FEDERATED U S GOVERNMENT SECURITIES FUND 2-5 YEARS
NSAR-A, 1997-09-29
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<PAGE>      PAGE  1
000 A000000 07/31/97
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001 A000000 FEDERATED U.S. GOV'T SECURITIES FUND: 2-5 YRS
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002 A000000 FEDERATED INVESTORS TOWER
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011 A000001 FEDERATED SECURITIES CORP.
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<PAGE>      PAGE  2
012 A000001 FEDERATED SHAREHOLDER SERVICES COMPANY
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<PAGE>      PAGE  3
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022 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
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022 A000009 J.P. MORGAN SECURITIES, INC.
022 B000009 13-3224016
022 C000009         0
<PAGE>      PAGE  4
022 D000009      2020
022 A000010 FEDERATED U.S. GOVERNMENT SECURITIES FUND
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<PAGE>      PAGE  5
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SIGNATURE   S. ELLIOTT COHAN                             
TITLE       ASST. GEN. COUNSEL  
 


<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   001                                            
     <NAME>                     Federated U.S. Government Securities Fund: 2-5 
                                Institutional Shares                           
                                                                               
<PERIOD-TYPE>                   6-Mos                                          
<FISCAL-YEAR-END>               Jan-31-1998                                    
<PERIOD-END>                    Jul-31-1997                                    
<INVESTMENTS-AT-COST>           727,790,578                                    
<INVESTMENTS-AT-VALUE>          738,580,750                                    
<RECEIVABLES>                   13,511,646                                     
<ASSETS-OTHER>                  0                                              
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  752,092,396                                    
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       7,187,925                                      
<TOTAL-LIABILITIES>             7,187,925                                      
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        775,615,460                                    
<SHARES-COMMON-STOCK>           67,508,710                                     
<SHARES-COMMON-PRIOR>           74,631,222                                     
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         (41,501,161)                                   
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        10,790,172                                     
<NET-ASSETS>                    715,261,921                                    
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               23,400,254                                     
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  2,098,417                                      
<NET-INVESTMENT-INCOME>         21,301,837                                     
<REALIZED-GAINS-CURRENT>        (2,349,325)                                    
<APPREC-INCREASE-CURRENT>       9,649,560                                      
<NET-CHANGE-FROM-OPS>           28,602,072                                     
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       20,574,937                                     
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         10,280,426                                     
<NUMBER-OF-SHARES-REDEEMED>     18,031,356                                     
<SHARES-REINVESTED>             628,418                                        
<NET-CHANGE-IN-ASSETS>          (62,943,327)                                   
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       (39,151,836)                                   
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           1,517,007                                      
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 3,046,546                                      
<AVERAGE-NET-ASSETS>            767,025,224                                    
<PER-SHARE-NAV-BEGIN>           10.480                                         
<PER-SHARE-NII>                 0.290                                          
<PER-SHARE-GAIN-APPREC>         0.120                                          
<PER-SHARE-DIVIDEND>            0.290                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             10.600                                         
<EXPENSE-RATIO>                 0.54                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   002                                            
     <NAME>                     Federated U.S. Government Securities Fund: 2-5 
                                Institutional Service Shares                   
                                                                               
<PERIOD-TYPE>                   6-Mos                                          
<FISCAL-YEAR-END>               Jan-31-1998                                    
<PERIOD-END>                    Jul-31-1997                                    
<INVESTMENTS-AT-COST>           727,790,578                                    
<INVESTMENTS-AT-VALUE>          738,580,750                                    
<RECEIVABLES>                   13,511,646                                     
<ASSETS-OTHER>                  0                                              
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  752,092,396                                    
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       7,187,925                                      
<TOTAL-LIABILITIES>             7,187,925                                      
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        775,615,460                                    
<SHARES-COMMON-STOCK>           2,797,762                                      
<SHARES-COMMON-PRIOR>           2,461,262                                      
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         (41,501,161)                                   
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        10,790,172                                     
<NET-ASSETS>                    29,642,550                                     
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               23,400,254                                     
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  2,098,417                                      
<NET-INVESTMENT-INCOME>         21,301,837                                     
<REALIZED-GAINS-CURRENT>        (2,349,325)                                    
<APPREC-INCREASE-CURRENT>       9,649,560                                      
<NET-CHANGE-FROM-OPS>           28,602,072                                     
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       726,900                                        
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         856,617                                        
<NUMBER-OF-SHARES-REDEEMED>     569,668                                        
<SHARES-REINVESTED>             49,551                                         
<NET-CHANGE-IN-ASSETS>          (62,943,327)                                   
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       (39,151,836)                                   
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           1,517,007                                      
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 3,046,546                                      
<AVERAGE-NET-ASSETS>            767,025,224                                    
<PER-SHARE-NAV-BEGIN>           10.480                                         
<PER-SHARE-NII>                 0.280                                          
<PER-SHARE-GAIN-APPREC>         0.120                                          
<PER-SHARE-DIVIDEND>            0.280                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             10.600                                         
<EXPENSE-RATIO>                 0.79                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>


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