<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 C010542 MEXICO CITY
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
015 A000545 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD.
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
<PAGE> PAGE 20
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
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
<PAGE> PAGE 21
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
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 DELETE
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 32837
028 A020500 2476
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028 A040500 4166
028 B010500 41030
028 B020500 1425
<PAGE> PAGE 22
028 B030500 0
028 B040500 7810
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028 C020500 1792
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028 D010500 63378
028 D020500 1806
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028 E020500 1839
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028 F010500 51915
028 F020500 3991
028 F030500 0
028 F040500 7830
028 G010500 290709
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028 G040500 41248
028 H000500 273575
029 000500 Y
030 A000500 11620
030 B000500 4.50
030 C000500 0.00
031 A000500 180
031 B000500 0
032 000500 11440
033 000500 0
034 000500 Y
035 000500 572
036 A000500 N
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042 D000500 0
042 E000500 0
042 F000500 0
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045 000500 Y
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<PAGE> PAGE 23
048 B010500 0
048 B020500 0.000
048 C010500 0
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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
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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 1500
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 6.6
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 6.9
062 N000500 14.4
062 O000500 0.0
062 P000500 42.5
062 Q000500 31.5
062 R000500 0.0
063 A000500 0
063 B000500 5.0
064 A000500 Y
064 B000500 N
070 A010500 Y
070 A020500 Y
070 B010500 N
070 B020500 N
<PAGE> PAGE 24
070 C010500 Y
070 C020500 Y
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 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 561742
071 B000500 313350
071 C000500 460809
071 D000500 68
072 A000500 6
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<PAGE> PAGE 25
072 P000500 0
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074 X000500 23081
<PAGE> PAGE 26
074 Y000500 0
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076 000500 0.00
SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
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<SERIES>
<NUMBER> 011
<NAME> Fixed Income Securities, Inc.
Federated Limited Term Fund
Class A Shares
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<SERIES>
<NUMBER> 012
<NAME> Fixed Income Securities, Inc.
Federated Limited Term Fund
Class F Shares
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<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 031
<NAME> Fixed Income Securities, Inc.
Federated Limited Term Municipal Fund
Class A Shares
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<PERIOD-END> May-31-1998
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<SERIES>
<NUMBER> 032
<NAME> Fixed Income Securities, Inc.
Federated Limited Term Municipal Fund
Class F Shares
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<TABLE> <S> <C>
<S> <C>
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<SERIES>
<NUMBER> 051
<NAME> Fixed Income Securities, Inc.
Federated Strategic Income Fund
Class A Shares
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<TABLE> <S> <C>
<S> <C>
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<SERIES>
<NUMBER> 052
<NAME> Fixed Income Securities, Inc.
Federated Strategic Income Fund
Class B Shares
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<NAME> Fixed Income Securities, Inc.
Federated Strategic Income Fund
Class C Shares
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<NAME> Fixed Income Securities, Inc.
Federated Strategic Income Fund
Class F Shares
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