<PAGE> PAGE 1
000 A000000 05/31/97
000 C000000 0000879569
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 FIXED INCOME SECURITIES, INC.
001 B000000 811-6447
001 C000000 4122888634
002 A000000 FEDERATED INVESTORS TOWER
002 B000000 PITTSBURGH
002 C000000 PA
002 D010000 15222
002 D020000 3779
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
007 C010100 1
007 C020100 FEDERATED LIMITED TERM FUND
007 C030100 N
007 C010200 2
007 C010300 3
007 C020300 FEDERATED LIMITED TERM MUNICIPAL FUND
007 C030300 N
007 C010400 4
007 C010500 5
007 C020500 FEDERATED STRATEGIC INCOME FUND
007 C030500 N
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
010 A00AA01 FEDERATED SERVICES COMPANY
010 C01AA01 PITTSBURGH
010 C02AA01 PA
010 C03AA01 15222
010 C04AA01 3779
011 A00AA01 FEDERATED SECURITIES CORP.
011 B00AA01 8-15561
011 C01AA01 PITTSBURGH
011 C02AA01 PA
011 C03AA01 15222
011 C04AA01 3779
012 A00AA01 FEDERATED SHAREHOLDER SERVICES COMPANY
<PAGE> PAGE 2
012 B00AA01 84-1869
012 C01AA01 PITTSBURGH
012 C02AA01 PA
012 C03AA01 15222
012 C04AA01 3779
013 A00AA01 DELOITTE & TOUCHE LLP
013 B01AA01 PITTSBURGH
013 B02AA01 PA
013 B03AA01 15222
013 B04AA01 5401
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 STATE STREET BANK AND TRUST COMPANY
020 B000001 04-1867445
020 C000001 2
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 2
022 A000001 B.T. SECURITIES CORP.
022 B000001 13-4941247
022 C000001 1021357
022 D000001 1404
022 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000002 13-5674085
022 C000002 19682
022 D000002 10419
022 A000003 LEHMAN BROTHERS, INC.
022 B000003 13-2518466
022 C000003 15469
022 D000003 9803
022 A000004 FIRST ALBANY CORPORATION
022 B000004 14-1391446
022 C000004 10141
022 D000004 6655
022 A000005 SALOMON BROTHERS, INC.
022 B000005 13-3082694
022 C000005 5580
022 D000005 7588
022 A000006 GOLDMAN, SACHS & CO.
022 B000006 13-5108880
022 C000006 8384
022 D000006 4768
022 A000007 FEDERATED MUNICIPAL SECURITIES FUND, INC.
<PAGE> PAGE 3
022 C000007 8400
022 D000007 4600
022 A000008 CHASE SECURITIES, INC.
022 B000008 13-2633612
022 C000008 12405
022 D000008 328
022 A000009 CS FIRST BOSTON CORP.
022 B000009 13-5659485
022 C000009 10210
022 D000009 1178
022 A000010 DLJ CAPITAL MARKETS, INC.
022 C000010 7852
022 D000010 770
023 C000000 1200825
023 D000000 109624
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 N
026 E000000 Y
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 N
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
<PAGE> PAGE 4
054 O00AA00 N
055 A00AA00 Y
055 B00AA00 N
056 00AA00 N
057 00AA00 N
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
077 A000000 N
078 000000 N
008 A000101 FEDERATED ADVISERS
008 B000101 A
008 C000101 801-34612
008 D010101 PITTSBURGH
008 D020101 PA
008 D030101 15222
008 D040101 3779
015 A000101 STATE STREET BANK AND TRUST COMPANY
015 B000101 C
015 C010101 BOSTON
015 C020101 MA
015 C030101 02266
015 C040101 8600
015 E010101 X
015 A000102 PNC BANK, NA
015 B000102 S
015 C010102 PITTSBURGH
015 C020102 PA
015 C030102 15265
015 E010102 X
015 A000103 NATIONSBANK OF NORTH CAROLINA
015 B000103 S
015 C010103 CHARLOTTE
015 C020103 NC
015 C030103 28255
015 E010103 X
015 A000104 MORGAN GUARANTY BANK & TRUST CO.
015 B000104 S
015 C010104 NEW YORK
015 C020104 NY
015 C030104 10015
015 E010104 X
015 A000105 THE CHASE MANHATTAN CORPORATION
015 B000105 S
015 C010105 NEW YORK
015 C020105 NY
015 C030105 10006
015 E010105 X
015 A000106 BANK OF NEW YORK
<PAGE> PAGE 5
015 B000106 S
015 C010106 NEW YORK
015 C020106 NY
015 C030106 10006
015 E010106 X
015 A000107 BANKERS TRUST CO.
015 B000107 S
015 C010107 NEW YORK
015 C020107 NY
015 C030107 10015
015 E010107 X
024 000100 N
025 D000101 0
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 2507
028 A020100 28
028 A030100 0
028 A040100 7279
028 B010100 4341
028 B020100 379
028 B030100 0
028 B040100 6966
028 C010100 3136
028 C020100 376
028 C030100 0
028 C040100 4658
028 D010100 2010
028 D020100 374
028 D030100 0
028 D040100 5998
028 E010100 1978
028 E020100 375
028 E030100 0
028 E040100 3868
028 F010100 3941
028 F020100 358
028 F030100 0
028 F040100 4582
028 G010100 17913
028 G020100 1890
028 G030100 0
028 G040100 33351
028 H000100 14262
029 000100 Y
030 A000100 64
<PAGE> PAGE 6
030 B000100 1.00
030 C000100 0.00
031 A000100 0
031 B000100 0
032 000100 64
033 000100 0
034 000100 Y
035 000100 4
036 A000100 N
036 B000100 0
042 A000100 0
042 B000100 0
042 C000100 100
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 113
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.400
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 1500
<PAGE> PAGE 7
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 7.8
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 6.1
062 O000100 0.0
062 P000100 63.5
062 Q000100 23.7
062 R000100 0.0
063 A000100 0
063 B000100 2.1
064 A000100 N
064 B000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 N
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 Y
070 N010100 Y
070 N020100 N
070 O010100 Y
<PAGE> PAGE 8
070 O020100 N
070 P010100 Y
070 P020100 Y
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 31093
071 B000100 47161
071 C000100 110166
071 D000100 28
072 A000100 6
072 B000100 4114
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 232
072 G000100 77
072 H000100 0
072 I000100 88
072 J000100 14
072 K000100 0
072 L000100 26
072 M000100 2
072 N000100 11
072 O000100 13
072 P000100 0
072 Q000100 32
072 R000100 7
072 S000100 2
072 T000100 419
072 U000100 0
072 V000100 0
072 W000100 22
072 X000100 945
072 Y000100 309
072 Z000100 3478
072AA000100 590
072BB000100 277
072CC010100 0
072CC020100 1402
072DD010100 3258
072DD020100 271
072EE000100 0
073 A010100 0.3000
073 A020100 0.3000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 8665
074 C000100 0
<PAGE> PAGE 9
074 D000100 103007
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 1194
074 M000100 21
074 N000100 112887
074 O000100 1561
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 900
074 S000100 0
074 T000100 110426
074 U010100 10340
074 U020100 911
074 V010100 9.81
074 V020100 9.81
074 W000100 0.0000
074 X000100 5260
074 Y000100 0
075 A000100 0
075 B000100 115900
076 000100 0.00
008 A000301 FEDERATED ADVISERS
008 B000301 A
008 C000301 801-34612
008 D010301 PITTSBURGH
008 D020301 PA
008 D030301 15222
008 D040301 3779
015 A000301 STATE STREET BANK AND TRUST COMPANY
015 B000301 C
015 C010301 BOSTON
015 C020301 MA
015 C030301 02266
015 C040301 8600
015 E010301 X
015 A000302 PNC BANK, NA
015 B000302 S
015 C010302 PITTSBURGH
015 C020302 PA
015 C030302 15265
015 E010302 X
015 A000303 NATIONSBANK OF NORTH CAROLINA
<PAGE> PAGE 10
015 B000303 S
015 C010303 CHARLOTTE
015 C020303 NC
015 C030303 28255
015 E010303 X
015 A000304 MORGAN GUARANTY BANK & TRUST COMPANY
015 B000304 S
015 C010304 NEW YORK
015 C020304 NY
015 C030304 10015
015 E010304 X
015 A000305 THE CHASE MANHATTAN CORPORATION
015 B000305 S
015 C010305 NEW YORK
015 C020305 NY
015 C030305 10006
015 E010305 X
015 A000306 BANK OF NEW YORK
015 B000306 S
015 C010306 NEW YORK
015 C020306 NY
015 C030306 10006
015 E010306 X
015 A000307 BANKERS TRUST COMPANY
015 B000307 S
015 C010307 NEW YORK
015 C020307 NY
015 C030307 10015
015 E010307 X
024 000300 N
025 D000301 0
025 D000302 0
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 3098
028 A020300 0
028 A030300 0
028 A040300 22145
028 B010300 18770
028 B020300 183
028 B030300 0
028 B040300 2966
028 C010300 931
028 C020300 240
028 C030300 0
028 C040300 2218
028 D010300 8362
<PAGE> PAGE 11
028 D020300 239
028 D030300 0
028 D040300 9325
028 E010300 378
028 E020300 242
028 E030300 0
028 E040300 11575
028 F010300 531
028 F020300 218
028 F030300 0
028 F040300 3616
028 G010300 32070
028 G020300 1122
028 G030300 0
028 G040300 51845
028 H000300 28678
029 000300 Y
030 A000300 26
030 B000300 1.00
030 C000300 0.00
031 A000300 0
031 B000300 0
032 000300 26
033 000300 0
034 000300 Y
035 000300 25
036 A000300 N
036 B000300 0
042 A000300 0
042 B000300 0
042 C000300 100
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 84
044 000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.400
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
<PAGE> PAGE 12
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
058 A000300 N
059 000300 Y
060 A000300 Y
060 B000300 Y
061 000300 1500
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 9.4
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 93.4
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 2.5
064 A000300 Y
064 B000300 N
070 A010300 Y
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 N
<PAGE> PAGE 13
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 Y
070 K010300 Y
070 K020300 N
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 N
070 N020300 N
070 O010300 Y
070 O020300 Y
070 P010300 Y
070 P020300 Y
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 17178
071 B000300 33839
071 C000300 85891
071 D000300 20
072 A000300 6
072 B000300 2381
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 186
072 G000300 77
072 H000300 0
072 I000300 29
072 J000300 8
072 K000300 0
072 L000300 24
072 M000300 2
072 N000300 10
072 O000300 4
072 P000300 0
072 Q000300 28
072 R000300 7
072 S000300 2
072 T000300 220
072 U000300 0
072 V000300 0
<PAGE> PAGE 14
072 W000300 13
072 X000300 610
072 Y000300 228
072 Z000300 1999
072AA000300 66
072BB000300 80
072CC010300 0
072CC020300 575
072DD010300 1418
072DD020300 581
072EE000300 0
073 A010300 0.2000
073 A020300 0.2100
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 7550
074 D000300 75326
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 1884
074 M000300 29
074 N000300 84789
074 O000300 1009
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 3152
074 S000300 0
074 T000300 80628
074 U010300 5926
074 U020300 2380
074 V010300 9.71
074 V020300 9.71
074 W000300 0.0000
074 X000300 888
074 Y000300 0
075 A000300 0
075 B000300 90020
076 000300 0.00
008 A000501 FEDERATED ADVISERS
008 B000501 A
008 C000501 801-34612
<PAGE> PAGE 15
008 D010501 PITTSBURGH
008 D020501 PA
008 D030501 15222
008 D040501 3779
008 A000502 FEDERATED GLOBAL RESEARCH CORPORATION
008 B000502 S
008 C000502 801-49470
008 D010502 NEW YORK
008 D020502 NY
008 D030502 10038
008 D040502 4965
015 A000501 STATE STREET BANK AND TRUST COMPANY
015 B000501 C
015 C010501 BOSTON
015 C020501 MA
015 C030501 02266
015 C040501 8600
015 E010501 X
015 A000502 PNC BANK, NA
015 B000502 S
015 C010502 PITTSBURGH
015 C020502 PA
015 C030502 15265
015 E010502 X
015 A000503 NATIONSBANK OF NORTH CAROLINA
015 B000503 S
015 C010503 CHARLOTTE
015 C020503 NC
015 C030503 28255
015 E010503 X
015 A000504 MORGAN GUARANTY BANK & TRUST COMPANY
015 B000504 S
015 C010504 NEW YORK
015 C020504 NY
015 C030504 10015
015 E010504 X
015 A000505 THE CHASE MANHATTAN CORPORATION
015 B000505 S
015 C010505 NEW YORK
015 C020505 NY
015 C030505 10006
015 E010505 X
015 A000506 BANK OF NEW YORK
015 B000506 S
015 C010506 NEW YORK
015 C020506 NY
015 C030506 10006
015 E010506 X
015 A000507 BANKERS TRUST COMPANY
015 B000507 S
015 C010507 NEW YORK
<PAGE> PAGE 16
015 C020507 NY
015 C030507 10015
015 E010507 X
015 A000508 CITIBANK, N.A.
015 B000508 S
015 C010508 BUENOS AIRES
015 D010508 ARGENTINA
015 E040508 X
015 A000509 WESTPAC CUSTODIAN NOMINEE LTD.
015 B000509 S
015 C010509 SIDNEY
015 D010509 AUSTRALIA
015 E040509 X
015 A000510 GIROCREDIT BANK AKTIENGELLSCHAFT DER SPARKASS
015 B000510 S
015 C010510 VIENNA
015 D010510 AUSTRIA
015 E040510 X
015 A000511 GENERALE DE BANQUE
015 B000511 S
015 C010511 BRUSSELS
015 D010511 BELGIUM
015 E040511 X
015 A000512 CITIBANK, N.A.
015 B000512 S
015 C010512 SAO PAULO
015 D010512 BRAZIL
015 E040512 X
015 A000513 CANADA TRUST COMPANY
015 B000513 S
015 C010513 TORONTO, ONTARIO
015 D010513 CANADA
015 E040513 X
015 A000514 UNION BANK OF SWITZERLAND
015 B000514 S
015 C010514 8021 ZURICH
015 D010514 SWITZERLAND
015 E040514 X
015 A000515 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000515 S
015 C010515 SHENZHEN
015 D010515 CHINA
015 E040515 X
015 A000516 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B000516 S
015 C010516 SHANGHAI
015 D010516 CHINA
015 E040516 X
015 A000517 CITIBANK, N.A.
015 B000517 S
015 C010517 SANTIAGO
<PAGE> PAGE 17
015 D010517 CHILE
015 E040517 X
015 A000518 CITITRUST, S.A.
015 B000518 S
015 C010518 SANTAFE DE BOGOTA
015 D010518 COLOMBIA
015 E040518 X
015 A000519 BARKLAY'S BANK PLC
015 B000519 S
015 C010519 NICOSIA
015 D010519 CYPRUS
015 E040519 X
015 A000520 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B000520 S
015 C010520 PRAGUE
015 D010520 CZECH REPUBLIC
015 E040520 X
015 A000521 DRESDNER BANK AG
015 B000521 S
015 C010521 FRANKFURT
015 D010521 GERMANY
015 E040521 X
015 A000522 DEN DANSKE BANK
015 B000522 S
015 C010522 DK-1092 COPENHAGEN
015 D010522 DENMARK
015 E040522 X
015 A000523 CITIBANK, N.A.
015 B000523 S
015 C010523 QUITO
015 D010523 ECUADOR
015 E040523 X
015 A000524 NATIONAL BANK OF EGYPT
015 B000524 S
015 C010524 CAIRO
015 D010524 EGYPT
015 E040524 X
015 A000525 BANCO SANTANDER
015 B000525 S
015 C010525 28022 MADRID
015 D010525 SPAIN
015 E040525 X
015 A000526 KANSALLIS-OSAKE-PANKKI
015 B000526 S
015 C010526 00500 HELSINKI
015 D010526 FINLAND
015 E040526 X
015 A000527 BANQUE PARIBAS
015 B000527 S
015 C010527 75078 PARIS
015 D010527 FRANCE
<PAGE> PAGE 18
015 E040527 X
015 A000528 NATIONAL BANK OF GREECE
015 B000528 S
015 C010528 105 59 ATHENS
015 D010528 GREECE
015 E040528 X
015 A000529 STANDARD CHARTERED BANK
015 B000529 S
015 C010529 VICTORIA
015 D010529 HONG KONG
015 E040529 X
015 A000530 DEVELOPMENT BANK OF SINGAPORE
015 B000530 S
015 C010530 TOA PAYOH
015 D010530 SINGAPORE
015 E040530 X
015 A000531 CITIBANK BUDAPEST RT.
015 B000531 S
015 C010531 BUDAPEST
015 D010531 HUNGARY
015 E040531 X
015 A000532 DEUTSCHE/HONGKONG SHANGHAI BANKING
015 B000532 S
015 C010532 BOMBAY
015 D010532 INDIA
015 E040532 X
015 A000533 STANDARD CHARTERED EQUITOR GROUP
015 B000533 S
015 C010533 JAKARTA
015 D010533 INDONESIA
015 E040533 X
015 A000534 BANK OF IRELAND
015 B000534 S
015 C010534 DUBLIN 1
015 D010534 IRELAND
015 E040534 X
015 A000535 BANK HAPOALIM B.M.
015 B000535 S
015 C010535 TEL AVIV
015 D010535 ISRAEL
015 E040535 X
015 A000536 BANQUE PARIBAS
015 B000536 S
015 C010536 20121 MILANO
015 D010536 ITALY
015 E040536 X
015 A000537 SUMITOMO TRUST & BANK CO., LTD.
015 B000537 S
015 C010537 TOKYO
015 D010537 JAPAN
015 E040537 X
<PAGE> PAGE 19
015 A000538 BANK OF SEOUL
015 B000538 S
015 C010538 SEOUL
015 D010538 KOREA
015 E040538 X
015 A000539 STATE STREET BANK AND TRUST COMPANY
015 B000539 S
015 C010539 LONDON, ENGLAND
015 D010539 UNITED KINGDOM
015 E040539 X
015 A000540 CITIBANK, N.A.
015 B000540 S
015 C010540 MEXICO CITY
015 D010540 MEXICO
015 E040540 X
015 A000541 STANDARD CHARTERED BANK MALAYSIA
015 B000541 S
015 C010541 50450 KUALA LUMPUR
015 D010541 MALAYSIA
015 E040541 X
015 A000542 BANQUE COMMERCIALE DU MAROC
015 B000542 S
015 C010542 CASABLANCA
015 D010542 MORROCCO
015 E040542 X
015 A000543 MEES PIERSON N.V.
015 B000543 S
015 C010543 1000 AG AMSTERDAM
015 D010543 NETHERLANDS
015 E040543 X
015 A000544 CHRISTIANIA BANK OF KREDITKASSE
015 B000544 S
015 C010544 0368 OSLO 3
015 D010544 NORWAY
015 E040544 X
015 A000545 ANZ BANKING GROUP
015 B000545 S
015 C010545 WELLINGTON
015 D010545 NEW ZEALAND
015 E040545 X
015 A000546 CITIBANK, N.A. LIMA
015 B000546 S
015 C010546 LIMA 27
015 D010546 PERU
015 E040546 X
015 A000547 STANDARD CHARTERED BANK
015 B000547 S
015 C010547 MAKATI,METRO MANILLA
015 D010547 THE PHILLIPPINES
015 E040547 X
015 A000548 CITIBANK, (POLAND) S.A.
<PAGE> PAGE 20
015 B000548 S
015 C010548 WARSAW
015 D010548 POLAND
015 E040548 X
015 A000549 BANCO COMMERCIAL PORTUGUES
015 B000549 S
015 C010549 LISBON
015 D010549 PORTUGAL
015 E040549 X
015 A000550 SKANDINAVISKA ENSKILDA BANKEN
015 B000550 S
015 C010550 S-10640 STOCKHOLM
015 D010550 SWEDEN
015 E040550 X
015 A000551 CESKOSLOVENSKA OBCHODNA BANKA A.S.
015 B000551 S
015 C010551 BRATISLAVA
015 D010551 SLOVAK REPUBLIC
015 E040551 X
015 A000552 STANDARD CHARTERED BANK
015 B000552 S
015 C010552 BANGKOK
015 D010552 THAILAND
015 E040552 X
015 A000553 CITIBANK, N.A.
015 B000553 S
015 C010553 ISTANBUL
015 D010553 TURKEY
015 E040553 X
015 A000554 CITIBANK, N.A.
015 B000554 S
015 C010554 MONTEVIDEO
015 D010554 URUGUAY
015 E040554 X
015 A000555 CITIBANK, N.A.
015 B000555 S
015 C010555 CARACAS
015 D010555 VENEZUELA
015 E040555 X
015 A000556 STANDARD BANK OF SOUTH AFRICA
015 B000556 S
015 C010556 JOHANNESBURG
015 D010556 SOUTH AFRICA
015 E040556 X
024 000500 Y
025 A000501 LEHMAN BROTHERS, INC.
025 C000501 D
025 D000501 1000
025 A000502 MORGAN STANLEY
025 C000502 D
025 D000502 1000
<PAGE> PAGE 21
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 16204
028 A020500 317
028 A030500 0
028 A040500 1851
028 B010500 18716
028 B020500 520
028 B030500 0
028 B040500 2408
028 C010500 16986
028 C020500 563
028 C030500 0
028 C040500 2032
028 D010500 16811
028 D020500 619
028 D030500 0
028 D040500 2236
028 E010500 16889
028 E020500 666
028 E030500 0
028 E040500 3452
028 F010500 18254
028 F020500 735
028 F030500 0
028 F040500 3289
028 G010500 103860
028 G020500 3420
028 G030500 0
028 G040500 15268
028 H000500 90727
029 000500 Y
030 A000500 4274
030 B000500 4.50
030 C000500 0.00
031 A000500 32
031 B000500 0
032 000500 4242
033 000500 0
034 000500 Y
035 000500 250
036 A000500 N
036 B000500 0
042 A000500 0
042 B000500 0
042 C000500 100
042 D000500 0
<PAGE> PAGE 22
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 621
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.850
048 A010500 0
048 A020500 0.000
048 B010500 0
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 2.0
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 0.5
062 N000500 15.6
<PAGE> PAGE 23
062 O000500 0.0
062 P000500 45.0
062 Q000500 33.9
062 R000500 1.6
063 A000500 0
063 B000500 7.9
064 A000500 Y
064 B000500 N
070 A010500 Y
070 A020500 Y
070 B010500 N
070 B020500 N
070 C010500 Y
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 N
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 117180
071 B000500 28029
071 C000500 200205
071 D000500 14
072 A000500 6
072 B000500 10107
072 C000500 49
<PAGE> PAGE 24
072 D000500 0
072 E000500 0
072 F000500 928
072 G000500 97
072 H000500 0
072 I000500 123
072 J000500 29
072 K000500 0
072 L000500 23
072 M000500 2
072 N000500 54
072 O000500 10
072 P000500 0
072 Q000500 57
072 R000500 9
072 S000500 1
072 T000500 944
072 U000500 0
072 V000500 0
072 W000500 26
072 X000500 2303
072 Y000500 477
072 Z000500 8330
072AA000500 985
072BB000500 857
072CC010500 0
072CC020500 1209
072DD010500 1359
072DD020500 7246
072EE000500 528
073 A010500 0.0000
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 41
074 B000500 5245
074 C000500 0
074 D000500 252924
074 E000500 4243
074 F000500 44
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 9000
074 M000500 20
074 N000500 271517
074 O000500 3498
074 P000500 0
074 Q000500 0
<PAGE> PAGE 25
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 2004
074 S000500 0
074 T000500 266015
074 U010500 3667
074 U020500 22025
074 V010500 0.00
074 V020500 0.00
074 W000500 0.0000
074 X000500 9821
074 Y000500 0
075 A000500 0
075 B000500 219924
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 Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 111,955,747
<INVESTMENTS-AT-VALUE> 111,672,533
<RECEIVABLES> 1,193,993
<ASSETS-OTHER> 20,923
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 112,887,449
<PAYABLE-FOR-SECURITIES> 1,560,900
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 900,634
<TOTAL-LIABILITIES> 2,461,534
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121,517,889
<SHARES-COMMON-STOCK> 10,340,070
<SHARES-COMMON-PRIOR> 11,724,886
<ACCUMULATED-NII-CURRENT> 2,493
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (10,828,453)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (266,014)
<NET-ASSETS> 101,481,308
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,113,798
<OTHER-INCOME> 0
<EXPENSES-NET> 635,340
<NET-INVESTMENT-INCOME> 3,478,458
<REALIZED-GAINS-CURRENT> 313,393
<APPREC-INCREASE-CURRENT> (1,401,560)
<NET-CHANGE-FROM-OPS> 2,390,291
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,258,300
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,700,295
<NUMBER-OF-SHARES-REDEEMED> 3,264,110
<SHARES-REINVESTED> 178,999
<NET-CHANGE-IN-ASSETS> (14,686,782)
<ACCUMULATED-NII-PRIOR> 53,308
<ACCUMULATED-GAINS-PRIOR> (11,141,846)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 231,700
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 944,721
<AVERAGE-NET-ASSETS> 115,900,433
<PER-SHARE-NAV-BEGIN> 9.910
<PER-SHARE-NII> 0.300
<PER-SHARE-GAIN-APPREC> (0.100)
<PER-SHARE-DIVIDEND> 0.300
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.810
<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 Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 111,955,747
<INVESTMENTS-AT-VALUE> 111,672,533
<RECEIVABLES> 1,193,993
<ASSETS-OTHER> 20,923
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 112,887,449
<PAYABLE-FOR-SECURITIES> 1,560,900
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 900,634
<TOTAL-LIABILITIES> 2,461,534
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 121,517,889
<SHARES-COMMON-STOCK> 911,385
<SHARES-COMMON-PRIOR> 902,100
<ACCUMULATED-NII-CURRENT> 2,493
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (10,828,453)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (266,014)
<NET-ASSETS> 8,944,607
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,113,798
<OTHER-INCOME> 0
<EXPENSES-NET> 635,340
<NET-INVESTMENT-INCOME> 3,478,458
<REALIZED-GAINS-CURRENT> 313,393
<APPREC-INCREASE-CURRENT> (1,401,560)
<NET-CHANGE-FROM-OPS> 2,390,291
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 270,973
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 120,649
<NUMBER-OF-SHARES-REDEEMED> 124,651
<SHARES-REINVESTED> 13,286
<NET-CHANGE-IN-ASSETS> (14,686,782)
<ACCUMULATED-NII-PRIOR> 53,308
<ACCUMULATED-GAINS-PRIOR> (11,141,846)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 231,700
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 944,721
<AVERAGE-NET-ASSETS> 115,900,433
<PER-SHARE-NAV-BEGIN> 9.910
<PER-SHARE-NII> 0.300
<PER-SHARE-GAIN-APPREC> (0.100)
<PER-SHARE-DIVIDEND> 0.300
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.810
<EXPENSE-RATIO> 1.01
<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 Limited Term Municipal Fund
Class A
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 83,593,264
<INVESTMENTS-AT-VALUE> 82,875,912
<RECEIVABLES> 1,884,152
<ASSETS-OTHER> 29,496
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 84,789,560
<PAYABLE-FOR-SECURITIES> 1,009,363
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,151,963
<TOTAL-LIABILITIES> 4,161,326
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 83,814,165
<SHARES-COMMON-STOCK> 5,925,521
<SHARES-COMMON-PRIOR> 7,534,098
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 53,333
<ACCUMULATED-NET-GAINS> (2,415,246)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (717,352)
<NET-ASSETS> 57,526,539
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,381,482
<OTHER-INCOME> 0
<EXPENSES-NET> 382,108
<NET-INVESTMENT-INCOME> 1,999,374
<REALIZED-GAINS-CURRENT> (14,223)
<APPREC-INCREASE-CURRENT> (575,068)
<NET-CHANGE-FROM-OPS> 1,410,083
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,418,447
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,966,247
<NUMBER-OF-SHARES-REDEEMED> 4,657,840
<SHARES-REINVESTED> 83,016
<NET-CHANGE-IN-ASSETS> (19,242,154)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2,401,023)
<OVERDISTRIB-NII-PRIOR> 53,333
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 186,149
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 610,491
<AVERAGE-NET-ASSETS> 90,019,894
<PER-SHARE-NAV-BEGIN> 9.760
<PER-SHARE-NII> 0.200
<PER-SHARE-GAIN-APPREC> (0.050)
<PER-SHARE-DIVIDEND> 0.200
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.710
<EXPENSE-RATIO> 0.89
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 032
<NAME> Fixed Income Securities, Inc.
Federated Limited Term Municipal Fund
Class F
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 83,593,264
<INVESTMENTS-AT-VALUE> 82,875,912
<RECEIVABLES> 1,884,152
<ASSETS-OTHER> 29,496
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 84,789,560
<PAYABLE-FOR-SECURITIES> 1,009,363
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,151,963
<TOTAL-LIABILITIES> 4,161,326
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 83,814,165
<SHARES-COMMON-STOCK> 2,379,605
<SHARES-COMMON-PRIOR> 2,693,304
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 53,333
<ACCUMULATED-NET-GAINS> (2,415,246)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (717,352)
<NET-ASSETS> 23,101,695
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,381,482
<OTHER-INCOME> 0
<EXPENSES-NET> 382,108
<NET-INVESTMENT-INCOME> 1,999,374
<REALIZED-GAINS-CURRENT> (14,223)
<APPREC-INCREASE-CURRENT> (575,068)
<NET-CHANGE-FROM-OPS> 1,410,083
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 580,927
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 332,870
<NUMBER-OF-SHARES-REDEEMED> 679,115
<SHARES-REINVESTED> 32,546
<NET-CHANGE-IN-ASSETS> (19,242,154)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2,401,023)
<OVERDISTRIB-NII-PRIOR> 53,333
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 186,149
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 610,491
<AVERAGE-NET-ASSETS> 90,019,894
<PER-SHARE-NAV-BEGIN> 9.760
<PER-SHARE-NII> 0.210
<PER-SHARE-GAIN-APPREC> (0.050)
<PER-SHARE-DIVIDEND> 0.210
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.710
<EXPENSE-RATIO> 0.64
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 051
<NAME> Fixed Income Securities, Inc.
Federated Strategic Income Fund
Class A
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 258,598,873
<INVESTMENTS-AT-VALUE> 262,456,188
<RECEIVABLES> 8,999,943
<ASSETS-OTHER> 61,367
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 271,517,498
<PAYABLE-FOR-SECURITIES> 3,498,474
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,003,623
<TOTAL-LIABILITIES> 5,502,097
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 262,246,942
<SHARES-COMMON-STOCK> 3,667,371
<SHARES-COMMON-PRIOR> 2,677,159
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 355,576
<ACCUMULATED-NET-GAINS> 304,139
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,819,896
<NET-ASSETS> 37,967,332
<DIVIDEND-INCOME> 49,112
<INTEREST-INCOME> 10,106,770
<OTHER-INCOME> 0
<EXPENSES-NET> 1,825,984
<NET-INVESTMENT-INCOME> 8,329,898
<REALIZED-GAINS-CURRENT> 128,050
<APPREC-INCREASE-CURRENT> (1,209,454)
<NET-CHANGE-FROM-OPS> 7,248,494
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,359,061
<DISTRIBUTIONS-OF-GAINS> 80,861
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,230,508
<NUMBER-OF-SHARES-REDEEMED> 292,963
<SHARES-REINVESTED> 52,667
<NET-CHANGE-IN-ASSETS> 90,127,524
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 704,568
<OVERDISTRIB-NII-PRIOR> 80,746
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 927,563
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,302,996
<AVERAGE-NET-ASSETS> 219,924,420
<PER-SHARE-NAV-BEGIN> 10.470
<PER-SHARE-NII> 0.430
<PER-SHARE-GAIN-APPREC> (0.090)
<PER-SHARE-DIVIDEND> 0.430
<PER-SHARE-DISTRIBUTIONS> 0.030
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.350
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 052
<NAME> Fixed Income Securities, Inc.
Federated Strategic Income Fund
Class B
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 258,598,873
<INVESTMENTS-AT-VALUE> 262,456,188
<RECEIVABLES> 8,999,943
<ASSETS-OTHER> 61,367
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 271,517,498
<PAYABLE-FOR-SECURITIES> 3,498,474
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,003,623
<TOTAL-LIABILITIES> 5,502,097
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 262,246,942
<SHARES-COMMON-STOCK> 18,347,676
<SHARES-COMMON-PRIOR> 11,465,981
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 355,576
<ACCUMULATED-NET-GAINS> 304,139
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,819,896
<NET-ASSETS> 189,973,349
<DIVIDEND-INCOME> 49,112
<INTEREST-INCOME> 10,106,770
<OTHER-INCOME> 0
<EXPENSES-NET> 1,825,984
<NET-INVESTMENT-INCOME> 8,329,898
<REALIZED-GAINS-CURRENT> 128,050
<APPREC-INCREASE-CURRENT> (1,209,454)
<NET-CHANGE-FROM-OPS> 7,248,494
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,849,532
<DISTRIBUTIONS-OF-GAINS> 365,467
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,504,805
<NUMBER-OF-SHARES-REDEEMED> 847,422
<SHARES-REINVESTED> 224,312
<NET-CHANGE-IN-ASSETS> 90,127,524
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 704,568
<OVERDISTRIB-NII-PRIOR> 80,746
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 927,563
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,302,996
<AVERAGE-NET-ASSETS> 219,924,420
<PER-SHARE-NAV-BEGIN> 10.470
<PER-SHARE-NII> 0.380
<PER-SHARE-GAIN-APPREC> (0.080)
<PER-SHARE-DIVIDEND> 0.390
<PER-SHARE-DISTRIBUTIONS> 0.030
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.350
<EXPENSE-RATIO> 1.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 053
<NAME> Fixed Income Securities, Inc.
Federated Strategic Income Fund
Class C
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 258,598,873
<INVESTMENTS-AT-VALUE> 262,456,188
<RECEIVABLES> 8,999,943
<ASSETS-OTHER> 61,367
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 271,517,498
<PAYABLE-FOR-SECURITIES> 3,498,474
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,003,623
<TOTAL-LIABILITIES> 5,502,097
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 262,246,942
<SHARES-COMMON-STOCK> 1,375,273
<SHARES-COMMON-PRIOR> 1,000,967
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 355,576
<ACCUMULATED-NET-GAINS> 304,139
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,819,896
<NET-ASSETS> 14,240,883
<DIVIDEND-INCOME> 49,112
<INTEREST-INCOME> 10,106,770
<OTHER-INCOME> 0
<EXPENSES-NET> 1,825,984
<NET-INVESTMENT-INCOME> 8,329,898
<REALIZED-GAINS-CURRENT> 128,050
<APPREC-INCREASE-CURRENT> (1,209,454)
<NET-CHANGE-FROM-OPS> 7,248,494
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 455,337
<DISTRIBUTIONS-OF-GAINS> 31,072
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 529,295
<NUMBER-OF-SHARES-REDEEMED> 177,010
<SHARES-REINVESTED> 22,021
<NET-CHANGE-IN-ASSETS> 90,127,524
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 704,568
<OVERDISTRIB-NII-PRIOR> 80,746
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 927,563
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,302,996
<AVERAGE-NET-ASSETS> 219,924,420
<PER-SHARE-NAV-BEGIN> 10.470
<PER-SHARE-NII> 0.410
<PER-SHARE-GAIN-APPREC> (0.100)
<PER-SHARE-DIVIDEND> 0.400
<PER-SHARE-DISTRIBUTIONS> 0.030
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.350
<EXPENSE-RATIO> 1.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 054
<NAME> Fixed Income Securities, Inc.
Federated Strategic Income Fund
Class F
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> May-31-1997
<INVESTMENTS-AT-COST> 258,598,873
<INVESTMENTS-AT-VALUE> 262,456,188
<RECEIVABLES> 8,999,943
<ASSETS-OTHER> 61,367
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 271,517,498
<PAYABLE-FOR-SECURITIES> 3,498,474
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,003,623
<TOTAL-LIABILITIES> 5,502,097
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 262,246,942
<SHARES-COMMON-STOCK> 2,301,684
<SHARES-COMMON-PRIOR> 1,658,618
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 355,576
<ACCUMULATED-NET-GAINS> 304,139
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,819,896
<NET-ASSETS> 23,833,837
<DIVIDEND-INCOME> 49,112
<INTEREST-INCOME> 10,106,770
<OTHER-INCOME> 0
<EXPENSES-NET> 1,825,984
<NET-INVESTMENT-INCOME> 8,329,898
<REALIZED-GAINS-CURRENT> 128,050
<APPREC-INCREASE-CURRENT> (1,209,454)
<NET-CHANGE-FROM-OPS> 7,248,494
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 940,798
<DISTRIBUTIONS-OF-GAINS> 51,079
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 771,690
<NUMBER-OF-SHARES-REDEEMED> 160,506
<SHARES-REINVESTED> 31,882
<NET-CHANGE-IN-ASSETS> 90,127,524
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 704,568
<OVERDISTRIB-NII-PRIOR> 80,746
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 927,563
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,302,996
<AVERAGE-NET-ASSETS> 219,924,420
<PER-SHARE-NAV-BEGIN> 10.470
<PER-SHARE-NII> 0.380
<PER-SHARE-GAIN-APPREC> (0.040)
<PER-SHARE-DIVIDEND> 0.430
<PER-SHARE-DISTRIBUTIONS> 0.030
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.350
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
