FEDERATED US GOVERNMENT BOND FUND
NSAR-B, 1995-10-31
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<PAGE>      PAGE  1
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<PAGE>      PAGE  2
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<PAGE>      PAGE  3
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<PAGE>      PAGE  10
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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 Bond Fund            
                                                                               
                                                                               
<PERIOD-TYPE>                   12-Mos                                         
<FISCAL-YEAR-END>               Aug-31-1995                                    
<PERIOD-END>                    Aug-31-1995                                    
<INVESTMENTS-AT-COST>           115,455,243                                    
<INVESTMENTS-AT-VALUE>          121,513,741                                    
<RECEIVABLES>                   3,917,796                                      
<ASSETS-OTHER>                  295                                            
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  125,431,832                                    
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       736,022                                        
<TOTAL-LIABILITIES>             736,022                                        
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        119,589,957                                    
<SHARES-COMMON-STOCK>           11,928,606                                     
<SHARES-COMMON-PRIOR>           14,199,325                                     
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         (952,645)                                      
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        6,058,498                                      
<NET-ASSETS>                    124,695,810                                    
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               9,806,788                                      
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  1,201,347                                      
<NET-INVESTMENT-INCOME>         8,605,441                                      
<REALIZED-GAINS-CURRENT>        75,396                                         
<APPREC-INCREASE-CURRENT>       10,866,451                                     
<NET-CHANGE-FROM-OPS>           19,547,288                                     
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       8,605,441                                      
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         9,078,568                                      
<NUMBER-OF-SHARES-REDEEMED>     11,499,261                                     
<SHARES-REINVESTED>             149,974                                        
<NET-CHANGE-IN-ASSETS>          (13,320,329)                                   
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       (1,028,041)                                    
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           846,894                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 1,515,105                                      
<AVERAGE-NET-ASSETS>            139,554,941                                    
<PER-SHARE-NAV-BEGIN>           9.720                                          
<PER-SHARE-NII>                 0.600                                          
<PER-SHARE-GAIN-APPREC>         0.730                                          
<PER-SHARE-DIVIDEND>            0.600                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             10.450                                         
<EXPENSE-RATIO>                 0.85                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>


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