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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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SIGNATURE STEVE KEANE
TITLE ASST.GENERAL COUNCIL
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000946868
<NAME> FEDERATED US GOVT SECURITIES FUND: 5-10 YRS
<SERIES>
<NUMBER> 002
<NAME> FEDERATED US GOVT SECURITIES FUND: 5-10 YRS - INSTITUTIOAL SERVICE SHARES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> FEB-28-1999
<PERIOD-END> FEB-28-1999
<INVESTMENTS-AT-COST> 112,262,395
<INVESTMENTS-AT-VALUE> 111,980,752
<RECEIVABLES> 1,888,892
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 21,665
<TOTAL-ASSETS> 113,891,309
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,184,459
<TOTAL-LIABILITIES> 1,184,459
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 112,875,988
<SHARES-COMMON-STOCK> 2,654,458
<SHARES-COMMON-PRIOR> 213,116
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (3,308)
<ACCUMULATED-NET-GAINS> 115,813
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (281,643)
<NET-ASSETS> 112,706,850
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,290,133
<OTHER-INCOME> 0
<EXPENSES-NET> (274,500)
<NET-INVESTMENT-INCOME> 4,015,633
<REALIZED-GAINS-CURRENT> 975,874
<APPREC-INCREASE-CURRENT> (1,346,997)
<NET-CHANGE-FROM-OPS> 3,644,510
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (636,924)
<DISTRIBUTIONS-OF-GAINS> (211,273)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,365,052
<NUMBER-OF-SHARES-REDEEMED> (977,573)
<SHARES-REINVESTED> 53,863
<NET-CHANGE-IN-ASSETS> 70,817,060
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 84,224
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 386,212
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 987,008
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<PER-SHARE-NAV-BEGIN> 10.220
<PER-SHARE-NII> 0.520
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<PER-SHARE-DIVIDEND> (0.520)
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000946868
<NAME> FEDERATED US GOVT SECURITIES FUND: 5-10 Yrs
<SERIES>
<NUMBER> 001
<NAME> FEDERATED US GOVT SECURITIES FUND: 5-10 YRS - INSTITUTIONAL SHARES
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<INVESTMENTS-AT-VALUE> 111,980,752
<RECEIVABLES> 1,888,892
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<TOTAL-LIABILITIES> 1,184,459
<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 3,886,323
<ACCUMULATED-NII-CURRENT> 0
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<OVERDISTRIBUTION-GAINS> 0
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<OTHER-INCOME> 0
<EXPENSES-NET> (274,500)
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<NET-CHANGE-FROM-OPS> 3,644,510
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,382,017)
<DISTRIBUTIONS-OF-GAINS> (733,012)
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> (6,101,477)
<SHARES-REINVESTED> 198,272
<NET-CHANGE-IN-ASSETS> 70,817,060
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 84,224
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<PER-SHARE-NII> 0.550
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<PER-SHARE-DIVIDEND> (0.550)
<PER-SHARE-DISTRIBUTIONS> (0.100)
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</TABLE>
To the Shareholders and
Board of Trustees of
Federated U.S. Government Securities Fund: 5-10 Years
In planning and performing our audit of the financial statements of Federated
U.S. Government Securities Fund: 5-10 Years for the year ended February 28,
1999, we considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to comply
with the requirements of Form N-SAR, not to provide assurance on the internal
control.
The management of Federated U.S. Government Securities Fund: 5-10 Years is
responsible for establishing and maintaining internal control. In fulfilling
this responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the entitys objective of
preparing financial statements for external purposes that are fairly presented
in conformity with generally accepted accounting principles. Those controls
include the safeguarding of assets against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control
to future periods is subject to the risk that it may become inadequate because
of changes in conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of the internal control would not necessarily disclose all
matters in the internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not reduce to
a relatively low level the risk that errors or fraud in amounts that would be
material in relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
the internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above at
February 28, 1999.
This report is intended solely for the information and use of the Board of
Trustees and management of the Federated U.S. Government Securities Fund: 5-10
Years and the Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.
ERNST & YOUNG LLP
Boston, Massachusetts
April 19, 1999
Item 77 Q1(a)
Federated U.S. Government Securities Fund: 5-10 Years
Amendment #1
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 Q1(a)
Federated U.S. Government Securities Fund: 5-10 Years
Amendment #2
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 Q1(a)
Federated U.S. Government Securities Fund: 5-10 Years
Amendment #3
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.
