STRATEGIC INCOME FUND
(A Portfolio of Fixed Income Securities, Inc.)
Class A Shares
Class C Shares
Fortress Shares
Supplement to Prospectuses dated January 31, 1995
Please delete "Portfolio Managers' Backgrounds," a sub-section of
"Investment Adviser," which begins on pages 26, 24, and 25 of the
respective prospectuses and replace it with the following:
"Portfolio Managers' Backgrounds. Randall S. Bauer, Mark E. Durbiano, and
Kathleen M. Foody-Malus are the Fund's portfolio managers. Mr. Bauer and
Mr. Durbiano have performed these duties since the Fund's inception. Ms.
Foody-Malus assumed her duties on March 1, 1995. Mr. Bauer joined Federated
Investors in 1989 and has been a Vice President of the Fund's investment
adviser since January 1994. Prior to this, Mr. Bauer served as an Assistant
Vice President of the Fund's investment adviser. Mr. Bauer was an Assistant
Vice President of the International Banking Division at Pittsburgh National
Bank from 1982 until 1989. Mr. Bauer is a Chartered Financial Analyst and
received his M.B.A. in Finance from Pennsylvania State University. Mr.
Durbiano joined Federated Investors in 1982 and has been a Vice President of
the Fund's investment adviser since 1988. Mr. Durbiano is a Chartered
Financial Analyst and received his M.B.A. in Finance from the University of
Pittsburgh. Ms. Foody-Malus joined Federated Investors in 1983 and has been
a Vice President of the Fund's investment adviser since 1993. Ms. Foody-
Malus served as an Assistant Vice President of the investment adviser from
1990 until 1992, and from 1986 until 1989 she acted as an investment
analyst. Ms. Foody-Malus received her M.B.A. in Accounting/Finance from the
University of Pittsburgh."
March 10, 1995
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
338319700
338319809
338319882
G01055-01
