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<PAGE> PAGE 2
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<PAGE> PAGE 3
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022 A000004 BEAR STEARNS SECURITIES C
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<PAGE> PAGE 4
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SIGNATURE STEVE KEANE
TITLE GENERAL COUNSEL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000357159
<NAME> Federated U.S. Government Securities Fund: 2-5 Years
<SERIES>
<NUMBER> 001
<NAME> Federated U.S. Government Securities Fund: 2-5 Years Institutional Shares
<S> <C>
<PERIOD-TYPE> 6- MOS
<FISCAL-YEAR-END> Jan-31-2000
<PERIOD-END> Jul-31-1999
<INVESTMENTS-AT-COST> 722,900,835
<INVESTMENTS-AT-VALUE> 707,467,562
<RECEIVABLES> 11,835,609
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 21,187
<TOTAL-ASSETS> 719,324,358
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,846,151
<TOTAL-LIABILITIES> 2,846,151
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 745,576,629
<SHARES-COMMON-STOCK> 62,965,247
<SHARES-COMMON-PRIOR> 67,729,868
<ACCUMULATED-NII-CURRENT> 11,783
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (13,676,932)
<ACCUM-APPREC-OR-DEPREC> (15,433,273)
<NET-ASSETS> 660,854,254
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 18,847,259
<OTHER-INCOME> 0
<EXPENSES-NET> (2,114,867)
<NET-INVESTMENT-INCOME> 16,732,392
<REALIZED-GAINS-CURRENT> (2,195,708)
<APPREC-INCREASE-CURRENT> (27,531,151)
<NET-CHANGE-FROM-OPS> (12,994,467)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (15,570,988)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,118,487
<NUMBER-OF-SHARES-REDEEMED> (20,431,468)
<SHARES-REINVESTED> 548,360
<NET-CHANGE-IN-ASSETS> (44,086,691)
<ACCUMULATED-NII-PRIOR> 1,657
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (11,481,224)
<GROSS-ADVISORY-FEES> 1,486,707
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,006,891
<AVERAGE-NET-ASSETS> 695,251,437
<PER-SHARE-NAV-BEGIN> 10.910
<PER-SHARE-NII> 0.240
<PER-SHARE-GAIN-APPREC> (0.410)
<PER-SHARE-DIVIDEND> (0.240)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.500
<EXPENSE-RATIO> 0.55
[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> 0000357159
<NAME> Federated U.S. Government Securities Fund: 2-5 Years
<SERIES>
<NUMBER> 002
<NAME> Federated U.S. Government Securities Fund: 2-5 Years Institutional Service Shares
<S> <C>
<PERIOD-TYPE> 6- MOS
<FISCAL-YEAR-END> Jan-31-2000
<PERIOD-END> Jul-31-1999
<INVESTMENTS-AT-COST> 722,900,835
<INVESTMENTS-AT-VALUE> 707,467,562
<RECEIVABLES> 11,835,609
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 21,187
<TOTAL-ASSETS> 719,324,358
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,846,151
<TOTAL-LIABILITIES> 2,846,151
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 745,576,629
<SHARES-COMMON-STOCK> 5,299,446
<SHARES-COMMON-PRIOR> 4,694,389
<ACCUMULATED-NII-CURRENT> 11,783
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (13,676,932)
<ACCUM-APPREC-OR-DEPREC> (15,433,273)
<NET-ASSETS> 55,623,953
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 18,847,259
<OTHER-INCOME> 0
<EXPENSES-NET> (2,114,867)
<NET-INVESTMENT-INCOME> 16,732,392
<REALIZED-GAINS-CURRENT> (2,195,708)
<APPREC-INCREASE-CURRENT> (27,531,151)
<NET-CHANGE-FROM-OPS> (12,994,467)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,151,278)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,043,730
<NUMBER-OF-SHARES-REDEEMED> (1,507,563)
<SHARES-REINVESTED> 68,890
<NET-CHANGE-IN-ASSETS> (44,086,691)
<ACCUMULATED-NII-PRIOR> 1,657
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (11,481,224)
<GROSS-ADVISORY-FEES> 1,486,707
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,006,891
<AVERAGE-NET-ASSETS> 54,262,427
<PER-SHARE-NAV-BEGIN> 10.910
<PER-SHARE-NII> 0.230
<PER-SHARE-GAIN-APPREC> (0.410)
<PER-SHARE-DIVIDEND> (0.230)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.500
<EXPENSE-RATIO> 0.80
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
ITEM 77 Q(a)(i )
Federated U.S. Government Securities Fund: 2-5 Years
Amendment #6
to the By-Laws
(effective February 23, 1998)
Delete Sections 1, 2 and 3 of Article I, OFFICERS AND THEIR ELECTION
, and replace with:
Section 1. Officers. The Officers of the Trust shall be a
President, one or
more Vice Presidents, a Treasurer, and a Secretary. The
Board of Trustees,
in its discretion, may also elect or appoint a Chairman of
the Board of
Trustees (who must be a Trustee) and other Officers or
agents, including one
or more Assistant Vice Presidents, one or more Assistant
Secretaries, and one
or more Assistant Treasurers. A Vice President, the
Secretary or the Treasurer may appoint an Assistant Vice
President, an Assistant Secretary or an Assistant Treasurer,
respectively, to serve until the next election of Officers.
Two or
more offices may be held by a single person except the
offices of President and Vice President may not be held by
the same person concurrently. It shall not
be necessary for any Trustee or any Officer to be a holder
of shares in any
Series or Class of the Trust.
Section 2. Election of Officers. The Officers shall be
elected annually by
the Trustees. Each Officer shall hold office for one year
and until the
election and qualification of his successor, or until
earlier resignation or removal. The Chairman of the Board
of Trustees, if there is one, shall be
elected annually by and from the Trustees, and serve until a
successor is so elected and qualified, or until earlier
resignation or removal.
Section 3. Resignations and Removals and Vacancies. Any
Officer of the Trust may resign at any time by filing a
written resignation with the Board of
Trustees (or Chairman of the Trustees, if there is one),
with the President, or with the Secretary. Any such
resignation shall take effect at the time
specified therein or, if no time is specified, at the time
of receipt. Unless otherwise specified therein, the
acceptance of such resignation shall not be necessary to
make it effective. Any Officer elected by the Board of
Trustees
or whose appointment has been ratified by the Board of
Trustees may be removed with or without cause at any time by
a majority vote of all of the Trustees. Any other employee
of the Trust may be removed or dismissed at any time by the
President. Any vacancy in any of the offices, whether by
resignation, removal or otherwise, may be filled for the
unexpired portion of
the term by the President. A vacancy in the office of
Assistant Vice President may be filled by a Vice President;
in the office of Assistant Secretary by the Secretary; or in
the office of Assistant Treasurer by the Treasurer. Any
appointment to fill any vacancy shall serve subject to
ratification by the
Board of Trustees at its next regular meeting.
ITEM 77 Q(a)(ii )
Federated U.S. Government Securities Fund: 2-5 Years
Amendment #7
to the By-Laws
(effective February 27, 1998)
Delete Section 5 Proxies of Article IV Shareholders' Meetings, and
replace
with the following:
Section 5. Proxies. Any shareholder entitled to vote at
any meeting of shareholders may vote either in person, by
telephone, by electronic means including facsimile, or by
proxy, but no proxy which is dated more than six months
before the meeting named therein shall be accepted unless
otherwise provided in the proxy. Every proxy shall be in
writing, subscribed by the shareholder or his duly
authorized agent or be in such other form as may be
permitted by law, including documents conveyed by electronic
transmission. Every proxy shall be dated, but need not be
sealed, witnessed or acknowledged. The placing of a
shareholder's name on a proxy or authorizing another to act
as the shareholder's agent, pursuant to telephone or
electronically transmitted instructions obtained in
accordance with procedures reasonably designed to verify
that such instructions have been authorized by such
shareholder, shall constitute execution of a proxy by or on
behalf of such shareholder. Where Shares are held of record
by more than one person, any co-owner or
co-fiduciary may execute the proxy or give authority to an agent,
unless the Secretary of the Trust is notified in writing by any
co-owner or co-fiduciary
that the joinder of more than one is to be required. All proxies
shall be
filed with
and verified by the Secretary or an Assistant Secretary of the
Trust, or the
person acting as Secretary of the Meeting. Unless otherwise
specifically
limited by their term, all proxies shall entitle the holders
thereof to vote
at
any adjournment of such meeting but shall not be valid after the
final
adjournment of such meeting.
ITEM 77 Q(a)(iii)
Federated U.S. Government Securities Fund: 2-5 Years
Amendment #8
to the By-Laws
(effective May 12, 1998)
Strike Section 3 - Place of Meeting of Article IV Shareholders'
Meetings and
replace it with the following:
Section 3. Place of Meeting. Meetings of the shareholders
of the Trust or a particular Series or Class shall be held
at such place within or without The Commonwealth of
Massachusetts as may be fixed from time to time by
resolution of the Trustees.
Strike Section 6 - Place of Meeting of Article V Trustees'
Meetings and
replace it with the following:
Section 6. Place of Meeting. Meetings of the Trustees shall be held at
such
place within or without The Commonwealth of Massachusetts as fixed from
time to time by resolution of the Trustees, or as the person or persons
requesting said meeting to be called may designate, but any meeting may
adjourn to any other place.
FEDERATED U.S. GOVERNMENT SECURITIES FUND: 2-5 YEARS
ITEM 77K
CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
On May 19, 1999, the Trust's Board of Trustees, upon the recommendation
of the Audit Committee of the Board of Trustees, dismissed Arthur
Andersen firm ("AA") as the Trust's independent auditors. During the
six month period ended July 31, 1999 ( the "Period"), (i ) AA did not
issue any report on the Trust's financial statements, (ii) there were no
disagreements with AA on any matter of accounting principles or
practices, financial statement disclosure or auditing scope or
procedure, which disagreements, if not resolved to the satisfaction of
AA would have caused it to make reference to the subject matter of the
disagreements in connection with its report on the financial statements
for such period, and (iii) there were no "reportable events" of the
kind described in Item 304(a)(1)(v) of Regulation S-K under the
Securities Exchange Act of 1934, as amended.
The Trust, by action of its Board of Trustees engaged Deloitte & Touche
("D & T") as the independent auditors for purposes of auditing the
Trust's financial statements for the fiscal year ending January 31,
2000. During the Period, neither the Trust, nor anyone on the Trust's
behalf has consulted D & T on items which (i) concerned the application
of accounting principles to a specified transaction, either completed or
proposed, or the type of audit opinion that might be rendered on the
Trust's financial statements or (ii) concerned the subject of a
disagreement ( as defined in paragraph (a)(1)(iv) of Item 304 of
Regulation S-K) or reportable events ( as described in paragraph
(a)(1)(v)
of said Item 304).
FEDERATED U.S. GOVERNMENT SECURITIES FUND: 2-5 YEARS
ITEM 77C
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Shareholder Meeting Results
A Special Meeting of Shareholders of Federated U.S. Government
Securities Fund: 2-5 Years was held on June 21, 1999. On April 23,
1999, the record date for shareholders voting at the meeting, there were
70,361,386 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 55,903,073
187,997
John F. Cunningham 55,904,319
186,751
Charles F. Mansfield, Jr.
55,902,829
188,241
John E. Murray, Jr.
55,902,537
188,533
John S. Walsh
55,905,431
185,639
2. To ratify the selection of Arthur Andersen LLP as the Trust's
Independent auditors
For 54,968,998
Against 182,005
Abstain 940,066
3. To make changes to the Trust's fundamental investment policies:
(b) To amend the Trust's fundamental investment policy regarding
borrowing money and issuing senior securities
For 44,070,480
Against 2,413,788
Abstain 1,091,562
(f) To amend the Trust's fundamental investment policy regarding
lending by the Trust
For 44,383,149
Against 2,104,901
Abstain 1,087,781
(g) To amend, and to make non-fundamental, the Trust's fundamental
investment policy on buying securities on margin
For 44,088,184
Against 2,370,710
Abstain 1,116,937
(h) To amend, and to make non-fundamental, the Trust's fundamental
investment policy on pledging assets
For 43,546,006
Against 2,914,733
Abstain 1,115,092
( ) To amend , and to make non-fundamental, the Trust's
investment policy regarding investing in U.S. government
securities
For 44,298,876
Against 2,185,405
Abstain 1,091,549
( ) To amend , and to make non-fundamental, the Trust's
investment policy regarding investing in repurchase agreements
For 44,697,978
Against 1,802,396
Abstain 1,093,456
( ) To make non-fundamental, the Trust's investment policy
regarding engaging in when-issued and delayed delivery
transactions
For 45,090,696
Against 1,390,858
Abstain 1,094,276
4. To eliminate certain of the Trust's fundamental investment policies:
( )To eliminate the Trust's fundamental investment policy
regarding selling securities short
For 43,354,903
Against 3,139,688
Abstain 1,081,238
( ) To eliminate the Trust's fundamental investment policy
regarding portfolio trading
For 44,649,969
Against 1,847,311
Abstain 1,078,550
5. To approve an amendment and a restatement to the Trust's Declaration
of Trust to permit the Board of Trustees to liquidate assets of the
Trust without seeking shareholder approval:
For 40,870,750
Against 5,620,739
Abstain 1,084,342
* The following Trustees of the Trust continued their terms as Trustees
of the Trust: John F. Donahue, John T. Conroy, Jr., William J.
Copeland, Lawrence D. Ellis, M.D., Peter E. Madden and Majorie P. Smuts.
