September 28, 1994
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Rule 24f-2 Notice for
MERRILL LYNCH FEDERAL SECURITIES TRUST
File No. 2-92366
Dear Sirs:
In accordance with the provisions of Rule 24f-2
under the Investment Company Act of 1940, Merrill
Lynch Federal Securities Trust (the "Fund") hereby
files its Rule 24f-2 Notice (the "Notice").
1. The Notice is being filed for the fiscal year
ended August 31, 1994 (the "Fiscal Year").
2. No shares of beneficial interest of the Fund
which had been registered under the Securities
Act of 1933 (the "Securities Act") other than
pursuant to Rule 24f-2 remained unsold at the
beginning of the Fiscal Year.
3. 103,003,580 shares of beneficial interest were
registered under the Securities Act during the
Fiscal Year other than pursuant to Rule 24f-2.
4. 39,730,790 shares of beneficial interest were
sold during the Fiscal Year.*
5. No shares of beneficial interest sold during
the Fiscal Year in reliance upon registration
pursuant to Rule 24f-2.
_______________
*Of this amount, 14,555,924 Class A shares were
sold at an aggregate price of $141,925,143 and
25,174,866 Class B shares were sold at an
aggregate price of $246,237,057. The aggregate
sale price of all shares of beneficial interest
sold during the fiscal year was $388,162,200.
<PAGE>
Please direct any questions relating to this
Notice to Michael J. Hennewinkel, Merrill Lynch
Asset Management, P.O. Box 9011, Princeton, NJ
08543, (609) 282-2024 or to Laurin Blumenthal
Kleiman at Brown & Wood, One World Trade Center,
New York, New York 10048, (212) 839-5525.
Very truly yours,
MERRILL LYNCH FEDERAL SECURITIES TRUST
By /s/ Michael J. Hennewinkel
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Michael J. Hennewinkel
Secretary
