Federated Government Income Securities N-CSRS Certified semi-annual shareholder report (management investment company)

                                  United States
                       Securities and Exchange Commission
                             Washington, D.C. 20549

                                   Form N-CSR
                         Certified Shareholder Report of
                   Registered Management Investment Companies




                                    811-3266

                      (Investment Company Act File Number)


                  Federated Government Income Securities, Inc.
         ---------------------------------------------------------------

               (Exact Name of Registrant as Specified in Charter)



                            Federated Investors Funds
                              5800 Corporate Drive
                       Pittsburgh, Pennsylvania 15237-7000


                                 (412) 288-1900
                             (Registrant's Telephone
                                     Number)


                           John W. McGonigle, Esquire
                            Federated Investors Tower
                               1001 Liberty Avenue
                       Pittsburgh, Pennsylvania 15222-3779
                     (Name and Address of Agent for Service)
                (Notices should be sent to the Agent for Service)






                        Date of Fiscal Year End: 2/28/06
                                     -------


               Date of Reporting Period: Six months ended 8/31/05
                            ------------------------







Item 1.           Reports to Stockholders

Federated
World-Class Investment Manager

Federated Government Income Securities, Inc.

Established 1986

20TH SEMI-ANNUAL SHAREHOLDER REPORT

August 31, 2005

Class A Shares
Class B Shares
Class C Shares
Class F Shares

FINANCIAL HIGHLIGHTS
SHAREHOLDER EXPENSE EXAMPLE
PORTFOLIO OF INVESTMENTS SUMMARY TABLES
PORTFOLIO OF INVESTMENTS
STATEMENT OF ASSETS AND LIABILITIES
STATEMENT OF OPERATIONS
STATEMENT OF CHANGES IN NET ASSETS
NOTES TO FINANCIAL STATEMENTS
BOARD REVIEW OF ADVISORY CONTRACT
VOTING PROXIES ON FUND PORTFOLIO SECURITIES
QUARTERLY PORTFOLIO SCHEDULE

Not FDIC Insured * May Lose Value * No Bank Guarantee

Financial Highlights - Class A Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited)		Year Ended February 28 or 29,
	8/31/2005		2005		2004		2003		2002		2001
Net Asset Value, Beginning of Period	$8.94		$9.12		$9.23		$8.82		$8.80		$8.28
Income From Investment Operations:
Net investment income	0.16		0.32	1	0.34	1	0.42	1	0.46	1,2	0.52
Net realized and unrealized gain (loss) on investments	0.05		(0.15	)	(0.06	)	0.43		0.07	2	0.52
TOTAL FROM INVESTMENT OPERATIONS	0.21		0.17		0.28		0.85		0.53		1.04
Less Distributions:
Distributions from net investment income	(0.17	)	(0.35	)	(0.39	)	(0.44	)	(0.51	)	(0.52	)
Net Asset Value, End of Period	$8.98		$8.94		$9.12		$9.23		$8.82		$8.80
Total Return 3	2.38	%	1.90	%	3.13	%	9.86	%	6.15	%	12.91	%
Ratios to Average Net Assets:
Net expenses	0.99	% 4	0.98	%	0.98	%	0.98	%	0.98	%	0.98	%
Net investment income	3.61	% 4	3.57	%	3.70	%	4.69	%	5.23	% 2	6.05	%
Expense waiver/reimbursement 5	0.51	% 4	0.50	%	0.49	%	0.49	%	0.48	%	0.50	%
Supplemental Data:
Net assets, end of period (000 omitted)	$67,876		$49,554		$57,407		$77,994		$123,455		$130,829
Portfolio turnover	49	%	66	%	50	%	424	%	169	%	192	%

1 Based on average shares outstanding.

2 Effective March 1, 2001, the Fund adopted the provisions of the American Institute of Certified Public Accountants (AICPA) Audit and Accounting Guide for Investment Companies and began accreting discount/amortizing premium on debt securities. The effect of this change for the year ended February 28, 2002 was to decrease net investment income per share by $0.05, increase net realized and unrealized gain/loss per share by $0.05, and decrease the ratio of net investment income to average net assets from 5.73% to 5.23%. Per share, ratios and supplemental data for periods prior to February 28, 2002 have not been restated to reflect this change in presentation.

3 Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

4 Computed on an annualized basis.

5 This voluntary expense decrease is reflected in both the net expense and net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Financial Highlights - Class B Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited)		Year Ended February 28 or 29,
	8/31/2005		2005		2004		2003		2002		2001
Net Asset Value, Beginning of Period	$8.92		$9.10		$9.20		$8.80		$8.78		$8.26
Income From Investment Operations:
Net investment income	0.13		0.25	1	0.27	1	0.35	1	0.39	1,2	0.45
Net realized and unrealized gain (loss) on investments	0.04		(0.15	)	(0.05	)	0.42		0.07	2	0.52
TOTAL FROM INVESTMENT OPERATIONS	0.17		0.10		0.22		0.77		0.46		0.97
Less Distributions:
Distributions from net investment income	(0.14	)	(0.28	)	(0.32	)	(0.37	)	(0.44	)	(0.45	)
Net Asset Value, End of Period	$8.95		$8.92		$9.10		$9.20		$8.80		$8.78
Total Return 3	1.87	%	1.14	%	2.47	%	8.97	%	5.38	%	12.12	%
Ratios to Average Net Assets:
Net expenses	1.74	% 4	1.73	%	1.73	%	1.73	%	1.73	%	1.73	%
Net investment income	2.84	% 4	2.84	%	2.95	%	3.94	%	4.49	% 2	5.30	%
Expense waiver/reimbursement 5	0.26	% 4	0.25	%	0.24	%	0.24	%	0.23	%	0.25	%
Supplemental Data:
Net assets, end of period (000 omitted)	$85,479		$97,339		$132,496		$179,786		$116,734		$75,544
Portfolio turnover	49	%	66	%	50	%	424	%	169	%	192	%

1 Based on average shares outstanding.

2 Effective March 1, 2001, the Fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began accreting discount/amortizing premium on debt securities. The effect of this change for the year ended February 28, 2002 was to decrease net investment income per share by $0.05, increase net realized and unrealized gain/loss per share by $0.05, and decrease the ratio of net investment income to average net assets from 4.99% to 4.49%. Per share, ratios and supplemental data for periods prior to February 28, 2002 have not been restated to reflect this change in presentation.

3 Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

4 Computed on an annualized basis.

5 This voluntary expense decrease is reflected in both the net expense and net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Financial Highlights - Class C Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited)		Year Ended February 28 or 29,
	8/31/2005		2005		2004		2003		2002		2001
Net Asset Value, Beginning of Period	$8.95		$9.13		$9.23		$8.82		$8.80		$8.28
Income From Investment Operations:
Net investment income	0.13		0.26	1	0.27	1	0.35	1	0.40	1,2	0.45
Net realized and unrealized gain (loss) on investments	0.04		(0.16	)	(0.05	)	0.43		0.06	2	0.52
TOTAL FROM INVESTMENT OPERATIONS	0.17		0.10		0.22		0.78		0.46		0.97
Less Distributions:
Distributions from net investment income	(0.14	)	(0.28	)	(0.32	)	(0.37	)	(0.44	)	(0.45	)
Net Asset Value, End of Period	$8.98		$8.95		$9.13		$9.23		$8.82		$8.80
Total Return 3	1.87	%	1.14	%	2.47	%	9.05	%	5.37	%	12.08	%
Ratios to Average Net Assets:
Net expenses	1.74	% 4	1.73	%	1.73	%	1.73	%	1.73	%	1.73	%
Net investment income	2.84	% 4	2.84	%	2.95	%	3.94	%	4.49	% 2	5.30	%
Expense waiver/reimbursement 5	0.26	% 4	0.25	%	0.24	%	0.24	%	0.23	%	0.25	%
Supplemental Data:
Net assets, end of period (000 omitted)	$24,936		$26,091		$33,941		$41,532		$32,997		$19,195
Portfolio turnover	49	%	66	%	50	%	424	%	169	%	192	%

1 Based on average shares outstanding.

2 Effective March 1, 2001, the Fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began accreting discount/amortizing premium on debt securities. The effect of this change for the year ended February 28, 2002 was to decrease net investment income per share by $0.04, increase net realized and unrealized gain/loss per share by $0.04, and decrease the ratio of net investment income to average net assets from 4.99% to 4.49%. Per share, ratios and supplemental data for periods prior to February 28, 2002 have not been restated to reflect this change in presentation.

3 Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

4 Computed on an annualized basis.

5 This voluntary expense decrease is reflected in both the net expense and net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Financial Highlights - Class F Shares

(For a Share Outstanding Throughout Each Period)

	Six Months Ended (unaudited)		Year Ended February 28 or 29,
	8/31/2005		2005		2004		2003		2002		2001
Net Asset Value, Beginning of Period	$8.93		$9.11		$9.22		$8.81		$8.79		$8.27
Income From Investment Operations:
Net investment income	0.16		0.32	1	0.34	1	0.42	1	0.46	1,2	0.52
Net realized and unrealized gain (loss) on investments	0.05		(0.15	)	(0.06	)	0.43		0.07	2	0.52
TOTAL FROM INVESTMENT OPERATIONS	0.21		0.17		0.28		0.85		0.53		1.04
Less Distributions:
Distributions from net investment income	(0.17	)	(0.35	)	(0.39	)	(0.44	)	(0.51	)	(0.52	)
Net Asset Value, End of Period	$8.97		$8.93		$9.11		$9.22		$8.81		$8.79
Total Return 3	2.37	%	1.92	%	3.14	%	9.88	%	6.15	%	12.94	%
Ratios to Average Net Assets:
Net expenses	0.99	% 4	0.98	%	0.98	%	0.98	%	0.98	%	0.98	%
Net investment income	3.59	% 4	3.59	%	3.70	%	4.69	%	5.24	% 2	6.05	%
Expense waiver/reimbursement 5	0.26	% 4	0.25	%	0.24	%	0.24	%	0.23	%	0.25	%
Supplemental Data:
Net assets, end of period (000 omitted)	$531,228		$558,413		$652,529		$750,964		$794,482		$866,574
Portfolio turnover	49	%	66	%	50	%	424	%	169	%	192	%

1 Based on average shares outstanding.

2 Effective March 1, 2001, the Fund adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began accreting discount/amortizing premium on debt securities. The effect of this change for the year ended February 28, 2002 was to decrease net investment income per share by $0.05, increase net realized and unrealized gain/loss per share by $0.05, and decrease the ratio of net investment income to average net assets from 5.74% to 5.24%. Per share, ratios and supplemental data for periods prior to February 28, 2002 have not been restated to reflect this change in presentation.

3 Based on net asset value, which does not reflect the sales charge, redemption fee, or contingent deferred sales charge, if applicable. Total returns for periods less than one year are not annualized.

4 Computed on an annualized basis.

5 This voluntary expense decrease is reflected in both the net expense and net investment income ratios shown above.

See Notes which are an integral part of the Financial Statements

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase or redemption payments; and (2) ongoing costs, including management fees; to the extent applicable, distribution (12b-1) fees and/or shareholder services fees; and other Fund expenses. This Example is intended to help you to understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from March 1, 2005 to August 31, 2005.

ACTUAL EXPENSES

The first section of the table below provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled "Expenses Paid During Period" to estimate the expenses attributable to your investment during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second section of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase or redemption payments. Therefore, the second section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account Value 3/1/2005	Ending Account Value 8/31/2005	Expenses Paid During Period 1
Actual:
Class A Shares	$1,000	$1,023.80	$5.05
Class B Shares	$1,000	$1,018.70	$8.85
Class C Shares	$1,000	$1,018.70	$8.85
Class F Shares	$1,000	$1,023.70	$5.05
Hypothetical (assuming a 5% return before expenses):
Class A Shares	$1,000	$1,020.21	$5.04
Class B Shares	$1,000	$1,016.43	$8.84
Class C Shares	$1,000	$1,016.43	$8.84
Class F Shares	$1,000	$1,020.21	$5.04

1 Expenses are equal to the Fund's annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The annualized expense ratios are as follows:

Class A Shares	0.99%
Class B Shares	1.74%
Class C Shares	1.74%
Class F Shares	0.99%

Portfolio of Investments Summary Table

At August 31, 2005, the Fund's portfolio composition ¹ was as follows:

Sector	Percentage of Total Net Assets
U.S. Government Agency Mortgage-Backed Securities	59.6	%
U.S. Treasury Securities	24.8	%
U.S. Government Agency Securities	10.7	%
Non-Agency Mortgage-Backed Securities	3.3	%
Repurchase Agreements--Cash	1.9	%
Repurchase Agreements--Collateral 2	19.9	%
Other Assets and Liabilities--Net 3	(20.2	)%
TOTAL	100.0	%

1 See the Fund's Prospectus for a description of the principal types of securities in which the Fund invests.

2 Includes repurchase agreements purchased with cash collateral or proceeds received in securities lending and/or dollar roll transactions, as well as cash covering when issued and delayed delivery transactions.

3 See Statement of Assets and Liabilities.

Portfolio of Investments

August 31, 2005 (unaudited)

Principal Amount					Value
			U.S. TREASURY--24.8%
$	5,900,000		Notes, 2.500%, 9/30/2006	$	5,821,648
	15,850,000	1	Notes, 3.125%, 1/31/2007 - 4/15/2009		15,691,776
	4,400,000		Notes, 3.625%, 4/30/2007 - 1/15/2010		4,384,959
	13,000,000	1	Notes, 3.375%, 2/15/2008		12,861,810
	750,000		Notes, 2.625%, 5/15/2008		727,148
	11,750,000	1	Notes, 3.750%, 5/15/2008		11,720,625
	500,000		Notes, 5.625%, 5/15/2008		522,970
	16,500,000	1	Notes, 3.500%, 8/15/2009 - 2/15/2010		16,270,815
	21,750,000	1	Notes, 4.000%, 4/15/2010		21,872,235
	15,000,000	1	Notes, 3.875%, 2/15/2013		14,917,950
	8,148,800	1	U.S. Treasury Inflation Protected Note, 1.625%, 1/15/2015		8,142,444
	7,250,000	1	Notes, 4.125%, 5/15/2015		7,296,473
	10,200,000	1	Bonds, 7.250%, 5/15/2016		12,947,574
	16,200,000	1	Bonds, 8.125%, 5/15/2021 - 8/15/2021		23,337,300
	6,500,000		Bonds, 6.875%, 8/15/2025		8,704,930
	9,000,000	1	Bonds, 5.375%, 2/15/2031		10,553,940
			TOTAL U.S. TREASURY (IDENTIFIED COST $171,752,439)		175,774,597
			GOVERNMENT AGENCIES--10.7%
			Federal Home Loan Bank System--5.9%
	40,000,000		3.750%, 11/30/2006 - 1/16/2007		39,877,520
	2,200,000		3.875%, 6/8/2007		2,194,918
			TOTAL		42,072,438
			Federal Home Loan Mortgage Corporation--3.4%
	24,000,000		4.250%, 6/23/2008		23,937,360
			Federal National Mortgage Association--1.4%
	10,000,000		4.000%, 12/14/2007		9,952,500
			TOTAL GOVERNMENT AGENCIES (IDENTIFIED COST $75,924,396)		75,962,298
			MORTGAGE-BACKED SECURITIES--59.6%
			Federal Home Loan Mortgage Corporation--25.6%
	34,297,603		4.500%, 5/1/2019		34,036,351
	48,040,252		5.000%, 10/1/2017 - 4/1/2034		48,016,391
	77,990,521		5.500%, 8/1/2019 - 7/1/2035		79,122,338
Principal Amount					Value
			MORTGAGE-BACKED SECURITIES--continued
			Federal Home Loan Mortgage Corporation--continued
$	3,401,312		6.000%, 9/1/2032	$	3,481,562
	14,188,958		7.000%, 9/1/2030 - 4/1/2032		14,866,265
	1,504,025		7.500%, 6/1/2007 - 12/1/2015		1,579,620
	470,876		8.000%, 2/1/2031		506,394
			TOTAL		181,608,921
			Federal National Mortgage Association--29.8%
	6,991,492		4.500%, 6/1/2019		6,936,597
	68,355,903		5.000%, 9/1/2017 - 5/1/2034		68,468,880
	48,490,207		5.500%, 3/1/2023 - 9/1/2035		49,071,286
	54,774,696		6.000%, 5/1/2016 - 2/1/2033		56,117,677
	24,403,433		6.500%, 6/1/2032 - 1/1/2033		25,227,828
	1,071,814		7.000%, 1/1/2031 - 3/1/2032		1,125,660
	3,303,880		7.500%, 7/1/2028 - 2/1/2030		3,540,800
	760,626		8.000%, 2/1/2030 - 1/1/2031		820,816
			TOTAL		211,309,544
			Government National Mortgage Association--4.2%
	14,732,617		5.000%, 4/15/2033 - 6/15/2034		14,812,035
	7,989,053		5.500%, 12/20/2014 - 5/20/2035		8,133,952
	372,958		6.000%, 12/15/2013 - 5/15/2024		387,070
	308,038		6.500%, 9/15/2013 - 5/20/2016		320,655
	584,091		7.000%, 4/20/2016 - 10/15/2028		617,235
	658,283		7.500%, 7/15/2029 - 1/15/2031		704,545
	81,203		8.000%, 6/15/2017		88,143
	240,641		8.500%, 12/15/2029 - 11/15/2030		259,648
	21,008		9.000%, 2/15/2009		22,096
	923,859		10.500%, 3/15/2016		1,064,938
	598,941		11.000%, 1/15/2010 - 10/15/2019		699,584
	1,867,470		12.000%, 5/15/2011 - 1/15/2016		2,198,397
	690,773		12.500%, 4/15/2010 - 7/15/2015		805,929
	101,409		13.000%, 3/15/2011 - 11/15/2014		120,019
			TOTAL		30,234,246
			TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST $418,114,331)		423,152,711
Principal Amount					Value
			COLLATERALIZED MORTGAGE OBLIGATIONS--3.3%
$	6,497,274		CHASE Mortgage Finance Corp. 2003-S14, Class 1A1, 5.000%, 1/25/2034	$	6,411,220
	5,818,525		First Horizon Mortgage Pass-Through Trust 2003-5, Class 1A14, 5.500%, 7/25/2033		5,851,345
	6,178,784		Wells Fargo Mortgage Backed Securities Trust 2003-18, Class A1, 5.500%, 12/25/2033		6,213,945
	4,987,995		Wells Fargo Mortgage Backed Securities Trust 2004-DD, Class 1A1, 4.620%, 1/25/2035		4,973,504
			TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (IDENTIFIED COST $22,646,717)		23,450,014
			REPURCHASE AGREEMENTS--21.8%
	13,144,000		Interest in $1,500,000,000 joint repurchase agreement 3.61%, dated 8/31/2005 under which Bank of America N.A., will repurchase a U.S. Government Agency Security with a maturity of 7/1/2035 for $1,500,150,417 on 9/1/2005. The market value of the underlying securities at the end of the period was $1,530,000,000		13,144,000
	40,000,000		Interest in $1,000,000,000 joint repurchase agreement 3.61%, dated 8/31/2005 under which Bear Stearns and Co., will repurchase U.S. Government Agency Securities with various maturities to 7/25/2044 for $1,000,100,278 on 9/1/2005. The market value of the underlying securities at the end of the period was $1,030,000,636 (held as collateral for securities lending)		40,000,000
	101,226,000		Interest in $1,143,000,000 joint repurchase agreement 3.61%, dated 8/31/2005 under which BNP Paribas Securities Corp., will repurchase U.S. Government Agency Securities with various maturities to 9/1/2035 for $1,143,114,618 on 9/1/2005. The market value of the underlying securities at the end of the period was $1,169,697,210 (held as collateral for securities lending)		101,226,000
			TOTAL REPURCHASE AGREEMENTS (AT AMORTIZED COST)		154,370,000
			TOTAL INVESTMENTS--120.2% (IDENTIFIED COST $842,807,883) 2		852,709,620
			OTHER ASSETS AND LIABILITIES - NET--(20.2)%		(143,191,096	)
			TOTAL NET ASSETS--100%	$	709,518,524

1 All or a portion of these securities are temporarily on loan to unaffiliated broker/dealers.

2 The cost of investment for federal tax purposes amounts to $843,649,253.

Note: The categories of investments are shown as a percentage of total net assets at August 31, 2005.

See Notes which are an integral part of the Financial Statements

Statement of Assets and Liabilities

August 31, 2005 (unaudited)

Assets:
Investments in securities	$	698,339,620
Investments in repurchase agreements		154,370,000
Total investments in securities, at value including $138,470,167 of securities loaned (identified cost $842,807,883)			$	852,709,620
Cash				188
Income receivable				4,003,945
Receivable for investments sold				12,434,741
Receivable for shares sold				571,726
TOTAL ASSETS				869,720,220
Liabilities:
Payable for investments purchased		16,366,378
Payable for shares redeemed		965,642
Income distribution payable		1,141,178
Payable for collateral due to broker		141,226,000
Payable for distribution services fee (Note 5)		70,413
Payable for shareholder services fee (Note 5)		149,161
Payable for Directors'/Trustees' fees		1,895
Accrued expenses		281,029
TOTAL LIABILITIES				160,201,696
Net assets for 79,120,614 shares outstanding			$	709,518,524
Net Assets Consist of:
Paid-in capital			$	753,353,952
Net unrealized appreciation of investments				9,901,737
Accumulated net realized loss on investments				(53,347,137	)
Accumulated net investment income (loss)				(390,028	)
TOTAL NET ASSETS			$	709,518,524

Statement of Assets and Liabilities-continued

August 31, 2005 (unaudited)

Net Asset Value, Offering Price and Redemption Proceeds Per Share
Class A Shares:
Net asset value per share ($67,875,671 ÷ 7,558,085 shares outstanding, $0.001 par value, 500,000,000 shares authorized)	$8.98
Offering price per share (100/95.50 of $8.98) 1	$9.40
Redemption proceeds per share	$8.98
Class B Shares:
Net asset value per share ($85,478,810 ÷ 9,546,695 shares outstanding, $0.001 par value, 500,000,000 shares authorized)	$8.95
Offering price per share	$8.95
Redemption proceeds per share (94.50/100 of $8.95) 1	$8.46
Class C Shares:
Net asset value per share ($24,935,786 ÷ 2,775,414 shares outstanding, $0.001 par value, 500,000,000 shares authorized)	$8.98
Offering price per share (100/99.00 of $8.98) 1	$9.07
Redemption proceeds per share (99.00/100 of $8.98) 1	$8.89
Class F Shares:
Net asset value per share ($531,228,257 ÷ 59,240,420 shares outstanding, $0.001 par value, 500,000,000 shares authorized)	$8.97
Offering price per share (100/99.00 of $8.97) 1	$9.06
Redemption proceeds per share (99.00/100 of $8.97) 1	$8.88

1 See "What Do Shares Cost?" in the Prospectus.

See Notes which are an integral part of the Financial Statements

Statement of Operations

Six Months Ended August 31, 2005 (unaudited)

Investment Income:
Interest (including income on securities loaned of $162,593) (net of dollar roll expense of $84,414)							$	16,676,073
Expenses:
Investment adviser fee (Note 5)				$	2,731,360
Administrative personnel and services fee (Note 5)					291,893
Custodian fees					31,997
Transfer and dividend disbursing agent fees and expenses					374,745
Directors'/Trustees' fees					7,532
Auditing fees					9,303
Legal fees					4,389
Portfolio accounting fees					83,867
Distribution services fee--Class A Shares (Note 5)					78,327
Distribution services fee--Class B Shares (Note 5)					344,553
Distribution services fee--Class C Shares (Note 5)					96,016
Shareholder services fee--Class A Shares (Note 5)					76,229
Shareholder services fee--Class B Shares (Note 5)					114,851
Shareholder services fee--Class C Shares (Note 5)					31,782
Shareholder services fee--Class F Shares (Note 5)					684,089
Share registration costs					24,354
Printing and postage					25,854
Insurance premiums					7,251
Taxes					27,481
Miscellaneous					6,838
TOTAL EXPENSES					5,052,711
Waivers (Note 5):
Waiver of investment adviser fee	$	(917,161	)
Waiver of administrative personnel and services fee		(14,387	)
Waiver of distribution services fee--Class A Shares		(78,327	)
Waiver of shareholder services fee--Class A Shares		(142	)
Waiver of shareholder services fee--Class F Shares		(4,301	)
TOTAL WAIVERS					(1,014,318	)
Net expenses								4,038,393
Net investment income								12,637,680
Realized and Unrealized Gain (Loss) on Investments:
Net realized loss on investments								(1,149,998	)
Net change in unrealized appreciation of investments								4,784,386
Net realized and unrealized gain on investments								3,634,388
Change in net assets resulting from operations							$	16,272,068

See Notes which are an integral part of the Financial Statements

Statement of Changes in Net Assets

	Six Months Ended (unaudited) 8/31/2005				Year Ended 2/28/2005
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	12,637,680		$	27,634,874
Net realized gain (loss) on investments		(1,149,998	)		(1,776,473	)
Net change in unrealized appreciation/depreciation of investments		4,784,386			(12,720,754	)
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS		16,272,068			13,137,647
Distributions to Shareholders:
Distributions from net investment income
Class A Shares		(1,181,941	)		(2,254,989	)
Class B Shares		(1,370,898	)		(3,486,070	)
Class C Shares		(383,182	)		(920,235	)
Class F Shares		(10,270,838	)		(23,271,019	)
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS		(13,206,859	)		(29,932,313	)
Share Transactions:
Proceeds from sale of shares		26,436,890			60,330,127
Proceeds from shares issued in connection with the tax-free transfer of assets from NorthTrack Government Fund		19,211,565			- --
Net asset value of shares issued to shareholders in payment of distributions declared		6,404,304			14,152,003
Cost of shares redeemed		(76,995,960	)		(202,664,030	)
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS		(24,943,201	)		(128,181,900	)
Change in net assets		(21,877,992	)		(144,976,566	)
Net Assets:
Beginning of period		731,396,516			876,373,082
End of period (including accumulated net investment income (loss) of $(390,028) and $179,151, respectively)	$	709,518,524		$	731,396,516

See Notes which are an integral part of the Financial Statements

Notes to Financial Statements

August 31, 2005 (unaudited)

1. ORGANIZATION

Federated Government Income Securities, Inc. (the "Fund") is registered under the Investment Company Act of 1940, as amended (the "Act"), as a diversified, open-end management investment company. The Fund offers four classes of shares: Class A Shares, Class B Shares, Class C Shares and Class F Shares. All shares of the Fund have equal rights with respect to voting, except on class-specific matters. The Fund's objective is to provide current income.

On May 2, 2005, the Fund received assets from the NorthTrack Government Fund as the result of a tax-free reorganization, as follows:

	Class A Shares of the Fund Issued	NorthTrack Government Fund Net Assets Received	Unrealized Depreciation 1	Net Assets of the Fund Prior to Combination	Net Assets of NorthTrack Government Fund Immediately Prior to Combination	Net Assets of the Fund Immediately After Combination
NorthTrack Government Fund	2,141,758	$19,211,565	$138,200	$716,488,583	$19,211,565	$735,700,148

1 Unrealized Depreciation is included in the Northtrack Government Fund Net Assets Received amount shown above.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles (GAAP) in the United States of America.

Investment Valuation

The Fund generally values fixed-income securities according to prices furnished by an independent pricing service, except that fixed-income securities with remaining maturities of less than 60 days at the time of purchase may be valued at amortized cost. For mortgage-backed securities, prices furnished by the independent pricing service are based on the aggregate investment value of the projected cash flows to be generated by the security. For other fixed-income securities, prices furnished by an independent pricing service are intended to be indicative of the mean between the bid and asked prices currently offered to institutional investors for the securities. The Fund generally values short-term securities according to prices furnished by an independent pricing service, except that short-term securities with remaining maturities of less than 60 days at the time of purchase may be valued at amortized cost. Prices furnished by an independent pricing service are intended to be indicative of the mean between the bid and asked prices currently offered to institutional investors for the securities. Securities for which no quotations are readily available are valued at fair value as determined in accordance with procedures established by and under general supervision of the Board of Directors (the "Directors").

Repurchase Agreements

It is the policy of the Fund to require the custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian bank's vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Fund to monitor, on a daily basis, the market value of each repurchase agreement's collateral to ensure that the value of the collateral at least equals the repurchase price to be paid under the repurchase agreement.

The Fund will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Fund's adviser to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Directors. Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. The Fund, along with other affiliated investment companies, may utilize a joint trading account for the purpose of entering into one or more repurchase agreements.

Investment Income, Gains and Losses, Expenses and Distributions

Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Distributions of net investment income are declared daily and paid monthly. Non-cash dividends included in dividend income, if any, are recorded at fair value. Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated to each class based on relative average daily net assets, except that each class bears certain expenses unique to that class such as distribution and shareholder services fees. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in separate class expenses.

Premium and Discount Amortization/Paydown Gains and Losses

All premiums and discounts on fixed income securities, other than mortgage-backed securities, are amortized/accreted for financial statement purposes. Gains and losses realized on principal payment of mortgage-backed securities (paydown gains and losses) are classified as part of investment income.

Federal Taxes

It is the Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code (the "Code") and to distribute to shareholders each year substantially all of its income. Accordingly, no provision for federal income tax is necessary.

Other Taxes

As an open-end management investment company incorporated in the state of Maryland but domiciled in Pennsylvania, the Fund is subject to the Pennsylvania Franchise Tax. This franchise tax is assessed annually on the value of the Fund, as represented by average net assets for the tax year.

When-Issued and Delayed Delivery Transactions

The Fund may engage in when-issued or delayed delivery transactions. The Fund records when-issued securities on the trade date and maintains security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

The Fund may transact in To Be Announced Securities (TBAs). As with other delayed delivery transactions, a seller agrees to issue a TBA security at a future date. However, the seller does not specify the particular securities to be delivered. Instead, the Fund agrees to accept any security that meets specified terms such as issuer, interest rate and terms of underlying mortgages. The Fund records TBA securities on the trade date utilizing information associated with the specified terms of the transaction as opposed to the specific mortgages. TBAs are marked to market daily and begin earning interest on the settlement date. Losses may occur due to the fact that the actual underlying mortgages received may be less favorable than those anticipated by the Fund.

Dollar Roll Transactions

The Fund enters into dollar roll transactions with respect to mortgage securities issued by GNMA, FNMA and FHLMC, in which the Fund sells mortgage securities to financial institutions and simultaneously agrees to accept substantially similar (same type, coupon and maturity) securities at a later date at an agreed-upon price. Dollar roll transactions are treated as short-term financing arrangements which will not exceed 12 months. The Fund will use the proceeds generated from the transaction to invest in short-term investments or mortgage-backed securities which may enhance the Fund's current yield and total return.

Information regarding dollar roll transactions for the Fund for the six months ended August 31, 2005, was as follows:

Maximum amount outstanding during the period	$	17,112,624
Average amount outstanding during the period 1	$	7,048,887
Average shares outstanding during the period		80,717,030
Average debt per shares outstanding during the period	$	0.09

1 The average amount outstanding during the period was calculated by adding the borrowings at the end of the day and dividing the sum by the number of days in the six months ended August 31, 2005.

Securities Lending

The Fund participates in a securities lending program providing for the lending of corporate bonds and government securities to qualified brokers. The Fund normally receives cash collateral for securities loaned that is invested in short-term securities including repurchase agreements. Collateral is maintained at a minimum level of 102% of the market value of investments loaned, plus interest, if applicable. Earnings on collateral are allocated between the securities lending agent, as a fee for its services under the program, and the Fund, according to agreed-upon rates.

As of August 31, 2005, securities subject to this type of arrangement and related collateral were as follows:

Market Value of Securities Loaned	Market Value of Collateral
$138,470,167	$141,226,000

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, expenses and revenues reported in the financial statements. Actual results could differ from those estimated.

Other

Investment transactions are accounted for on a trade date basis. Realized gains and losses from investment transactions are recorded on an identified cost basis.

3. CAPITAL STOCK

The following tables summarize capital stock activity:

	Six Months Ended 8/31/2005					Year Ended 2/28/2005
Class A Shares:	Shares			Amount		Shares			Amount
Shares sold	1,924,898		$	17,243,621		4,800,777		$	43,180,580
Shares issued in connection with tax-free transfer of assets from NorthTrack Government Fund	2,141,758			19,211,565		--			--
Shares issued to shareholders in payment of distributions declared	89,624			803,996		177,854			1,598,260
Shares redeemed	(2,140,721	)		(19,145,954	)	(5,730,164	)		(51,596,998	)
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS	2,015,559		$	18,113,228		(751,533	)	$	(6,818,158	)
	Six Months Ended 8/31/2005					Year Ended 2/28/2005
Class B Shares:	Shares			Amount		Shares			Amount
Shares sold	382,375		$	3,420,490		680,794		$	6,100,946
Shares issued to shareholders in payment of distributions declared	106,673			953,242		263,153			2,356,431
Shares redeemed	(1,860,704	)		(16,623,013	)	(4,592,831	)		(41,101,586	)
NET CHANGE RESULTING FROM CLASS B SHARE TRANSACTIONS	(1,371,656	)	$	(12,249,281	)	(3,648,884	)	$	(32,644,209	)
	Six Months Ended 8/31/2005					Year Ended 2/28/2005
Class C Shares:	Shares			Amount		Shares			Amount
Shares sold	161,888		$	1,453,241		340,807		$	3,080,597
Shares issued to shareholders in payment of distributions declared	18,753			168,148		46,523			417,955
Shares redeemed	(322,051	)		(2,884,158	)	(1,190,035	)		(10,700,943	)
NET CHANGE RESULTING FROM CLASS C SHARE TRANSACTIONS	(141,410	)	$	(1,262,769	)	(802,705	)	$	(7,202,391	)
	Six Months Ended 8/31/2005					Year Ended 2/28/2005
Class F Shares:	Shares			Amount		Shares			Amount
Shares sold	482,248		$	4,319,538		886,432		$	7,968,004
Shares issued to shareholders in payment of distributions declared	500,265			4,478,918		1,090,460			9,779,357
Shares redeemed	(4,285,745	)		(38,342,835	)	(11,062,422	)		(99,264,503	)
NET CHANGE RESULTING FROM CLASS F SHARE TRANSACTIONS	(3,303,232	)	$	(29,544,379	)	(9,085,530	)	$	(81,517,142	)
NET CHANGE RESULTING FROM SHARE TRANSACTIONS	(2,800,739	)	$	(24,943,201	)	(14,288,652	)	$	(128,181,900	)

4. FEDERAL TAX INFORMATION

At August 31, 2005, the cost of investments for federal tax purposes was $843,649,253. The net unrealized appreciation of investments for federal tax purposes was $9,060,367. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $9,931,175 and net unrealized depreciation from investments for those securities having an excess of cost over value of $870,808.

At February 28, 2005, the Fund had a capital loss carryforward of $50,568,846 which will reduce the Fund's taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code and thus will reduce the amount of distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal tax. Pursuant to the Code, such capital loss carryforward will expire as follows:

Expiration Year	Expiration Amount
2008	$26,416,036
2009	$20,174,071
2013	$ 3,978,739

5. INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Adviser Fee

Federated Investment Management Company, the Fund's investment adviser (the "Adviser"), receives for its services an annual investment adviser fee equal to 0.75% of the Fund's average daily net assets. The Adviser may voluntarily choose to waive any portion of its fee. The Adviser can modify or terminate this voluntary waiver at any time at its sole discretion. For the six months ended August 31, 2005, the Adviser voluntarily waived $917,161 of its fee.

Administrative Fee

Federated Administrative Services (FAS), under the Administrative Services Agreement, provides the Fund with administrative personnel and services. The fee paid to FAS is based on the average aggregate daily net assets of all Federated funds as specified below:

Maximum Administrative Fee	Average Aggregate Daily Net Assets of the Federated Funds
0.150%	on the first $5 billion
0.125%	on the next $5 billion
0.100%	on the next $10 billion
0.075%	on assets in excess of $20 billion

The administrative fee received during any fiscal year shall be at least $150,000 per portfolio and $40,000 per each additional class of Shares. FAS may voluntarily choose to waive any portion of its fee. FAS can modify or terminate this voluntary waiver at any time at its sole discretion. For the six months ended August 31, 2005, the net fee paid to FAS was 0.076% of average aggregate daily net assets of the Fund.

Distribution Services Fee

The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Under the terms of the Plan, the Fund will compensate Federated Securities Corp. (FSC), the principal distributor, from the daily net assets of the Fund's Class A Shares, Class B Shares and Class C Shares to finance activities intended to result in the sale of these shares. The Plan provides that the Fund may incur distribution expenses according to the following schedule annually, to compensate FSC:

Share Class Name	Percentage of Average Daily Net Assets of Class
Class A Shares	0.25%
Class B Shares	0.75%
Class C Shares	0.75%

FSC may voluntarily choose to waive any portion of its fee. FSC can modify or terminate this voluntary waiver at any time at its sole discretion. For the six months ended August 31, 2005, FSC voluntarily waived $78,327 of its fee. Rather than paying investment professionals directly, the Fund may pay fees to FSC and FSC will use the fees to compensate investment professionals. For the six months ended August 31, 2005, FSC retained $13,613 of fees paid by the Fund.

Sales Charges

For the six months ended August 31, 2005, FSC retained $7,743 in sales charges from the sale of Class A Shares. FSC also retained $739 of contingent deferred sales charges relating to redemptions of Class C Shares and $1,438 relating to redemptions of Class F Shares. See "What Do Shares Cost?" in the Prospectus.

Shareholder Services Fee

The Fund may pay fees (Services Fees) up to 0.25% of the average daily net assets of the Fund's Class A Shares, Class B Shares, Class C Shares and Class F Shares to financial institutions or to Federated Shareholder Services Company (FSSC), a subsidiary of Federated Investors, Inc., for providing services to shareholders and maintaining shareholder accounts. Under certain agreements, rather than paying financial institutions directly, the Fund may pay Service Fees to FSSC and FSSC will use the fees to compensate financial institutions. FSSC or these financial institutions may voluntarily choose to waive any portion of their fee. This voluntary waiver can be modified or terminated at any time. For the six months ended August 31, 2005, FSSC voluntarily waived $4,443 of its fee. For the six months ended August 31, 2005, FSSC retained $28,962 of fees paid by the Fund.

General

Certain of the Officers and Directors of the Fund are Officers and Directors or Trustees of the above companies.

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding long-term U.S. government securities and short-term obligations for the six months ended August 31, 2005, were as follows:

Purchases	$	0
Sales	$	1,831,954

7. LEGAL PROCEEDINGS

Beginning in October 2003, Federated Investors, Inc. and various subsidiaries thereof (including the advisers and distributor for various investment companies, collectively, "Federated"), along with various investment companies sponsored by Federated (Funds) were named as defendants in several class action lawsuits now pending in the United States District Court for the District of Maryland. The lawsuits were purportedly filed on behalf of people who purchased, owned and/or redeemed shares of Federated-sponsored mutual funds during specified periods beginning November 1, 1998. The suits are generally similar in alleging that Federated engaged in illegal and improper trading practices including market timing and late trading in concert with certain institutional traders, which allegedly caused financial injury to the mutual fund shareholders. Federated and various Funds have also been named as defendants in several additional lawsuits, the majority of which are now pending in the United States District Court for the Western District of Pennsylvania, alleging, among other things, excessive advisory and Rule 12b-1 fees. The Board of the Funds has retained the law firm of Dickstein Shapiro Morin & Oshinsky LLP to represent the Funds in these lawsuits. Federated and the Funds, and their respective counsel, are reviewing the allegations and will respond appropriately. Additional lawsuits based upon similar allegations may be filed in the future. The potential impact of these lawsuits, all of which seek unquantified damages, attorneys' fees and expenses, and future potential similar suits is uncertain. Although we do not believe that these lawsuits will have a material adverse effect on the Funds, there can be no assurance that these suits, the ongoing adverse publicity and/or other developments resulting from the regulatory investigations will not result in increased Fund redemptions, reduced sales of Fund shares, or other adverse consequences for the Funds.

8. CHANGE IN INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

On May 20, 2005, the Fund's Board of Directors (the "Directors"), upon the recommendation of the Audit Committee, appointed Ernst & Young LLP ("E&Y") as the Fund's independent registered public accounting firm. The Fund's previous independent registered public accounting firm, Deloitte & Touche LLP ("D&T") declined to stand for re-election. The previous reports issued by D&T on the Fund's financial statements for the fiscal years ended February 29, 2004 and February 28, 2005, contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. During the Fund's fiscal years ended February 29, 2004 and February 28, 2005: (i) there were no disagreements with D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of D&T, would have caused it to make reference to the subject matter of the disagreements in connection with the reports on the financial statements for such years; and (ii) there were no reportable events of the kind described in Item 304(a) (1) (v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.

As indicated above, the Fund has appointed E&Y as the independent registered public accounting firm to audit the Fund's financial statements for the fiscal year ending February 28, 2006. During the Fund's fiscal years ended February 29, 2004 and February 28, 2005 and interim period commencing March 1, 2005 and ending May 20, 2005, neither the Fund nor anyone on its behalf has consulted E&Y on items which: (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Fund's financial statements; or (ii) concerned of the subject of a disagreement (as defined in paragraph (a) (1) (IV) of Item 304 of Regulations S-K) or reportable events (as described in paragraph (a) (1) (v) of said Item 304).

Board Review of Advisory Contract

As required by the Act, the Fund's Board has reviewed the Fund's investment advisory contract. The Board's decision to approve the contract reflects the exercise of its business judgment on whether to continue the existing arrangements. During its review of the contract, the Board considers many factors, among the most material of which are: the Fund's investment objectives; the Adviser's management philosophy, personnel, processes, and investment and operating strategies; long term performance; the preferences and expectations of Fund shareholders and their relative sophistication; the continuing state of competition in the mutual fund industry; the range of comparable fees for similar funds in the mutual fund industry; the range and quality of services provided to the Fund and its shareholders by the Federated organization in addition to investment advisory services; and the Fund's relationship to the Federated family of funds.

In its decision to appoint or renew the Adviser, the Board is mindful of the potential disruptions of the Fund's operations and various risks, uncertainties and other effects that could occur as a result of a decision to terminate or not renew an advisory contract. In particular, the Board recognizes that most shareholders have invested in the Fund on the strength of the Adviser's industry standing and reputation and in the expectation that the Adviser will have a continuing role in providing advisory services to the Fund. Thus, the Board's "selection" or approval of the Adviser must reflect the fact that it is the shareholders who have effectively selected the Adviser by virtue of having invested in the Fund. The Board also considers the compensation and benefits received by the Adviser. This includes fees received for services provided to the Fund by other entities in the Federated organization and research services received by the Adviser from brokers that execute fund trades, as well as advisory fees. In this regard, the Board is aware that various courts have interpreted provisions of the Act and have indicated in their decisions that the following factors may be relevant to an Adviser's fiduciary duty with respect to its receipt of compensation from a fund: the nature and quality of the services provided by the Adviser, including the performance of the Fund; the Adviser's cost of providing the services; the extent to which the Adviser may realize "economies of scale" as the Fund grows larger; any indirect benefits that may accrue to the Adviser and its affiliates as a result of the Adviser's relationship with the Fund; performance and expenses of comparable funds; and the extent to which the independent Board members are fully informed about all facts bearing on the Adviser's service and fee. The Fund's Board is aware of these factors and is guided by them in its review of the Fund's advisory contract to the extent they are appropriate and relevant, as discussed further below.

The Board considers and weighs these circumstances in light of its substantial accumulated experience in governing the Fund and working with Federated on matters relating to the Federated funds, and is assisted in its deliberations by the advice of independent legal counsel. In this regard, the Board requests and receives substantial and detailed information about the Fund and the Federated organization. Federated provides much of this information at each regular meeting of the Board, and furnishes additional reports in connection with the particular meeting at which the Board's formal review of the advisory contract occurs. In between regularly scheduled meetings, the Board may receive information on particular matters as the need arises. Thus, the Board's evaluation of an advisory contract is informed by reports covering such matters as: the Adviser's investment philosophy, personnel, and processes; operating strategies; the Fund's short- and long-term performance (in absolute terms, both on a gross basis and net of expenses, as well as in relationship to its particular investment program and certain competitor or "peer group" funds and/or other benchmarks, as appropriate), and comments on the reasons for performance; the Fund's expenses (including the advisory fee itself and the overall expense structure of the Fund, both in absolute terms and relative to similar and/or competing funds, with due regard for contractual or voluntary expense limitations); the use and allocation of brokerage commissions derived from trading the Fund's portfolio securities; the nature and extent of the advisory and other services provided to the Fund by the Adviser and its affiliates; compliance and audit reports concerning the Federated funds and the Federated companies that service them (including communications from regulatory agencies), as well as Federated's responses to any issues raised therein; and relevant developments in the mutual fund industry and how the Federated funds and/or Federated are responding to them. The evaluation process is evolutionary, reflecting continually developing considerations. The criteria considered and the emphasis placed on relevant criteria change in recognition of changing circumstances in the mutual fund marketplace.

With respect to the Fund's performance and expenses in particular, the Board has found the use of comparisons to other mutual funds with comparable investment programs to be particularly useful, given the high degree of competition in the mutual fund business. The Board focuses on comparisons with other similar mutual funds (rather than non-mutual fund products or services) because, simply put, they are more relevant. For example, other mutual funds are the products most like the Fund, they are readily available to Fund shareholders as alternative investment vehicles, and they are the type of investment vehicle already chosen by the Fund's investors. The range of their fees and expenses therefore appears to be a generally reliable indication of what consumers have found to be reasonable in the precise marketplace in which the Fund competes. The Fund's ability to deliver competitive performance when compared to its peer group may be a useful indicator of how the Adviser is executing on the Fund's investment program, which would in turn assist the Board in reaching a conclusion that the nature, extent, and quality of the Adviser's investment management services are such as to warrant continuation of the advisory contract.

The Board bases its decision to approve an advisory contract on the totality of the circumstances and relevant factors and with a view to past and future long-term considerations. Not all of the factors and considerations identified above are relevant to every Federated fund, nor does the Board consider any one of them to be determinative. With respect to the factors that are relevant, the Board's decision to approve the contract reflects its determination that Federated's performance and actions provide a satisfactory basis to support the decision to continue the existing arrangements.

The Board also receives financial information about Federated, including reports on the compensation and benefits Federated derives from its relationships with the Federated funds. These reports cover not only the fees under the advisory contracts, but also fees received by Federated's subsidiaries for providing other services to the Federated funds under separate contracts (e.g., for serving as the Federated funds' administrator). The reports also discuss any indirect benefit Federated may derive from its receipt of research services from brokers who execute Federated fund trades as well as waivers of fees and/or reimbursements of expenses. In order for a fund to be competitive in the marketplace, Federated and its affiliates frequently waive fees and/or reimburse expenses. Although the Board considers the profitability of the Federated organization as a whole, it does not evaluate, on a fund-by-fund basis, Federated's "profitability" and/or "costs" (which would include an assessment as to whether "economies of scale" would be realized if the fund were to grow to some sufficient size). In the Board's view, the cost of performing advisory services on a fund-specific basis is both difficult to estimate satisfactorily and a relatively minor consideration in its overall evaluation. Analyzing isolated funds would require constructed allocations of the costs of shared resources and operations based on artificial assumptions that are inconsistent with the existing relationships within a large and diversified family of funds that receive advisory and other services from the same organization. Although the Board is always eager to discover any genuine "economies of scale," its experience has been that such "economies" are likely to arise only when a fund grows dramatically, and becomes and remains very large in size. Even in these instances, purchase and redemption activity, as well as the presence of expense limitations (if any), may offset any perceived economies. As suggested above, the Board considers the information it receives about the Fund's performance and expenses as compared to an appropriate set of similar competing funds to be more relevant.

Voting Proxies on Fund Portfolio Securities

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to securities held in the Fund's portfolio is available, without charge and upon request, by calling 1-800-341-7400. A report on "Form N-PX" of how the Fund voted any such proxies during the most recent 12-month period ended June 30 is available through Federated's website. Go to FederatedInvestors.com, select "Products," select the "Prospectuses and Regulatory Reports" link, then select the Fund to access the link to Form N-PX. This information is also available from the EDGAR database on the SEC's website at www.sec.gov.

Quarterly Portfolio Schedule

The Fund files with the SEC a complete schedule of its portfolio holdings, as of the close of the first and third quarters of its fiscal year, on "Form N-Q." These filings are available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. (Call 1-800-SEC-0330 for information on the operation of the Public Reference Room.) You may also access this information from the "Products" section of the Federated's website at FederatedInvestors.com by clicking on "Portfolio Holdings" and selecting the name of the Fund, or by selecting the name of the Fund and clicking on "Portfolio Holdings." You must register on the website the first time you wish to access this information.

This report is authorized for distribution to prospective investors only when preceded or accompanied by the Fund's prospectus, which contains facts concerning its objective and policies, management fees, expenses, and other information.

Mutual funds are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal.

IMPORTANT NOTICE ABOUT FUND DOCUMENT DELIVERY

In an effort to reduce costs and avoid duplicate mailings, the Fund(s) intend to deliver a single copy of certain documents to each household in which more than one shareholder of the Fund(s) resides (so-called "householding"), as permitted by applicable rules. The Fund's "householding" program covers its/their Prospectus and Statement of Additional Information, and supplements to each, as well as Semi-Annual and Annual Shareholder Reports and any Proxies or information statements. Shareholders must give their written consent to participate in the "householding" program. The Fund is also permitted to treat a shareholder as having given consent ("implied consent") if (i) shareholders with the same last name, or believed to be members of the same family, reside at the same street address or receive mail at the same post office box, (ii) the Fund gives notice of its intent to "household" at least sixty (60) days before it begins "householding" and (iii) none of the shareholders in the household have notified the Fund(s) or their agent of the desire to "opt out" of "householding." Shareholders who have granted written consent, or have been deemed to have granted implied consent, can revoke that consent and opt out of "householding" at any time: shareholders who purchased shares through an intermediary should contact their representative; other shareholders may call the Fund at 1-800-341-7400.

Federated Securities Corp., Distributor

Cusip 313912206
Cusip 313912305
Cusip 313912404
Cusip 313912107

8092706 (10/05)

Federated is a registered mark of Federated Investors, Inc. 2005 (c)Federated Investors, Inc.

Item 2.           Code of Ethics

                  Not Applicable

Item 3.           Audit Committee Financial Expert

                  Not Applicable

Item 4.           Principal Accountant Fees and Services

                  Not Applicable

Item 5.           Audit Committee of Listed Registrants

                  Not Applicable

Item 6.           Schedule of Investments

                  Not Applicable

Item 7.           Disclosure of Proxy Voting Policies and Procedures for Closed-
                  End Management Investment Companies

                  Not Applicable

Item 8.           Portfolio Managers of Closed-End Management Investment
                  Companies

                  Not Applicable

Item 9.           Purchases of Equity Securities by Closed-End Management
                  Investment Company and Affiliated Purchasers

                  Not Applicable

Item 10.          Submission of Matters to a Vote of Security Holders

                  Not Applicable

Item 11.          Controls and Procedures

(a) The registrant's President and Treasurer have concluded that the
registrant's disclosure controls and procedures (as defined in rule 30a-3(c)
under the Act) are effective in design and operation and are sufficient to form
the basis of the certifications required by Rule 30a-(2) under the Act, based on
their evaluation of these disclosure controls and procedures within 90 days of
the filing date of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial
reporting (as defined in rule 30a-3(d) under the Act) during the last fiscal
quarter that have materially affected, or are reasonably likely to materially
affect, the registrant's internal control over financial reporting.

Item 12.          Exhibits













SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

Registrant        Federated Government Income Securities, Inc.

By                /S/ Richard J. Thomas
                      Richard J. Thomas, Principal Financial Officer
                                        (insert name and title)

Date              October 21, 2005


Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.


By                /S/ J. Christopher Donahue
                      J. Christopher Donahue, Principal Executive Officer


Date              October 21, 2005


By                /S/ Richard J. Thomas
                      Richard J. Thomas, Principal Financial Officer


Date              October 21, 2005