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 PROSPECTUSES DATED JANUARY 31, 1996
Effective March 1, 1996, Federated Strategic Income Fund will declare its
dividend on a daily basis as opposed to the current policy of declaring its
dividend on a monthly basis.
Accordingly, please delete the first sentence in "DIVIDENDS" which appears
on page 32 of the combined Class A, Class B and Class C prospectus, and
replace it with the following:
"Dividends are declared daily and paid monthly to all shareholders
invested in the Fund on the record date."
Also, please delete the first sentence under "DIVIDENDS AND DISTRIBUTIONS"
which appears on page 20 of the Class F Shares' prospectus, and replace it
with the following:
"Dividends are declared daily and paid monthly."
March 7, 1996
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of FEDERATED INVESTORS
Federated Investors Tower
PITTSBURGH, PA 15222-3779
338319700
338319866
338319809
338319882
G01055-05 (3/96)
CMR 602042
