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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
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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
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015 B000539 S
015 C010539 WARSAW
015 D010539 POLAND
015 D020539 00-082
015 E040539 X
015 A000540 BANCO COMMERCIAL PORTUGUES
015 B000540 S
015 C010540 LISBON
015 D010540 PORTUGAL
015 E040540 X
015 A000541 SKANDINAVISKA ENSKILDA BANKEN
015 B000541 S
015 C010541 S-10640 STOCKHOLM
015 D010541 SWEDEN
015 E040541 X
015 A000542 DEVELOPMENT BANK OF SINGAPORE
015 B000542 S
015 C010542 SINGAPORE
015 D010542 SINGAPORE
015 D020542 0401
015 E040542 X
015 A000543 CESKOSLOVENSKA OBCHONDNA BANKA A.S.
015 B000543 S
015 C010543 BRATISLAVA
015 D010543 SLOVAK REPUBLIC
015 E040543 X
015 A000544 STANDARD CHARTERED BANK
015 B000544 S
015 C010544 BANGKOK
015 D010544 THAILAND
015 D020544 10500
015 E040544 X
015 A000545 CITIBANK, N.A.
015 B000545 S
<PAGE> PAGE 20
015 C010545 ISTANBUL
015 D010545 TURKEY
015 E040545 X
015 A000546 CITIBANK N.A.
015 B000546 S
015 C010546 CARACAS
015 D010546 VENEZUELA
015 E040546 X
015 A000547 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B000547 S
015 C010547 JOHANNESBURG
015 D010547 SOUTH AFRICA
015 E040547 X
015 A000548 PNC BANK, NA
015 B000548 S
015 C010548 PITTSBURGH
015 C020548 PA
015 C030548 15265
015 E010548 X
015 A000549 NATIONSBANK OF NORTH CAROLINA
015 B000549 S
015 C010549 CHARLOTTE
015 C020549 NC
015 C030549 28255
015 E010549 X
015 A000550 MORGAN GUARANTY BANK & TRUST CO.
015 B000550 S
015 C010550 NEW YORK
015 C020550 NY
015 C030550 10015
015 E010550 X
015 A000551 THE CHASE MANHATTAN CORPORATION
015 B000551 S
015 C010551 NEW YORK
015 C020551 NY
015 C030551 10006
015 E010551 X
015 A000552 BANK OF NEW YORK
015 B000552 S
015 C010552 NEW YORK
015 C020552 NY
015 C030552 10006
015 E010552 X
015 A000553 BANKERS TRUST CO.
015 B000553 S
015 C010553 NEW YORK
015 C020553 NY
015 C030553 10015
015 E010553 X
024 000500 Y
025 A000501 MORGAN STANLEY GROUP
<PAGE> PAGE 21
025 C000501 D
025 D000501 1000
025 A000502 LEHMAN BROTHERS
025 C000502 D
025 D000502 1000
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 12013
028 A020500 182
028 A030500 0
028 A040500 216
028 B010500 16729
028 B020500 209
028 B030500 0
028 B040500 604
028 C010500 19148
028 C020500 253
028 C030500 0
028 C040500 775
028 D010500 17986
028 D020500 314
028 D030500 0
028 D040500 1224
028 E010500 25850
028 E020500 369
028 E030500 0
028 E040500 2081
028 F010500 17387
028 F020500 930
028 F030500 0
028 F040500 1836
028 G010500 109113
028 G020500 2257
028 G030500 0
028 G040500 6736
028 H000500 95179
029 000500 Y
030 A000500 6455
030 B000500 4.50
030 C000500 0.00
031 A000500 33
031 B000500 0
032 000500 6422
033 000500 0
034 000500 Y
035 000500 141
036 A000500 N
<PAGE> PAGE 22
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 408
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 0.8
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
<PAGE> PAGE 23
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 21.5
062 O000500 0.0
062 P000500 39.6
062 Q000500 34.7
062 R000500 0.4
063 A000500 0
063 B000500 8.1
064 A000500 N
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 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 184816
071 B000500 34098
<PAGE> PAGE 24
071 C000500 72401
071 D000500 47
072 A000500 12
072 B000500 7060
072 C000500 39
072 D000500 0
072 E000500 0
072 F000500 629
072 G000500 215
072 H000500 0
072 I000500 133
072 J000500 49
072 K000500 0
072 L000500 39
072 M000500 4
072 N000500 90
072 O000500 2
072 P000500 0
072 Q000500 106
072 R000500 17
072 S000500 3
072 T000500 637
072 U000500 0
072 V000500 0
072 W000500 34
072 X000500 1958
072 Y000500 770
072 Z000500 5911
072AA000500 1779
072BB000500 1090
072CC010500 4697
072CC020500 0
072DD010500 925
072DD020500 6955
072EE000500 137
073 A010500 0.0000
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 3
074 B000500 1340
074 C000500 0
074 D000500 168480
074 E000500 780
074 F000500 61
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 233
074 K000500 0
074 L000500 6221
<PAGE> PAGE 25
074 M000500 20
074 N000500 177138
074 O000500 626
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 624
074 S000500 0
074 T000500 175888
074 U010500 2677
074 U020500 14126
074 V010500 0.00
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074 W000500 0.0000
074 X000500 5993
074 Y000500 0
075 A000500 0
075 B000500 76520
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> 12-MOS
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 121,840,100
<INVESTMENTS-AT-VALUE> 122,975,647
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<OTHER-ITEMS-LIABILITIES> 1,201,098
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<SHARES-COMMON-PRIOR> 13,888,396
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (11,141,846)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,135,546
<NET-ASSETS> 116,174,431
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<NET-INVESTMENT-INCOME> 7,793,407
<REALIZED-GAINS-CURRENT> (127,055)
<APPREC-INCREASE-CURRENT> (986,773)
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,805,603
<NUMBER-OF-SHARES-REDEEMED> 5,449,139
<SHARES-REINVESTED> 480,026
<NET-CHANGE-IN-ASSETS> (23,521,601)
<ACCUMULATED-NII-PRIOR> 15,964
<ACCUMULATED-GAINS-PRIOR> (11,014,791)
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 515,204
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,103,699
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<PER-SHARE-NAV-BEGIN> 9.970
<PER-SHARE-NII> 0.590
<PER-SHARE-GAIN-APPREC> (0.060)
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</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> 12-MOS
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 121,840,100
<INVESTMENTS-AT-VALUE> 122,975,647
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<ASSETS-OTHER> 20,923
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<OVERDISTRIBUTION-GAINS> 0
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<EXPENSES-NET> 1,412,936
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<REALIZED-GAINS-CURRENT> (127,055)
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<NUMBER-OF-SHARES-REDEEMED> 404,495
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<NET-CHANGE-IN-ASSETS> (23,521,601)
<ACCUMULATED-NII-PRIOR> 15,964
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 515,204
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<GROSS-EXPENSE> 2,103,699
<AVERAGE-NET-ASSETS> 129,329,536
<PER-SHARE-NAV-BEGIN> 9.970
<PER-SHARE-NII> 0.660
<PER-SHARE-GAIN-APPREC> (0.120)
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</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> 12-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 102,199,977
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<RECEIVABLES> 1,937,737
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<ACCUMULATED-NET-GAINS> (2,401,023)
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<NET-ASSETS> 73,570,328
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<INTEREST-INCOME> 4,726,174
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<PER-SHARE-NAV-BEGIN> 9.850
<PER-SHARE-NII> 0.400
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</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> 12-mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 102,199,977
<INVESTMENTS-AT-VALUE> 102,057,693
<RECEIVABLES> 1,937,737
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<PER-SHARE-NAV-BEGIN> 9.850
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 051
<NAME> Fixed Income Securities, Inc.
Federated Strategic Income Fund
Class A
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 165,624,689
<INVESTMENTS-AT-VALUE> 170,661,218
<RECEIVABLES> 6,453,996
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<PAID-IN-CAPITAL-COMMON> 170,234,705
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<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 710,422
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,028,509
<NET-ASSETS> 28,020,933
<DIVIDEND-INCOME> 38,780
<INTEREST-INCOME> 7,059,920
<OTHER-INCOME> 0
<EXPENSES-NET> 1,187,299
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<NET-CHANGE-FROM-OPS> 11,297,150
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<SHARES-REINVESTED> 47,188
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<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 135,565
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 052
<NAME> Fixed Income Securities, Inc.
Federated Strategic Income Fund
Class B
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 165,624,689
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<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,957,850
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<PER-SHARE-NAV-BEGIN> 10.140
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 053
<NAME> Fixed Income Securities, Inc.
Federated Strategic Income Fund
Class C
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 165,624,689
<INVESTMENTS-AT-VALUE> 170,661,218
<RECEIVABLES> 6,453,996
<ASSETS-OTHER> 22,843
<OTHER-ITEMS-ASSETS> 0
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<PAID-IN-CAPITAL-COMMON> 170,234,705
<SHARES-COMMON-STOCK> 1,000,967
<SHARES-COMMON-PRIOR> 229,157
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 85,759
<ACCUMULATED-NET-GAINS> 710,422
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<NET-ASSETS> 10,481,621
<DIVIDEND-INCOME> 38,780
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<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 5,911,401
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<NET-CHANGE-FROM-OPS> 11,297,150
<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 18,841
<DISTRIBUTIONS-OTHER> 20,790
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<SHARES-REINVESTED> 27,616
<NET-CHANGE-IN-ASSETS> 159,592,611
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 135,565
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 054
<NAME> Fixed Income Securities, Inc.
Federated Strategic Income Fund
Class F
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Nov-30-1996
<PERIOD-END> Nov-30-1996
<INVESTMENTS-AT-COST> 165,624,689
<INVESTMENTS-AT-VALUE> 170,661,218
<RECEIVABLES> 6,453,996
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<SHARES-COMMON-STOCK> 1,658,618
<SHARES-COMMON-PRIOR> 364,047
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 85,759
<ACCUMULATED-NET-GAINS> 710,422
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,028,509
<NET-ASSETS> 17,367,308
<DIVIDEND-INCOME> 38,780
<INTEREST-INCOME> 7,059,920
<OTHER-INCOME> 0
<EXPENSES-NET> 1,187,299
<NET-INVESTMENT-INCOME> 5,911,401
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<APPREC-INCREASE-CURRENT> 4,696,862
<NET-CHANGE-FROM-OPS> 11,297,150
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 734,765
<DISTRIBUTIONS-OF-GAINS> 30,084
<DISTRIBUTIONS-OTHER> 0
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<ACCUMULATED-GAINS-PRIOR> 135,565
<OVERDISTRIB-NII-PRIOR> 7,376
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<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
