<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
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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 A000537 SUMITOMO TRUST & BANKING CO., LTD.
015 B000537 S
015 C010537 TOKYO
015 D010537 JAPAN
015 E040537 X
015 A000538 THE BRITISH BANK OF THE MIDDLE EAST
015 B000538 S
015 C010538 AMMAN
015 D010538 JORDAN
015 E040538 X
015 A000539 BARCLAYS BANK OF KENYA LTD.
015 B000539 S
015 C010539 NAIROBI
015 D010539 KENYA
015 E040539 X
015 A000540 SEOULBANK
015 B000540 S
015 C010540 SEOUL
015 D010540 KOREA
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<PAGE> PAGE 20
015 C010541 KUALA LUMPAR
015 D010541 MALAYSIA
015 E040541 X
015 A000542 CITIBANK MEXICO S.A.
015 B000542 S
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015 D010542 MEXICO
015 E040542 X
015 A000543 BANKQUE COMMERCIALE DU MAROC
015 B000543 S
015 C010543 CASABLANCA
015 D010543 MOROCCO
015 E040543 X
015 A000544 MEES PIERSON N.V.
015 B000544 S
015 C010544 AMSTERDAM
015 D010544 NETHERLANDS
015 E040544 X
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015 B000545 S
015 C010545 WELLINGTON
015 D010545 NEW ZEALAND
015 E040545 X
015 A000546 CHRISTIANIA BANK OG KREDITKASSE
015 B000546 S
015 C010546 ISLO
015 D010546 NORWAY
015 E040546 X
015 A000547 CITIBANK, N.A. LIMA
015 B000547 S
015 C010547 LIMA
015 D010547 PERU
015 E040547 X
015 A000548 STANDARD CHARTERED BANK PLC
015 B000548 S
015 C010548 MANILA
015 D010548 PHILLIPPINES
015 E040548 X
015 A000549 CITIBANK, (POLAND) S.A.
015 B000549 S
015 C010549 WARSAW
015 D010549 POLAND
015 E040549 X
015 A000550 BANCO COMMERCIAL PORTUGUES
015 B000550 S
015 C010550 LISBON
015 D010550 PORTUGAL
015 E040550 X
015 A000551 DEVELOPMENT BANK OF SINGAPORE LTD.
015 B000551 S
015 C010551 SINGAPORE
<PAGE> PAGE 21
015 D010551 SINGAPORE
015 E040551 X
015 A000552 CESKOLOVENSKA OBCHODNA BANKA AS
015 B000552 S
015 C010552 BRATISLAVA
015 D010552 SLOVAK REPUBLIC
015 E040552 X
015 A000553 STANDARD CORPORATE AND MERCHANT BANK
015 B000553 S
015 C010553 JOHANNESBURG
015 D010553 SOUTH AFRICA
015 E040553 X
015 A000554 BANCO SANTANDER
015 B000554 S
015 C010554 MADRID
015 D010554 SPAIN
015 E040554 X
015 A000555 SKANDINAVISKA ENSKILDA BANKEN
015 B000555 S
015 C010555 STOCKHOLM
015 D010555 SWEDEN
015 E040555 X
015 A000556 UNION BANK OF SWITZERLAND
015 B000556 S
015 C010556 ZURICH
015 D010556 SWITZERLAND
015 E040556 X
015 A000557 CITIBANK N.A.
015 B000557 S
015 C010557 ISTANBUL
015 D010557 TURKEY
015 E040557 X
015 A000558 STANDARD CHARTERED BANK
015 B000558 S
015 C010558 BANGKOK
015 D010558 THAILAND
015 E040558 X
015 A000559 STATE STREET BANK
015 B000559 S
015 C010559 LONDON, ENGLAND
015 D010559 UNITED KINGDOM
015 E040559 X
015 A000560 CITIBANK N.A.
015 B000560 S
015 C010560 MONTEVIDEO
015 D010560 URUGUAY
015 E040560 X
015 A000561 CITIBANK N.A.
015 B000561 S
015 C010561 CARACAS
015 D010561 VENEZUELA
<PAGE> PAGE 22
015 E040561 X
015 A000562 BARCLAY'S BANK OF ZAMBIA
015 B000562 S
015 C010562 LUSAKA
015 D010562 ZAMBIA
015 E040562 X
015 A000563 BARCLAY'S BANK OF ZIMBABWE
015 B000563 S
015 C010563 HARARE
015 D010563 ZIMBABWE
015 E040563 X
024 000500 Y
025 A000501 LEHMAN BROTHERS, INC.
025 C000501 D
025 D000501 1000
025 A000502 MORGAN STANLEY
025 C000502 D
025 D000502 2350
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025 D000504 0
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<PAGE> PAGE 23
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<PAGE> PAGE 24
059 000500 Y
060 A000500 Y
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062 P000500 40.2
062 Q000500 36.3
062 R000500 1.7
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064 A000500 Y
064 B000500 N
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070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 N
070 F020500 N
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070 G020500 N
070 H010500 N
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070 I010500 N
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070 L010500 Y
070 L020500 Y
070 M010500 Y
<PAGE> PAGE 25
070 M020500 N
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070 N020500 N
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<PAGE> PAGE 26
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
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Federated Limited Term Fund
Class F Shares
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<SERIES>
<NUMBER> 031
<NAME> Fixed Income Securities, Inc.
Federated Limited Term Municipal Fund
Class A Shares
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<NAME> Fixed Income Securities, Inc.
Federated Limited Term Municipal Fund
Class F Shares
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<NAME> Fixed Income Securities, Inc.
Federated Strategic Income Fund
Class A Shares
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<SERIES>
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<NAME> Fixed Income Securities, Inc.
Federated Strategic Income Fund
Class B Shares
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> Nov-30-1997
<INVESTMENTS-AT-COST> 421,079,630
<INVESTMENTS-AT-VALUE> 423,348,297
<RECEIVABLES> 17,351,905
<ASSETS-OTHER> 240,566
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 440,940,768
<PAYABLE-FOR-SECURITIES> 9,821,586
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,073,919
<TOTAL-LIABILITIES> 18,895,505
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,821,586
<SHARES-COMMON-STOCK> 29,288,655
<SHARES-COMMON-PRIOR> 11,465,981
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (522,240)
<ACCUMULATED-NET-GAINS> 2,068,045
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,205,083
<NET-ASSETS> 304,746,056
<DIVIDEND-INCOME> 324,888
<INTEREST-INCOME> 26,387,655
<OTHER-INCOME> 0
<EXPENSES-NET> 4,723,076
<NET-INVESTMENT-INCOME> 21,989,467
<REALIZED-GAINS-CURRENT> 1,227,157
<APPREC-INCREASE-CURRENT> (2,824,267)
<NET-CHANGE-FROM-OPS> 20,392,357
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 15,066,810
<DISTRIBUTIONS-OF-GAINS> 345,467
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 19,240,645
<NUMBER-OF-SHARES-REDEEMED> 2,103,020
<SHARES-REINVESTED> 685,049
<NET-CHANGE-IN-ASSETS> 246,157,386
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 704,568
<OVERDISTRIB-NII-PRIOR> (80,746)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,385,950
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,869,186
<AVERAGE-NET-ASSETS> 282,845,561
<PER-SHARE-NAV-BEGIN> 10.470
<PER-SHARE-NII> 0.790
<PER-SHARE-GAIN-APPREC> (0.040)
<PER-SHARE-DIVIDEND> 0.790
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.030
<PER-SHARE-NAV-END> 10.400
<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 Shares
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> Nov-30-1997
<INVESTMENTS-AT-COST> 421,079,630
<INVESTMENTS-AT-VALUE> 423,348,297
<RECEIVABLES> 17,351,905
<ASSETS-OTHER> 240,566
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 440,940,768
<PAYABLE-FOR-SECURITIES> 9,821,586
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,073,919
<TOTAL-LIABILITIES> 18,895,505
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,821,586
<SHARES-COMMON-STOCK> 2,812,473
<SHARES-COMMON-PRIOR> 1,000,967
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (522,240)
<ACCUMULATED-NET-GAINS> 2,068,045
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,205,083
<NET-ASSETS> 29,266,921
<DIVIDEND-INCOME> 324,888
<INTEREST-INCOME> 26,387,655
<OTHER-INCOME> 0
<EXPENSES-NET> 4,723,076
<NET-INVESTMENT-INCOME> 21,989,467
<REALIZED-GAINS-CURRENT> 1,227,157
<APPREC-INCREASE-CURRENT> (2,824,267)
<NET-CHANGE-FROM-OPS> 20,392,357
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,268,365
<DISTRIBUTIONS-OF-GAINS> 31,072
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,113,138
<NUMBER-OF-SHARES-REDEEMED> 371,891
<SHARES-REINVESTED> 70,259
<NET-CHANGE-IN-ASSETS> 246,157,386
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 704,568
<OVERDISTRIB-NII-PRIOR> (80,746)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,385,950
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,869,186
<AVERAGE-NET-ASSETS> 282,845,561
<PER-SHARE-NAV-BEGIN> 10.470
<PER-SHARE-NII> 0.790
<PER-SHARE-GAIN-APPREC> (0.030)
<PER-SHARE-DIVIDEND> 0.790
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.030
<PER-SHARE-NAV-END> 10.410
<EXPENSE-RATIO> 1.86
<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 Shares
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Nov-30-1997
<PERIOD-END> Nov-30-1997
<INVESTMENTS-AT-COST> 421,079,630
<INVESTMENTS-AT-VALUE> 423,348,297
<RECEIVABLES> 17,351,905
<ASSETS-OTHER> 240,566
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 440,940,768
<PAYABLE-FOR-SECURITIES> 9,821,586
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,073,919
<TOTAL-LIABILITIES> 18,895,505
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,821,586
<SHARES-COMMON-STOCK> 2,859,934
<SHARES-COMMON-PRIOR> 1,658,618
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (522,240)
<ACCUMULATED-NET-GAINS> 2,068,045
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,205,083
<NET-ASSETS> 29,762,459
<DIVIDEND-INCOME> 324,888
<INTEREST-INCOME> 26,387,655
<OTHER-INCOME> 0
<EXPENSES-NET> 4,723,076
<NET-INVESTMENT-INCOME> 21,989,467
<REALIZED-GAINS-CURRENT> 1,227,157
<APPREC-INCREASE-CURRENT> (2,824,267)
<NET-CHANGE-FROM-OPS> 20,392,357
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,059,642
<DISTRIBUTIONS-OF-GAINS> 51,079
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,408,149
<NUMBER-OF-SHARES-REDEEMED> 291,731
<SHARES-REINVESTED> 84,898
<NET-CHANGE-IN-ASSETS> 246,157,386
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 704,568
<OVERDISTRIB-NII-PRIOR> (80,746)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,385,950
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,869,186
<AVERAGE-NET-ASSETS> 282,845,561
<PER-SHARE-NAV-BEGIN> 10.470
<PER-SHARE-NII> 0.870
<PER-SHARE-GAIN-APPREC> (0.030)
<PER-SHARE-DIVIDEND> 0.870
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.030
<PER-SHARE-NAV-END> 10.410
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
