1,154,266,138
<INVESTMENTS-AT-VALUE> 1,121,239,297
<RECEIVABLES> 49,364,620
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,170,603,917
<PAYABLE-FOR-SECURITIES> 45,371,315
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 151,082,604
<TOTAL-LIABILITIES> 196,453,919
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,099,333,200
<SHARES-COMMON-STOCK> 83,442,655
<SHARES-COMMON-PRIOR> 87,074,855
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 2,309
<ACCUMULATED-NET-GAINS> (92,154,052)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (33,026,841)
<NET-ASSETS> 906,224,771
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 33,885,564
<OTHER-INCOME> 0
<EXPENSES-NET> (3,249,137)
<NET-INVESTMENT-INCOME> 30,636,427
<REALIZED-GAINS-CURRENT> 6,509,796
<APPREC-INCREASE-CURRENT> (54,149,759)
<NET-CHANGE-FROM-OPS> (17,003,536)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (28,677,151)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,976,407
<NUMBER-OF-SHARES-REDEEMED> (15,234,049)
<SHARES-REINVESTED> 625,442
<NET-CHANGE-IN-ASSETS> (81,339,003)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (98,663,848)
<OVERDISTRIB-NII-PRIOR> 7,480
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,021,821
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,087,596
<AVERAGE-NET-ASSETS> 952,680,070
<PER-SHARE-NAV-BEGIN> 11.380
<PER-SHARE-NII> 0.340
<PER-SHARE-GAIN-APPREC> (0.520)
<PER-SHARE-DIVIDEND> (0.340)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.860
<EXPENSE-RATIO> 0.63
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000357110
<NAME> Federated GNMA Trust
<SERIES>
<NUMBER> 012
<NAME> Federated GNMA Trust - Institutional Service Shares
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Jan-31-1999
<PERIOD-END> Jul-31-1999
<INVESTMENTS-AT-COST> 1,154,266,138
<INVESTMENTS-AT-VALUE> 1,121,239,297
<RECEIVABLES> 49,364,620
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,170,603,917
<PAYABLE-FOR-SECURITIES> 45,371,315
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 151,082,604
<TOTAL-LIABILITIES> 196,453,919
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,099,333,200
<SHARES-COMMON-STOCK> 6,254,303
<SHARES-COMMON-PRIOR> 5,635,018
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 2,309
<ACCUMULATED-NET-GAINS> (92,154,052)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (33,026,841)
<NET-ASSETS> 67,925,227
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 33,885,564
<OTHER-INCOME> 0
<EXPENSES-NET> (3,249,137)
<NET-INVESTMENT-INCOME> 30,636,427
<REALIZED-GAINS-CURRENT> 6,509,796
<APPREC-INCREASE-CURRENT> (54,149,759)
<NET-CHANGE-FROM-OPS> (17,003,536)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,954,105)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,372,246
<NUMBER-OF-SHARES-REDEEMED> (839,590)
<SHARES-REINVESTED> 86,629
<NET-CHANGE-IN-ASSETS> (81,339,003)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (98,663,848)
<OVERDISTRIB-NII-PRIOR> 7,480
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,021,821
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,087,596
<AVERAGE-NET-ASSETS> 66,610,550
<PER-SHARE-NAV-BEGIN> 11.380
<PER-SHARE-NII> 0.320
<PER-SHARE-GAIN-APPREC> (0.510)
<PER-SHARE-DIVIDEND> (0.330)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.860
<EXPENSE-RATIO> 0.79
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
ITEM 77c - SHAREHOLDER MEETING RESULTS
A Special Meeting of Shareholders of Federated GNMA Trust
was held on June 21, 1999. On April 23, 1999, the
record date for shareholders voting at the meeting, there
were 90,729,760 total outstanding shares. The following
items were considered by shareholders and the results of their
voting were as follows:
Abstentions and Withheld Authority
Agenda Item For Against Broker Non-Votes to Vote
1. Election of Trustees*:
Thomas G. Bigley
62,563,279 230,089
Nicholas P. Constantakis
62,587,861 205,507
John F. Cunningham
62,603,712 189,656
J. Christopher Donahue
62,597,735 195,633
Charles F. Mansfield, Jr.
62,598,754 194,614
John E. Murray, Jr., J.D., S.J.D.
62,608,839 184,529
John S. Walsh
62,609,347 184,021
2. To ratify the selection of Deloitte & Touche LLP as the
Trust's independent auditors.
62,208,836 116,154 468,377
3. To make changes to the Trust's fundamental investment policies:
(a) To amend the Trust's fundamental investment policy regarding
diversification:
57,480,067 1,881,674 3,431,627
(b) To amend the Trust's fundamental investment policy regarding
borrowing money and issuing
senior securities:
57,508,810 1,976,187 3,308,371
(c) To amend the Trust's fundamental investment policy regarding
investing in real estate:
57,655,865 1,828,672 3,308,831
(d) To amend the Trust's fundamental investment policy regarding
investing in commodities:
57,392,580 2,113,047 3,287,741
(e) To amend the Trust's fundamental investment policy regarding
underwriting securities:
57,401,655 2,029,864 3,361,849
(f) To amend the Trust's fundamental investment policy regarding
lending assets:
57,252,394 2,249,793 3,291,181
(g) To amend, and to make non-fundamental, the Trust's fundamental
investment policy on buying
securities on margin:
57,286,842 2,144,908 3,361,618
(h) To amend, and to make non-fundamental, the Trust's fundamental
investment policy on pledging
assets:
57,002,467 2,408,664 3,382,237
3. To eliminate the Trust's fundamental investment policy
regarding selling securities short:
56,960,462 2,401,504 3,431,402
5. To approve amendments and a restatement to the Trust's
Declaration of Trust:
(a) To require the approval by a majority of the outstanding
voting shares in the event of the sale or
conveyance of the assets of the Trust to another trust or corporation:
59,149,471 845,347 2,798,550
(b) To permit the Board of Trustees to liquidate assets of the
Trust without seeking shareholder approval:
53,870,944 6,118,570 2,803,854
(c) To permit the Board of Trustees to change the name of the
Trust without seeking shareholder approval:
54,508,469 5,431,665 2,853,234
* The following Trustees continued their terms as Trustees:
John F. Donahue, John T. Conroy, Jr., Lawrence D.
Ellis, M.D., Peter E. Madden and Majorie P. Smuts.
