<PAGE> PAGE 1
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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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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
070 L020300 N
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
015 A000542 CESKOSLOVENSKA OBCHODNA BANKA, A.S.
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015 C010543 CZECH
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015 E040543 X
015 A000544 BANQUE COMMERCIAL DU MAROC
015 B000544 S
015 C010544 CASABLANCA
015 D010544 MOROCCO
015 E040544 X
015 A000545 STATE STREET BANK & TRUST COMPANY
015 B000545 S
015 C010545 LONDON, ENGLAND
015 D010545 UNITED KINGDOM
015 E040545 X
015 A000546 BERLINER HANDES-UND FRANKFURTER BANK
015 B000546 S
015 C010546 D-6000 FRANKFUR AM M
015 D010546 GERMANY
015 E040546 X
015 A000547 MERITA BANK, LTD
015 B000547 S
015 C010547 00500 HELINSKI
015 D010547 FINLAND
015 E040547 X
015 A000548 BANK HAPOALIM
015 B000548 S
015 C010548 TEL-AVIV
015 D010548 ISRAEL
015 E040548 X
024 000500 N
025 D000501 0
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 1042
028 A020500 155
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028 A040500 327
028 B010500 4806
028 B020500 68
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<PAGE> PAGE 20
028 B040500 388
028 C010500 9692
028 C020500 94
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028 C040500 231
028 D010500 9947
028 D020500 -2
028 D030500 0
028 D040500 242
028 E010500 12844
028 E020500 111
028 E030500 0
028 E040500 347
028 F010500 13100
028 F020500 144
028 F030500 0
028 F040500 709
028 G010500 51431
028 G020500 570
028 G030500 0
028 G040500 2244
028 H000500 45344
029 000500 Y
030 A000500 2192
030 B000500 5.50
030 C000500 0.00
031 A000500 10
031 B000500 0
032 000500 2182
033 000500 0
034 000500 Y
035 000500 39
036 A000500 N
036 B000500 0
042 A000500 0
042 B000500 0
042 C000500 100
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 85
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.850
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048 A020500 0.000
048 B010500 0
<PAGE> PAGE 21
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 500
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 11.8
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 1.3
062 N000500 18.5
062 O000500 0.0
062 P000500 33.7
062 Q000500 42.1
062 R000500 0.2
063 A000500 0
063 B000500 14.0
064 A000500 N
064 B000500 N
070 A010500 Y
070 A020500 Y
070 B010500 N
070 B020500 N
070 C010500 Y
<PAGE> PAGE 22
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 Y
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 Y
070 M020500 Y
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 Y
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 64326
071 B000500 14353
071 C000500 31893
071 D000500 45
072 A000500 6
072 B000500 1605
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 143
072 G000500 107
072 H000500 0
072 I000500 45
072 J000500 18
072 K000500 0
072 L000500 21
072 M000500 1
072 N000500 41
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<PAGE> PAGE 23
072 Q000500 50
072 R000500 8
072 S000500 0
072 T000500 127
072 U000500 0
072 V000500 0
072 W000500 30
072 X000500 592
072 Y000500 338
072 Z000500 1351
072AA000500 381
072BB000500 55
072CC010500 0
072CC020500 537
072DD010500 296
072DD020500 1184
072EE000500 137
073 A010500 0.0000
073 A020500 0.0000
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074 A000500 32
074 B000500 7735
074 C000500 0
074 D000500 62700
074 E000500 140
074 F000500 15
074 G000500 0
074 H000500 0
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074 J000500 279
074 K000500 0
074 L000500 3484
074 M000500 29
074 N000500 74414
074 O000500 8164
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074 Q000500 0
074 R010500 0
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074 R030500 0
074 R040500 675
074 S000500 0
074 T000500 65575
074 U010500 890
074 U020500 5641
074 V010500 0.00
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074 W000500 0.0000
074 X000500 2902
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<PAGE> PAGE 24
075 A000500 0
075 B000500 34982
076 000500 0.00
SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> Fixed Income Securities, Inc.
Federated Limited Term Fund
Class A
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> May-31-1996
<INVESTMENTS-AT-COST> 125,940,656
<INVESTMENTS-AT-VALUE> 123,468,723
<RECEIVABLES> 1,438,042
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<TOTAL-ASSETS> 124,932,085
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<OTHER-ITEMS-LIABILITIES> 786,534
<TOTAL-LIABILITIES> 2,722,867
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 134,882,967
<SHARES-COMMON-STOCK> 11,624,243
<SHARES-COMMON-PRIOR> 13,888,396
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (41,875)
<ACCUMULATED-NET-GAINS> (10,159,941)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,471,933
<NET-ASSETS> 112,596,154
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,822,057
<OTHER-INCOME> 0
<EXPENSES-NET> 747,579
<NET-INVESTMENT-INCOME> 4,074,478
<REALIZED-GAINS-CURRENT> 854,851
<APPREC-INCREASE-CURRENT> (4,594,252)
<NET-CHANGE-FROM-OPS> 335,077
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,827,123
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 405,328
<NUMBER-OF-SHARES-REDEEMED> 2,892,391
<SHARES-REINVESTED> 222,910
<NET-CHANGE-IN-ASSETS> 26,425,080
<ACCUMULATED-NII-PRIOR> 15,964
<ACCUMULATED-GAINS-PRIOR> (11,014,791)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 272,725
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,088,360
<AVERAGE-NET-ASSETS> 136,119,466
<PER-SHARE-NAV-BEGIN> 9.970
<PER-SHARE-NII> 0.290
<PER-SHARE-GAIN-APPREC> (0.270)
<PER-SHARE-DIVIDEND> 0.300
<PER-SHARE-DISTRIBUTIONS> 0.000
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<PER-SHARE-NAV-END> 9.690
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 012
<NAME> Fixed Income Securities, Inc.
Federated Limited Term Fund
Class F
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> May-31-1996
<INVESTMENTS-AT-COST> 125,940,656
<INVESTMENTS-AT-VALUE> 123,468,723
<RECEIVABLES> 1,438,042
<ASSETS-OTHER> 25,320
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 124,932,085
<PAYABLE-FOR-SECURITIES> 1,936,333
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 786,534
<TOTAL-LIABILITIES> 2,722,867
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 134,882,967
<SHARES-COMMON-STOCK> 992,417
<SHARES-COMMON-PRIOR> 1,021,539
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (41,875)
<ACCUMULATED-NET-GAINS> (10,159,941)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,471,933
<NET-ASSETS> 112,596,154
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,822,057
<OTHER-INCOME> 0
<EXPENSES-NET> 747,579
<NET-INVESTMENT-INCOME> 4,074,478
<REALIZED-GAINS-CURRENT> 854,851
<APPREC-INCREASE-CURRENT> (4,594,252)
<NET-CHANGE-FROM-OPS> 335,077
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 305,195
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 173,763
<NUMBER-OF-SHARES-REDEEMED> 218,434
<SHARES-REINVESTED> 15,549
<NET-CHANGE-IN-ASSETS> 26,425,080
<ACCUMULATED-NII-PRIOR> 15,964
<ACCUMULATED-GAINS-PRIOR> (11,014,791)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 272,725
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,088,360
<AVERAGE-NET-ASSETS> 136,119,466
<PER-SHARE-NAV-BEGIN> 9.970
<PER-SHARE-NII> 0.300
<PER-SHARE-GAIN-APPREC> (0.280)
<PER-SHARE-DIVIDEND> 0.300
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<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.690
<EXPENSE-RATIO> 1.01
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 021
<NAME> Fixed Income Securities, Inc.
Federated Limited Term Municipal Fund
Class F Shares
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> May-31-1996
<INVESTMENTS-AT-COST> 101,116,942
<INVESTMENTS-AT-VALUE> 100,912,237
<RECEIVABLES> 2,173,701
<ASSETS-OTHER> 44,243
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 103,130,181
<PAYABLE-FOR-SECURITIES> 7,007,078
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 727,440
<TOTAL-LIABILITIES> 7,734,518
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 97,990,799
<SHARES-COMMON-STOCK> 3,047,109
<SHARES-COMMON-PRIOR> 2,683,625
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,390,431)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (204,705)
<NET-ASSETS> 29,758,822
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,317,538
<OTHER-INCOME> 0
<EXPENSES-NET> 312,399
<NET-INVESTMENT-INCOME> 2,005,139
<REALIZED-GAINS-CURRENT> 35,664
<APPREC-INCREASE-CURRENT> (872,011)
<NET-CHANGE-FROM-OPS> 1,168,792
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 652,900
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 696,422
<NUMBER-OF-SHARES-REDEEMED> 366,777
<SHARES-REINVESTED> 33,839
<NET-CHANGE-IN-ASSETS> 3,774,353
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2,426,095)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 186,914
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 585,384
<AVERAGE-NET-ASSETS> 92,397,615
<PER-SHARE-NAV-BEGIN> 9.850
<PER-SHARE-NII> 0.220
<PER-SHARE-GAIN-APPREC> 0.080
<PER-SHARE-DIVIDEND> 0.220
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.770
<EXPENSE-RATIO> 0.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 022
<NAME> Fixed Income Securities, Inc.
Federated Limited Term Municipal Fund
Class A Shares
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> May-31-1996
<INVESTMENTS-AT-COST> 101,116,942
<INVESTMENTS-AT-VALUE> 100,912,237
<RECEIVABLES> 2,173,701
<ASSETS-OTHER> 44,243
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 103,130,181
<PAYABLE-FOR-SECURITIES> 7,007,078
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 727,440
<TOTAL-LIABILITIES> 7,734,518
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 97,990,799
<SHARES-COMMON-STOCK> 6,720,785
<SHARES-COMMON-PRIOR> 6,615,525
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,390,431)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (204,705)
<NET-ASSETS> 65,636,841
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,317,538
<OTHER-INCOME> 0
<EXPENSES-NET> 312,399
<NET-INVESTMENT-INCOME> 2,005,139
<REALIZED-GAINS-CURRENT> 35,664
<APPREC-INCREASE-CURRENT> (872,011)
<NET-CHANGE-FROM-OPS> 1,168,792
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 2,735,793
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<SHARES-REINVESTED> 78,083
<NET-CHANGE-IN-ASSETS> 3,774,353
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2,426,095)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 186,914
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 585,384
<AVERAGE-NET-ASSETS> 92,397,615
<PER-SHARE-NAV-BEGIN> 9.850
<PER-SHARE-NII> 0.210
<PER-SHARE-GAIN-APPREC> 0.080
<PER-SHARE-DIVIDEND> 0.210
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.770
<EXPENSE-RATIO> 0.74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 031
<NAME> Fixed Income Securities, Inc.
Federated Strategic Income Fund
Class A Shares
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> May-31-1996
<INVESTMENTS-AT-COST> 70,792,244
<INVESTMENTS-AT-VALUE> 70,590,318
<RECEIVABLES> 3,762,193
<ASSETS-OTHER> 60,957
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 74,413,468
<PAYABLE-FOR-SECURITIES> 8,164,017
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<OTHER-ITEMS-LIABILITIES> 674,582
<TOTAL-LIABILITIES> 8,838,599
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 65,592,601
<SHARES-COMMON-STOCK> 890,362
<SHARES-COMMON-PRIOR> 502,051
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 136,757
<ACCUMULATED-NET-GAINS> 324,348
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (205,323)
<NET-ASSETS> 8,939,969
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,604,749
<OTHER-INCOME> 0
<EXPENSES-NET> 253,791
<NET-INVESTMENT-INCOME> 1,350,958
<REALIZED-GAINS-CURRENT> 325,663
<APPREC-INCREASE-CURRENT> (536,970)
<NET-CHANGE-FROM-OPS> 1,139,651
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 296,074
<DISTRIBUTIONS-OF-GAINS> 41,612
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<NUMBER-OF-SHARES-SOLD> 437,959
<NUMBER-OF-SHARES-REDEEMED> 64,365
<SHARES-REINVESTED> 14,717
<NET-CHANGE-IN-ASSETS> 49,279,603
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 135,565
<OVERDISTRIB-NII-PRIOR> 7,376
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 592,401
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<PER-SHARE-NAV-BEGIN> 10.140
<PER-SHARE-NII> 0.440
<PER-SHARE-GAIN-APPREC> 0.010
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<PER-SHARE-NAV-END> 10.040
<EXPENSE-RATIO> 1.00
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<AVG-DEBT-PER-SHARE> 0.021
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 032
<NAME> Fixed Income Securities, Inc.
Federated Strategic Income Fund
Class B Shares
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> May-31-1996
<INVESTMENTS-AT-COST> 70,792,244
<INVESTMENTS-AT-VALUE> 70,590,318
<RECEIVABLES> 3,762,193
<ASSETS-OTHER> 60,957
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<PAID-IN-CAPITAL-COMMON> 65,592,601
<SHARES-COMMON-STOCK> 4,272,270
<SHARES-COMMON-PRIOR> 512,083
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 324,348
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (205,323)
<NET-ASSETS> 42,896,683
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,604,749
<OTHER-INCOME> 0
<EXPENSES-NET> 253,791
<NET-INVESTMENT-INCOME> 1,350,958
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<APPREC-INCREASE-CURRENT> (536,970)
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<DISTRIBUTIONS-OF-GAINS> 46,343
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<SHARES-REINVESTED> 25,415
<NET-CHANGE-IN-ASSETS> 49,279,603
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 135,565
<OVERDISTRIB-NII-PRIOR> 7,376
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 143,030
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 592,401
<AVERAGE-NET-ASSETS> 34,981,993
<PER-SHARE-NAV-BEGIN> 10.140
<PER-SHARE-NII> 0.420
<PER-SHARE-GAIN-APPREC> 0.000
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<PER-SHARE-NAV-END> 10.040
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 033
<NAME> Fixed Income Securities, Inc.
Federated Strategic Income Fund
Class C Shares
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> May-31-1996
<INVESTMENTS-AT-COST> 70,792,244
<INVESTMENTS-AT-VALUE> 70,590,318
<RECEIVABLES> 3,762,193
<ASSETS-OTHER> 60,957
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<PAYABLE-FOR-SECURITIES> 8,164,017
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<OTHER-ITEMS-LIABILITIES> 674,582
<TOTAL-LIABILITIES> 8,838,599
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 65,592,601
<SHARES-COMMON-STOCK> 576,818
<SHARES-COMMON-PRIOR> 229,157
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 136,757
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<TABLE> <S> <C>
<S> <C>
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<NUMBER> 034
<NAME> Fixed Income Securities, Inc.
Federated Strategic Income Fund
Class F Shares
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