<PAGE> PAGE 1
000 B000000 08/31/94
000 C000000 0000750406
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 MERRILL LYNCH FEDERAL SECURITIES TRUST
001 B000000 811-4077
001 C000000 6092823355
002 A000000 P.O. BOX 9066
002 B000000 PRINCETON
002 C000000 NJ
002 D010000 08543
002 D020000 9066
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 FUND ASSET MANAGEMENT, L.P.
008 B000001 A
008 C000001 801-12485
008 D010001 PRINCETON
008 D020001 NJ
008 D030001 08543
008 D040001 9011
011 A000001 MERRILL LYNCH FUNDS DISTRIBUTOR, INC.
011 B000001 8-14663
011 C010001 PRINCETON
011 C020001 NJ
011 C030001 08543
011 C040001 9011
012 A000001 FINANCIAL DATA SERVICES, INC.
012 B000001 84-01339
012 C010001 JACKSONVILLE
012 C020001 FL
012 C030001 32246
<PAGE> PAGE 2
012 C040001 6484
013 A000001 DELOITTE & TOUCHE
013 B010001 PRINCETON
013 B020001 NJ
013 B030001 08540
014 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
014 B000001 8-7221
015 A000001 THE BANK OF NEW YORK
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10286
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 173
019 C000000 MERRILLLYN
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 NIKKO SECURITIES CO. INTERNATIONAL, INC.(THE)
022 B000001 94-1302123
022 C000001 20488850
022 D000001 191185
022 A000002 GREENWICH CAPITAL MARKETS, INC.
022 C000002 8467500
022 D000002 29299
022 A000003 KIDDER, PEABODY & CO. INCORPORATED
022 B000003 13-5650440
022 C000003 4077202
022 D000003 2300647
022 A000004 CS FIRST BOSTON CORPORATION
022 B000004 13-5659485
022 C000004 4035891
022 D000004 1644866
022 A000005 SALOMON BROTHERS INC
022 B000005 13-3082694
022 C000005 2669957
022 D000005 1639352
022 A000006 MORGAN STANLEY & CO. INCORPORATED
022 B000006 13-2655998
022 C000006 2214339
022 D000006 1226482
<PAGE> PAGE 3
022 A000007 BEAR, STEARNS & CO. INC.
022 B000007 13-3299429
022 C000007 1430321
022 D000007 957771
022 A000008 NOMURA SECURITIES INTERNATIONAL, INC.
022 B000008 13-2642206
022 C000008 1540041
022 D000008 468441
022 A000009 GOLDMAN, SACHS & CO.
022 B000009 13-5108880
022 C000009 991191
022 D000009 994904
022 A000010 PAINEWEBBER INCORPORATED
022 B000010 13-2638166
022 C000010 874905
022 D000010 929551
023 C000000 49773881
023 D000000 12136006
024 000000 Y
025 A000001 NIKKO SECURITIES CO.
025 B000001 94-1302123
025 C000001 D
025 D000001 66000
025 A000002 DELETE
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 36004
028 A020000 6701
028 A030000 0
028 A040000 140500
028 B010000 52841
028 B020000 9087
028 B030000 0
028 B040000 106022
028 C010000 26496
028 C020000 7403
<PAGE> PAGE 4
028 C030000 0
028 C040000 94808
028 D010000 23180
028 D020000 6451
028 D030000 0
028 D040000 99844
028 E010000 19918
028 E020000 7941
028 E030000 0
028 E040000 87300
028 F010000 24364
028 F020000 6655
028 F030000 0
028 F040000 105229
028 G010000 182803
028 G020000 44238
028 G030000 0
028 G040000 633703
028 H000000 68220
029 000000 Y
030 A000000 711
030 B000000 4.00
030 C000000 0.00
031 A000000 51
031 B000000 0
032 000000 0
033 000000 660
034 000000 Y
035 000000 4399
036 A000000 N
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 17567
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 500000
<PAGE> PAGE 5
048 A020000 0.500
048 B010000 500000
048 B020000 0.475
048 C010000 500000
048 C020000 0.450
048 D010000 500000
048 D020000 0.425
048 E010000 500000
048 E020000 0.400
048 F010000 1000000
048 F020000 0.375
048 G010000 1500000
048 G020000 0.350
048 H010000 1500000
048 H020000 0.325
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 6500000
048 K020000 0.300
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
055 A000000 Y
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 0
062 A000000 Y
062 B000000 0.0
<PAGE> PAGE 6
062 C000000 0.0
062 D000000 2.3
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 25.5
062 N000000 67.4
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 6.2
064 A000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 Y
070 C020000 Y
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 Y
<PAGE> PAGE 7
070 N020000 Y
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 10835229
071 B000000 11806302
071 C000000 3357938
071 D000000 323
072 A000000 12
072 B000000 196471
072 C000000 0
072 D000000 0
072 E000000 15103
072 F000000 14572
072 G000000 348
072 H000000 0
072 I000000 3303
072 J000000 706
072 K000000 0
072 L000000 265
072 M000000 139
072 N000000 171
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 79
072 S000000 96
072 T000000 17567
072 U000000 0
072 V000000 0
072 W000000 77
072 X000000 37323
072 Y000000 0
072 Z000000 174251
072AA000000 2379
072BB000000 120781
072CC010000 0
072CC020000 133558
072DD010000 85294
072DD020000 88957
072EE000000 0
073 A010000 0.5246
073 A020000 0.4757
073 B000000 0.0000
073 C000000 0.0000
074 A000000 2102
<PAGE> PAGE 8
074 B000000 66000
074 C000000 0
074 D000000 2651707
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 506449
074 K000000 0
074 L000000 27107
074 M000000 228
074 N000000 3253593
074 O000000 374501
074 P000000 2338
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 22417
074 S000000 0
074 T000000 2854337
074 U010000 144154
074 U020000 159060
074 V010000 9.41
074 V020000 9.41
074 W000000 0.0000
074 X000000 202128
074 Y000000 0
075 A000000 0
075 B000000 3392975
076 000000 0.00
077 A000000 Y
077 B000000 Y
078 000000 N
080 A000000 ICI MUTUAL INSURANCE CO.
080 B000000 NATIONAL UNION/GULF/CONTINENTAL CASUALTY
080 C000000 2500
081 A000000 Y
081 B000000 173
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 Y
084 B000000 0
085 A000000 Y
085 B000000 N
SIGNATURE GERALD M. RICHARD
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
[TYPE] EX-27.CLASSA
<ARTICLE> 6
<CIK> 0000750406
<NAME> MERRILL LYNCH FEDERAL SECURITIES TRUST
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1994
<PERIOD-START> SEP-01-1993
<PERIOD-END> AUG-31-1994
<INVESTMENTS-AT-COST> 2765593905
<INVESTMENTS-AT-VALUE> 2717716731
<RECEIVABLES> 533555978
<ASSETS-OTHER> 2330666
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3253593375
<PAYABLE-FOR-SECURITIES> 374500819
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24755108
<TOTAL-LIABILITIES> 399255927
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3239189278
<SHARES-COMMON-STOCK> 144154216
<SHARES-COMMON-PRIOR> 181141294
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (336964656)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (47887174)
<NET-ASSETS> 1356979482
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 196114842
<OTHER-INCOME> 15459148
<EXPENSES-NET> 37323157
<NET-INVESTMENT-INCOME> 174250833
<REALIZED-GAINS-CURRENT> (118401780)
<APPREC-INCREASE-CURRENT> (133557623)
<NET-CHANGE-FROM-OPS> (77708570)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 85293764
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14555924
<NUMBER-OF-SHARES-REDEEMED> 55745563
<SHARES-REINVESTED> 4202561
<NET-CHANGE-IN-ASSETS> (1133679990)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (218562876)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14571755
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 37323157
<AVERAGE-NET-ASSETS> 1576043573
<PER-SHARE-NAV-BEGIN> 10.14
<PER-SHARE-NII> .52
<PER-SHARE-GAIN-APPREC> (.73)
<PER-SHARE-DIVIDEND> .52
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.41
<EXPENSE-RATIO> .83
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
[TYPE] EX-27.CLASSB
<ARTICLE> 6
<CIK> 0000750406
<NAME> MERRILL LYNCH FEDERAL SECURITIES TRUST
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> AUG-31-1994
<PERIOD-START> SEP-01-1993
<PERIOD-END> AUG-31-1994
<INVESTMENTS-AT-COST> 2765593905
<INVESTMENTS-AT-VALUE> 2717716731
<RECEIVABLES> 533555978
<ASSETS-OTHER> 2330666
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3253593375
<PAYABLE-FOR-SECURITIES> 374500819
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24755108
<TOTAL-LIABILITIES> 399255927
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3239189278
<SHARES-COMMON-STOCK> 159060141
<SHARES-COMMON-PRIOR> 212290566
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (336964656)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (47887174)
<NET-ASSETS> 1356979482
<DIVIDEND-INCOME> 1497357966
<INTEREST-INCOME> 196114842
<OTHER-INCOME> 15459148
<EXPENSES-NET> 37323157
<NET-INVESTMENT-INCOME> 174250833
<REALIZED-GAINS-CURRENT> (118401780)
<APPREC-INCREASE-CURRENT> (133557623)
<NET-CHANGE-FROM-OPS> (77708570)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 88957069
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25174866
<NUMBER-OF-SHARES-REDEEMED> 83589212
<SHARES-REINVESTED> 5183921
<NET-CHANGE-IN-ASSETS> (1133679990)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (218562876)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14571755
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 37323157
<AVERAGE-NET-ASSETS> 1816931412
<PER-SHARE-NAV-BEGIN> 10.14
<PER-SHARE-NII> .48
<PER-SHARE-GAIN-APPREC> (.73)
<PER-SHARE-DIVIDEND> .48
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.41
<EXPENSE-RATIO> 1.33
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
