FEDERATED STRATEGIC INCOME FUND
(A Portfolio of Fixed Income Securities, Inc.)
Class A Shares
Class B Shares
Class C Shares
Class F Shares
SUPPLEMENT TO THE PROSPECTUSES DATED JANUARY 31, 1996
Under the section entitled "Portfolio Managers' Backgrounds", please delete
the first paragraph and replace it with the following:
"Joseph M. Balestrino is the portfolio manager for the Fund and
performs the overall allocation of the assets of the Fund among the
various asset categories. He has performed these duties since July 1,
1996. In allocating the Fund's assets, Mr. Balestrino evaluates the
market environment and economic outlook in each of the Fund's three
major sectors. Mr. Balestrino joined Federated Investors in 1986 and
has been a Vice President of the Fund's investment adviser since 1995.
Mr. Balestrino served as an Assistant Vice President of the investment
adviser from 1991 to 1995. Mr. Balestrino is a Chartered Financial
Analyst and received his Master's Degree in Urban and Regional
Planning from the University of Pittsburgh."
In addition, please delete the fourth paragraph and replace it with the
following:
"Kathleen M. Foody-Malus is the portfolio manager for the U.S.
government securities category. Ms. Foody-Malus has served in this
capacity since March 1995. 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. Ms. Foody-Malus received
her M.B.A. in Accounting/Finance from the University of Pittsburgh."
July 30, 1996
FEDERATED INVESTORS
Federated Investors Tower
Pittsburgh, PA 15222-3779
Federated Securities Corp.
is the distributor of the
Fund and is a subsidiary of
Federated Investors
Cusip 338319700
Cusip 338319866
Cusip 338319809
Cusip 338319882
G01055-06 (7/96)
