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<PAGE> PAGE 2
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<PAGE> PAGE 3
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022 C000008 48141
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022 C000009 34963
022 D000009 44956
022 A000010 CHASE SECURITIES, INC.
022 B000010 13-2633612
<PAGE> PAGE 4
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<PAGE> PAGE 6
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000739594
<NAME> FEDERATED US GOVT SECURITIES FUND 1-3 YEARS
<SERIES>
<NUMBER> 001
<NAME> FEDERATED US GOVT SECURITIES FUND 1-3 YEARS-INSTITUTIONAL SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> FEB-28-1999
<PERIOD-END> AUG-21-1998
<INVESTMENTS-AT-COST> 644,170,033
<INVESTMENTS-AT-VALUE> 649,401,657
<RECEIVABLES> 11,278,708
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 660,680,365
<PAYABLE-FOR-SECURITIES> 412,664
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,798,455
<TOTAL-LIABILITIES> 5,211,119
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 664,427,045
<SHARES-COMMON-STOCK> 57,906,522
<SHARES-COMMON-PRIOR> 57,426,443
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (4,747)
<ACCUMULATED-NET-GAINS> (14,184,676)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,231,624
<NET-ASSETS> 655,469,246
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 17,777,236
<OTHER-INCOME> 0
<EXPENSES-NET> (1,767,195)
<NET-INVESTMENT-INCOME> 16,010,041
<REALIZED-GAINS-CURRENT> 2,496,398
<APPREC-INCREASE-CURRENT> 2,448,112
<NET-CHANGE-FROM-OPS> 20,954,551
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 15,071,065
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14,288,321
<NUMBER-OF-SHARES-REDEEMED> (14,461,283)
<SHARES-REINVESTED> 653,041
<NET-CHANGE-IN-ASSETS> 24,289,531
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (16,681,074)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,262,145
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,600,256
<AVERAGE-NET-ASSETS> 586,708,824
<PER-SHARE-NAV-BEGIN> 10.410
<PER-SHARE-NII> 0.270
<PER-SHARE-GAIN-APPREC> 0.080
<PER-SHARE-DIVIDEND> (0.270)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.490
<EXPENSE-RATIO> 0.54
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000739594
<NAME> FEDERATED US GOVT SECURITIES FUND 1-3 YEARS
<SERIES>
<NUMBER> 002
<NAME> FEDERATED US GOVT SECURITIES FUND 1-3 YEARS-INSTITUTIONAL SERVICE SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> FEB-28-1999
<PERIOD-END> AUG-21-1998
<INVESTMENTS-AT-COST> 644,170,033
<INVESTMENTS-AT-VALUE> 649,401,657
<RECEIVABLES> 11,278,708
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 660,680,365
<PAYABLE-FOR-SECURITIES> 412,664
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4,798,455
<TOTAL-LIABILITIES> 5,211,119
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 664,427,045
<SHARES-COMMON-STOCK> 4,602,813
<SHARES-COMMON-PRIOR> 3,232,065
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (4,747)
<ACCUMULATED-NET-GAINS> (14,184,676)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,231,624
<NET-ASSETS> 655,469,246
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 17,777,236
<OTHER-INCOME> 0
<EXPENSES-NET> (1,767,195)
<NET-INVESTMENT-INCOME> 16,010,041
<REALIZED-GAINS-CURRENT> 2,496,398
<APPREC-INCREASE-CURRENT> 2,448,112
<NET-CHANGE-FROM-OPS> 20,954,551
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 943,723
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,987,905
<NUMBER-OF-SHARES-REDEEMED> (679,492)
<SHARES-REINVESTED> 62,335
<NET-CHANGE-IN-ASSETS> 24,289,531
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (16,681,074)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,262,145
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,600,256
<AVERAGE-NET-ASSETS> 39,209,898
<PER-SHARE-NAV-BEGIN> 10.410
<PER-SHARE-NII> 0.250
<PER-SHARE-GAIN-APPREC> 0.080
<PER-SHARE-DIVIDEND> (0.250)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.490
<EXPENSE-RATIO> 0.79
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
Item 77Q
Amendments to Bylaws
Federated U.S. Government Securities Fund: 1-3 Years
Amendment #4
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.
Federated U.S. Government Securities Fund: 1-3 Years
Amendment #5
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.
Federated U.S. Government Securities Fund: 1-3 Years
Amendment No. 1
to the By-Laws
Effective November 18, 1997
Delete Article III, Section 7 and replace with the following:
Action by Consent of the Board of Trustees, Executive Committee or Other
Committee. Subject to Article V, Section 2 of these By-Laws, any action
required or permitted to be taken at any meeting of the Trustees, Executive
Committee or any other duly appointed Committee may be taken without
a meeting if consents in writing setting forth such action are signed by all
members of the Board or such committee and such consents are filed with
the records of the Trust. In the event of the death, removal, resignation or
incapacity of any Board or committee member prior to that Trustee signing
such consent, the remaining Board or committee members may re-
constitute themselves as the entire Board or committee until such time as
the vacancy is filled in order to fulfill the requirement that such consents be
signed by all members of the Board of committee.
