<PAGE> PAGE 1
000 B000000 11/30/98
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 STANDARD BANK
020 C000001 19
020 A000002 ING SECURITIES
020 C000002 10
020 A000003 CHASE SECURITIES
020 C000003 9
020 A000004 GOLDMAN SACHS & CO.
020 C000004 3
020 A000005 CREDIT SUISSE NEW YORK
020 C000005 3
020 A000006 BARCLAYS BANK OF KENYA
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 44
022 A000001 B.T. SECURITIES CORP.
022 B000001 13-4941247
022 C000001 2461376
022 D000001 0
022 A000002 STATE STREET BANK AND TRUST COMPANY
022 B000002 04-1867445
022 C000002 315430
022 D000002 145430
022 A000003 STRATEGIC INCOME FUND
022 C000003 138285
022 D000003 0
022 A000004 WESTDEUTSCHE LANDESBANK
022 C000004 137080
022 D000004 0
022 A000005 GOLDMAN SACHS & CO.
022 B000005 13-5108880
022 C000005 117038
022 D000005 11805
022 A000006 CS FIRST BOSTON CORPORATION
022 C000006 110327
022 D000006 3317
<PAGE> PAGE 3
022 A000007 MORGAN STANLEY & CO.,INC.
022 B000007 13-2655998
022 C000007 82797
022 D000007 17077
022 A000008 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000008 13-5674085
022 C000008 75846
022 D000008 17059
022 A000009 LEHMAN BROTHER, INC
022 B000009 13-2518466
022 C000009 50923
022 D000009 21284
022 A000010 BEAR STEARNS SECURITIES CORP.
022 C000010 35150
022 D000010 21503
023 C000000 3981941
023 D000000 392991
026 A000000 Y
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
<PAGE> PAGE 4
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
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
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
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 BANKERS TRUST CO.
015 B000102 S
015 C010102 NEW YORK
015 C020102 NY
015 C030102 10015
015 E010102 X
015 A000103 BANK OF NEW YORK
015 B000103 S
015 C010103 NEW YORK
015 C020103 NY
015 C030103 10006
<PAGE> PAGE 5
015 E010103 X
015 A000104 THE CHASE MANHATTAN CORP.
015 B000104 S
015 C010104 NEW YORK
015 C020104 NY
015 C030104 10006
015 E010104 X
015 A000105 MORGAN GUARANTY BANK & TRUST CO.
015 B000105 S
015 C010105 NEW YORK
015 C020105 NY
015 C030105 10015
015 E010105 X
015 A000106 NATIONSBANK OF NORTH CAROLINA
015 B000106 S
015 C010106 CHARLOTTE
015 C020106 NC
015 C030106 28255
015 E010106 X
015 A000107 PNC BANK, NA
015 B000107 S
015 C010107 PITTSBURGH
015 C020107 PA
015 C030107 15265
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 10398
028 A020100 425
028 A030100 0
028 A040100 10442
028 B010100 5941
028 B020100 442
028 B030100 0
028 B040100 5794
028 C010100 11108
028 C020100 446
028 C030100 0
028 C040100 14961
028 D010100 3678
028 D020100 440
028 D030100 0
028 D040100 5591
028 E010100 5832
<PAGE> PAGE 6
028 E020100 438
028 E030100 0
028 E040100 4164
028 F010100 4107
028 F020100 437
028 F030100 0
028 F040100 15390
028 G010100 41065
028 G020100 2628
028 G030100 0
028 G040100 56344
028 H000100 29473
029 000100 Y
030 A000100 156
030 B000100 1.00
030 C000100 0.00
031 A000100 18
031 B000100 0
032 000100 138
033 000100 0
034 000100 Y
035 000100 6
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 217
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
<PAGE> PAGE 7
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
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
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 1.0
062 O000100 0.0
062 P000100 31.4
062 Q000100 62.5
062 R000100 0.0
063 A000100 0
063 B000100 0.0
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
<PAGE> PAGE 8
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
070 O020100 N
070 P010100 Y
070 P020100 Y
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 106398
071 B000100 113740
071 C000100 113855
071 D000100 93
072 A000100 12
072 B000100 8405
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 473
072 G000100 155
072 H000100 0
072 I000100 141
072 J000100 10
072 K000100 0
072 L000100 36
072 M000100 2
072 N000100 58
072 O000100 10
072 P000100 0
072 Q000100 60
072 R000100 14
072 S000100 3
072 T000100 846
072 U000100 0
072 V000100 0
072 W000100 13
072 X000100 1821
072 Y000100 526
072 Z000100 7112
<PAGE> PAGE 9
072AA000100 0
072BB000100 430
072CC010100 0
072CC020100 1185
072DD010100 6462
072DD020100 676
072EE000100 0
073 A010100 0.6000
073 A020100 0.6100
073 B000100 0.0000
073 C000100 0.0000
074 A000100 932
074 B000100 0
074 C000100 0
074 D000100 108707
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 5257
074 M000100 0
074 N000100 114896
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 325
074 S000100 0
074 T000100 114571
074 U010100 11664
074 U020100 1361
074 V010100 9.82
074 V020100 9.82
074 W000100 0.0000
074 X000100 4638
074 Y000100 0
075 A000100 0
075 B000100 117985
076 000100 0.00
080 A000100 LLOYD'S OF LONDON
080 B000100 ZURICH INSURANCE COMPANY; RELIANCE INSURANCE
080 C000100 70000
081 A000100 Y
081 B000100 159
082 A000100 N
082 B000100 0
<PAGE> PAGE 10
083 A000100 N
083 B000100 0
084 A000100 N
084 B000100 0
085 A000100 Y
085 B000100 N
025 D000201 0
025 D000202 0
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
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 BANKERS TRUST CO.
015 B000302 S
015 C010302 NEW YORK
015 C020302 NY
015 C030302 10015
015 E010302 X
015 A000303 BANK OF NEW YORK
015 B000303 S
015 C010303 NEW YORK
015 C020303 NY
015 C030303 10006
015 E010303 X
015 A000304 THE CHASE MANHATTAN CORP.
015 B000304 S
015 C010304 NEW YORK
015 C020304 NY
015 C030304 10006
015 E010304 X
015 A000305 MORGAN GUARANTY BANK & TRUST CO.
015 B000305 S
015 C010305 NEW YORK
015 C020305 NY
015 C030305 10015
<PAGE> PAGE 11
015 E010305 X
015 A000306 NATIONSBANK OF NORTH CAROLINA
015 B000306 S
015 C010306 CHARLOTTE
015 C020306 NC
015 C030306 28255
015 E010306 X
015 A000307 PNC BANK, NA
015 B000307 S
015 C010307 PITTSBURGH
015 C020307 PA
015 C030307 15265
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 9507
028 A020300 216
028 A030300 0
028 A040300 3422
028 B010300 9836
028 B020300 247
028 B030300 0
028 B040300 2087
028 C010300 3603
028 C020300 262
028 C030300 0
028 C040300 790
028 D010300 2883
028 D020300 281
028 D030300 0
028 D040300 7466
028 E010300 4619
028 E020300 280
028 E030300 0
028 E040300 11136
028 F010300 4383
028 F020300 278
028 F030300 0
028 F040300 4362
028 G010300 34832
028 G020300 1564
028 G030300 0
028 G040300 29263
028 H000300 35554
<PAGE> PAGE 12
029 000300 Y
030 A000300 210
030 B000300 1.00
030 C000300 0.00
031 A000300 78
031 B000300 0
032 000300 132
033 000300 0
034 000300 Y
035 000300 7
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 0
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
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
<PAGE> PAGE 13
060 B000300 Y
061 000300 1500
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
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 98.3
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 0
063 B000300 5.6
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
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 N
070 K010300 Y
070 K020300 N
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 N
<PAGE> PAGE 14
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 Y
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 50629
071 B000300 21856
071 C000300 86970
071 D000300 25
072 A000300 12
072 B000300 4572
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 368
072 G000300 155
072 H000300 0
072 I000300 53
072 J000300 5
072 K000300 0
072 L000300 21
072 M000300 5
072 N000300 80
072 O000300 7
072 P000300 0
072 Q000300 68
072 R000300 15
072 S000300 2
072 T000300 435
072 U000300 0
072 V000300 0
072 W000300 58
072 X000300 1272
072 Y000300 504
072 Z000300 3804
072AA000300 0
072BB000300 0
072CC010300 647
072CC020300 0
072DD010300 1033
072DD020300 2717
072EE000300 0
073 A010300 0.4000
073 A020300 0.4200
073 B000300 0.0000
073 C000300 0.0000
074 A000300 58
<PAGE> PAGE 15
074 B000300 0
074 C000300 0
074 D000300 99449
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 115
074 K000300 0
074 L000300 1779
074 M000300 0
074 N000300 101401
074 O000300 140
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 123
074 S000300 0
074 T000300 101138
074 U010300 10261
074 U020300 2939
074 V010300 9.86
074 V020300 9.86
074 W000300 0.0000
074 X000300 816
074 Y000300 0
075 A000300 0
075 B000300 91938
076 000300 0.00
080 A000300 LLOYD'S OF LONDON
080 B000300 ZURICH INSURANCE COMPANY; RELIANCE INSURANCE
080 C000300 70000
081 A000300 Y
081 B000300 159
082 A000300 N
082 B000300 0
083 A000300 N
083 B000300 0
084 A000300 N
084 B000300 0
085 A000300 Y
085 B000300 N
008 A000501 FEDERATED ADVISERS
008 B000501 A
008 C000501 801-34612
008 D010501 PITTSBURGH
008 D020501 PA
008 D030501 15222
<PAGE> PAGE 16
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 BANKERS TRUST CO.
015 B000502 S
015 C010502 NEW YORK
015 C020502 NY
015 C030502 10015
015 E010502 X
015 A000503 BANK OF NEW YORK
015 B000503 S
015 C010503 NEW YORK
015 C020503 NY
015 C030503 10006
015 E010503 X
015 A000504 THE CHASE MANHATTAN CORP.
015 B000504 S
015 C010504 NEW YORK
015 C020504 NY
015 C030504 10006
015 E010504 X
015 A000505 MORGAN GUARANTY BANK & TRUST CO.
015 B000505 S
015 C010505 NEW YORK
015 C020505 NY
015 C030505 10006
015 E010505 X
015 A000506 NATIONSBANK OF NORTH CAROLINA
015 B000506 S
015 C010506 CHARLOTTE
015 C020506 NC
015 C030506 28255
015 E010506 X
015 A000507 PNC BANK, NA
015 B000507 S
015 C010507 PITTSBURGH
015 C020507 PA
015 C030507 15265
015 E010507 X
<PAGE> PAGE 17
015 A000508 CITIBANK N.A.
015 B000508 S
015 C010508 BUENOS ARIES
015 D010508 ARGENTINA
015 E040508 X
015 A000509 GIROCREDITBANK DER SPARKASSEN
015 B000509 S
015 C010509 VIENNA
015 D010509 AUSTRIA
015 E040509 X
015 A000510 WESTPAC CUSTODIAN NOMINEES
015 B000510 S
015 C010510 SIDNEY
015 D010510 AUSTRALIA
015 E040510 X
015 A000511 GENERAL DE BANQUE
015 B000511 S
015 C010511 BRUSSELS
015 D010511 BELGIUM
015 E040511 X
015 A000512 BARCLAYS BANK OF BOTSWANA LTD.
015 B000512 S
015 C010512 GABORONE
015 D010512 BOTSWANA
015 E040512 X
015 A000513 CITIBANK N.A.
015 B000513 S
015 C010513 SAO PAULO
015 D010513 BRAZIL
015 E040513 X
015 A000514 CANADA TRUST COMPANY
015 B000514 S
015 C010514 TORONTO, ONTARIO
015 D010514 CANADA
015 E040514 X
015 A000515 HONG KONG & SHANGHAI BANKING
015 B000515 S
015 C010515 SHANGHAI
015 D010515 CHINA
015 E040515 X
015 A000516 HONG KONG & SHANGHAI BANKING
015 B000516 S
015 C010516 SHENZEN
015 D010516 CHINA
015 E040516 X
015 A000517 CESKOLOVENSKA OBCHODNI
015 B000517 S
015 C010517 PRAQUE
015 D010517 CZECH REPUBLIC
015 E040517 X
015 A000518 CITIBANK N.A.
<PAGE> PAGE 18
015 B000518 S
015 C010518 SANTIAGO
015 D010518 CHILE
015 E040518 X
015 A000519 CITITRUST COLUMBIA N.A.
015 B000519 S
015 C010519 SANTAFE DE BOGOTA
015 D010519 COLUMBIA
015 E040519 X
015 A000520 BARCLAYS BANK
015 B000520 S
015 C010520 NICOSIA
015 D010520 CYPRUS
015 E040520 X
015 A000521 DEN DANSKI BANK
015 B000521 S
015 C010521 COPENHAGEN
015 D010521 DENMARK
015 E040521 X
015 A000522 CITIBANK N.A.
015 B000522 S
015 C010522 QUITY
015 D010522 ECUADOR
015 E040522 X
015 A000523 NATIONAL BANK OF EGYPT
015 B000523 S
015 C010523 CAIRO
015 D010523 EGYPT
015 E040523 X
015 A000524 MERITA BANK LTD.
015 B000524 S
015 C010524 HELSINKI
015 D010524 FINLAND
015 E040524 X
015 A000525 BANQUE PARIBAS
015 B000525 S
015 C010525 PARIS
015 D010525 FRANCE
015 E040525 X
015 A000526 DRESDNER BANK AG
015 B000526 S
015 C010526 FRANKFURT
015 D010526 GERMANY
015 E040526 X
015 A000527 BARCLAYS BANK OF GHANA
015 B000527 S
015 C010527 ACCRA
015 D010527 GHANA
015 E040527 X
015 A000528 NATIONAL BANK OF GREECE
015 B000528 S
<PAGE> PAGE 19
015 C010528 ATHENS
015 D010528 GREECE
015 E040528 X
015 A000529 STANDARD CHARTERED BANK PLC
015 B000529 S
015 C010529 HONG KONG
015 D010529 HONG KONG
015 E040529 X
015 A000530 CITIBANK BUDAPEST RT.
015 B000530 S
015 C010530 BUDAPEST
015 D010530 HUNGARY
015 E040530 X
015 A000531 HONG KONG & SHANGHAI BANKING
015 B000531 S
015 C010531 BOMBAY
015 D010531 INDIA
015 E040531 X
015 A000532 STANDARD CHARTERED BANK PLC
015 B000532 S
015 C010532 JAKARTA
015 D010532 INDONESIA
015 E040532 X
015 A000533 BANK OF IRELAND
015 B000533 S
015 C010533 DUBLIN
015 D010533 IRELAND
015 E040533 X
015 A000534 BANK HAPOALIM
015 B000534 S
015 C010534 TEL AVIV
015 D010534 ISRAEL
015 E040534 X
015 A000535 MORGAN GUARANTY TRUST CO. OF NY
015 B000535 S
015 C010535 MILAN
015 D010535 ITALY
015 E040535 X
015 A000536 SOCIETE GENERALE DE BANQUES EN COTE D'IVOIR
015 B000536 S
015 C010536 ABIDJAN
015 D010536 IVORY COAST
015 E040536 X
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
<PAGE> PAGE 20
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
015 E040540 X
015 A000541 STANDARD CHARTERED BANK MALAYSIA BERHAD
015 B000541 S
015 C010541 KUALA LUMPAR
015 D010541 MALAYSIA
015 E040541 X
015 A000542 CITIBANK MEXICO S.A.
015 B000542 S
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
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
<PAGE> PAGE 21
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
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
<PAGE> PAGE 22
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 62570
028 A020500 423
028 A030500 0
028 A040500 9186
028 B010500 72578
028 B020500 2518
028 B030500 0
028 B040500 9011
028 C010500 67281
028 C020500 2722
028 C030500 0
028 C040500 23430
028 D010500 53016
028 D020500 2901
<PAGE> PAGE 23
028 D030500 0
028 D040500 15135
028 E010500 58470
028 E020500 3005
028 E030500 0
028 E040500 13439
028 F010500 47867
028 F020500 3119
028 F030500 0
028 F040500 10678
028 G010500 361782
028 G020500 14687
028 G030500 0
028 G040500 80879
028 H000500 345394
029 000500 Y
030 A000500 15884
030 B000500 4.50
030 C000500 0.00
031 A000500 177
031 B000500 0
032 000500 15705
033 000500 0
034 000500 Y
035 000500 1082
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 1578
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
<PAGE> PAGE 24
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 1500
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 1.9
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 8.2
062 N000500 14.4
062 O000500 0.2
062 P000500 11.3
062 Q000500 31.0
062 R000500 34.0
063 A000500 0
063 B000500 6.0
064 A000500 Y
064 B000500 N
070 A010500 Y
070 A020500 Y
070 B010500 N
070 B020500 N
070 C010500 Y
070 C020500 Y
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 N
070 F020500 N
<PAGE> PAGE 25
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 1147469
071 B000500 600783
071 C000500 8403670
071 D000500 72
072 A000500 12
072 B000500 43550
072 C000500 18304
072 D000500 0
072 E000500 0
072 F000500 5669
072 G000500 503
072 H000500 0
072 I000500 565
072 J000500 160
072 K000500 0
072 L000500 94
072 M000500 7
072 N000500 248
072 O000500 6
072 P000500 0
072 Q000500 146
072 R000500 17
072 S000500 4
072 T000500 5803
072 U000500 0
072 V000500 0
072 W000500 54
<PAGE> PAGE 26
072 X000500 13276
072 Y000500 1765
072 Z000500 50343
072AA000500 713
072BB000500 36295
072CC010500 0
072CC020500 0
072DD010500 9193
072DD020500 45649
072EE000500 1434
073 A010500 0.8300
073 A020500 0.7500
073 B000500 0.0000
073 C000500 0.0000
074 A000500 3153
074 B000500 0
074 C000500 0
074 D000500 936800
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 12341
074 K000500 0
074 L000500 15953
074 M000500 0
074 N000500 968247
074 O000500 8392
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 19648
074 S000500 0
074 T000500 940207
074 U010500 96032
074 U020500 14405
074 V010500 0.00
074 V020500 0.00
074 W000500 0.0000
074 X000500 32556
074 Y000500 0
075 A000500 0
075 B000500 796695
076 000500 0.00
080 A000500 LLOYD'S OF LONDON
080 B000500 ZURICH INSURANCE COMPANY; RELIANCE INSURANCE
080 C000500 70000
081 A000500 Y
<PAGE> PAGE 27
081 B000500 159
082 A000500 N
082 B000500 0
083 A000500 N
083 B000500 0
084 A000500 N
084 B000500 0
085 A000500 Y
085 B000500 N
SIGNATURE STEVE KEANE
TITLE GENERAL COUNSEL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 879569
<NAME> Fixed income Securities
<SERIES>
<NUMBER> 011
<NAME> Federated Limited Term Fund
<S> <C>
<PERIOD-TYPE> 12mos
<FISCAL-YEAR-END> Nov-30-1998
<PERIOD-END> Nov-30-1998
<INVESTMENTS-AT-COST> "109,279,328"
<INVESTMENTS-AT-VALUE> "108,707,493"
<RECEIVABLES> "5,257,200"
<ASSETS-OTHER> "931,574"
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "114,896,267"
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "325,460"
<TOTAL-LIABILITIES> "325,460"
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "125,800,489"
<SHARES-COMMON-STOCK> "10,303,200"
<SHARES-COMMON-PRIOR> "9,543,712"
<ACCUMULATED-NII-CURRENT> "82,062"
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> "(571,835)"
<NET-ASSETS> "114,570,807"
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> "8,405,330"
<OTHER-INCOME> 0
<EXPENSES-NET> "1,294,677"
<NET-INVESTMENT-INCOME> "7,110,653"
<REALIZED-GAINS-CURRENT> "(429,507)"
<APPREC-INCREASE-CURRENT> "(1,185,198)"
<NET-CHANGE-FROM-OPS> "5,495,948"
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> "(6,461,966)"
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "10,264,365"
<NUMBER-OF-SHARES-REDEEMED> "(9,957,718)"
<SHARES-REINVESTED> "452,841"
<NET-CHANGE-IN-ASSETS> "10,812,172"
<ACCUMULATED-NII-PRIOR> "254,764"
<ACCUMULATED-GAINS-PRIOR> "(10,476,823)"
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> "473,000"
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> "1,821,000"
<AVERAGE-NET-ASSETS> "106,978,766"
<PER-SHARE-NAV-BEGIN> 9.950
<PER-SHARE-NII> 0.600
<PER-SHARE-GAIN-APPREC> 0.130
<PER-SHARE-DIVIDEND> (0.060)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.820
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 879569
<NAME> Fixed Income Securities
<SERIES>
<NUMBER> 012
<NAME> Federated Limited Term Fund
<S> <C>
<PERIOD-TYPE> 12mos
<FISCAL-YEAR-END> Nov-30-1998
<PERIOD-END> Nov-30-1998
<INVESTMENTS-AT-COST> "109,279,328"
<INVESTMENTS-AT-VALUE> "108,707,493"
<RECEIVABLES> "5,257,201"
<ASSETS-OTHER> "931,574"
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "114,896,267"
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "325,460"
<TOTAL-LIABILITIES> "325,460"
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "125,800,489"
<SHARES-COMMON-STOCK> "1,360,829"
<SHARES-COMMON-PRIOR> "885,164"
<ACCUMULATED-NII-CURRENT> "82,062"
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> "(571,835)"
<NET-ASSETS> "114,570,809"
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> "8,405,330"
<OTHER-INCOME> 0
<EXPENSES-NET> "1,294,677"
<NET-INVESTMENT-INCOME> "7,110,653"
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> "5,495,948"
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> "(675,733)"
<DISTRIBUTIONS-OF-GAINS> "(429,507)"
<DISTRIBUTIONS-OTHER> "(1,185,198)"
<NUMBER-OF-SHARES-SOLD> "684,999"
<NUMBER-OF-SHARES-REDEEMED> "(254,344)"
<SHARES-REINVESTED> "45,010"
<NET-CHANGE-IN-ASSETS> "10,812,172"
<ACCUMULATED-NII-PRIOR> "254,764"
<ACCUMULATED-GAINS-PRIOR> "(10,476,823)"
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> "473,000"
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> "1,821,000"
<AVERAGE-NET-ASSETS> "11,006,036"
<PER-SHARE-NAV-BEGIN> 9.950
<PER-SHARE-NII> 0.610
<PER-SHARE-GAIN-APPREC> (0.130)
<PER-SHARE-DIVIDEND> (0.610)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.820
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 879569
<NAME> Fixed Income Securities
<SERIES>
<NUMBER> 031
<NAME> Federated Limited Term Fund Municipal
<S> <C>
<PERIOD-TYPE> 12mos
<FISCAL-YEAR-END> Nov-30-1998
<PERIOD-END> Nov-30-1998
<INVESTMENTS-AT-COST> "98,957,942"
<INVESTMENTS-AT-VALUE> "99,449,427"
<RECEIVABLES> "1,893,852"
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "101,401,104"
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "263,214"
<TOTAL-LIABILITIES> "263,214"
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "102,982,479"
<SHARES-COMMON-STOCK> "2,938,620"
<SHARES-COMMON-PRIOR> "2,074,562"
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> "(26,667)"
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> "101,137,890"
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> "4,571,838"
<OTHER-INCOME> 0
<EXPENSES-NET> "768,018"
<NET-INVESTMENT-INCOME> "3,803,820"
<REALIZED-GAINS-CURRENT> "51,809"
<APPREC-INCREASE-CURRENT> "647,232"
<NET-CHANGE-FROM-OPS> "4,502,861"
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> "(1,033,307)"
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "1,174,688"
<NUMBER-OF-SHARES-REDEEMED> "(392,161)"
<SHARES-REINVESTED> "81,531"
<NET-CHANGE-IN-ASSETS> "864,058"
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> "369,000"
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> "1,272,000"
<AVERAGE-NET-ASSETS> "24,451,978"
<PER-SHARE-NAV-BEGIN> 9.780
<PER-SHARE-NII> 0.420
<PER-SHARE-GAIN-APPREC> 0.080
<PER-SHARE-DIVIDEND> (0.420)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.860
<EXPENSE-RATIO> 0.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 879569
<NAME> Fixed Income Securities
<SERIES>
<NUMBER> 032
<NAME> Federated Limited Term Fund Municipal
<S> <C>
<PERIOD-TYPE> 12mos
<FISCAL-YEAR-END> Nov-30-1998
<PERIOD-END> Nov-30-1998
<INVESTMENTS-AT-COST> "98,957,942"
<INVESTMENTS-AT-VALUE> "99,449,427"
<RECEIVABLES> "1,893,852"
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "101,401,104"
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "263,214"
<TOTAL-LIABILITIES> "263,214"
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "102,982,479"
<SHARES-COMMON-STOCK> "7,322,299"
<SHARES-COMMON-PRIOR> "5,408,602"
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> "(26,667)"
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> "101,137,890"
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> "4,571,838"
<OTHER-INCOME> 0
<EXPENSES-NET> "768,018"
<NET-INVESTMENT-INCOME> "3,803,820"
<REALIZED-GAINS-CURRENT> "51,809"
<APPREC-INCREASE-CURRENT> "647,232"
<NET-CHANGE-FROM-OPS> "4,502,861"
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> "(2,717,180)"
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "6,369,593"
<NUMBER-OF-SHARES-REDEEMED> "(4,673,113)"
<SHARES-REINVESTED> "217,217"
<NET-CHANGE-IN-ASSETS> "1,913,697"
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> "369,000"
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> "1,272,000"
<AVERAGE-NET-ASSETS> "67,486,062"
<PER-SHARE-NAV-BEGIN> 9.780
<PER-SHARE-NII> 0.400
<PER-SHARE-GAIN-APPREC> 0.080
<PER-SHARE-DIVIDEND> (0.400)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.860
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 879569
<NAME> Fixed Income Securities
<SERIES>
<NUMBER> 051
<NAME> Federated Strategic Income
<S> <C>
<PERIOD-TYPE> 12mos
<FISCAL-YEAR-END> Nov-30-1998
<PERIOD-END> Nov-30-1998
<INVESTMENTS-AT-COST> "970,889,889"
<INVESTMENTS-AT-VALUE> "936,799,638"
<RECEIVABLES> "25,307,462"
<ASSETS-OTHER> "24,925"
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "965,167,273"
<PAYABLE-FOR-SECURITIES> "5,317,310"
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "19,647,823"
<TOTAL-LIABILITIES> "24,965,133"
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "977,947,164"
<SHARES-COMMON-STOCK> "14,405,068"
<SHARES-COMMON-PRIOR> "5,598,970"
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> "(4,842,844)"
<ACCUMULATED-NET-GAINS> "4,034,847"
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> "(33,937,027)"
<NET-ASSETS> "940,202,140"
<DIVIDEND-INCOME> "18,304,098"
<INTEREST-INCOME> "43,550,312"
<OTHER-INCOME> 0
<EXPENSES-NET> "11,511,109"
<NET-INVESTMENT-INCOME> "50,343,301"
<REALIZED-GAINS-CURRENT> "549,421"
<APPREC-INCREASE-CURRENT> "(36,142,110)"
<NET-CHANGE-FROM-OPS> "14,750,612"
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> "(8,438,623)"
<DISTRIBUTIONS-OF-GAINS> "(211,252)"
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "11,737,306"
<NUMBER-OF-SHARES-REDEEMED> "(3,437,440)"
<SHARES-REINVESTED> "506,232"
<NET-CHANGE-IN-ASSETS> "518,156,877"
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> "2,068,045"
<OVERDISTRIB-NII-PRIOR> "(522,240)"
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> "5,669,000"
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> "132,766,000"
<AVERAGE-NET-ASSETS> "126,257,241"
<PER-SHARE-NAV-BEGIN> 10.410
<PER-SHARE-NII> 0.830
<PER-SHARE-GAIN-APPREC> (0.540)
<PER-SHARE-DIVIDEND> (0.810)
<PER-SHARE-DISTRIBUTIONS> (0.070)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.790
<EXPENSE-RATIO> 1.13
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 879569
<NAME> Fixed Income Securities
<SERIES>
<NUMBER> 052
<NAME> Federated Strategic Income
<S> <C>
<PERIOD-TYPE> 12mos
<FISCAL-YEAR-END> Nov-30-1998
<PERIOD-END> Nov-30-1998
<INVESTMENTS-AT-COST> "970,889,889"
<INVESTMENTS-AT-VALUE> "936,799,638"
<RECEIVABLES> "25,307,462"
<ASSETS-OTHER> "24,925"
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "965,167,273"
<PAYABLE-FOR-SECURITIES> "5,317,310"
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "19,647,823"
<TOTAL-LIABILITIES> "24,965,133"
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "977,947,164"
<SHARES-COMMON-STOCK> "70,444,518"
<SHARES-COMMON-PRIOR> "29,288,655"
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> "(4,842,844)"
<ACCUMULATED-NET-GAINS> "4,034,847"
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> "(33,937,027)"
<NET-ASSETS> "940,202,140"
<DIVIDEND-INCOME> "18,304,098"
<INTEREST-INCOME> "43,550,312"
<OTHER-INCOME> 0
<EXPENSES-NET> "11,511,109"
<NET-INVESTMENT-INCOME> "50,343,301"
<REALIZED-GAINS-CURRENT> "549,421"
<APPREC-INCREASE-CURRENT> "(36,142,110)"
<NET-CHANGE-FROM-OPS> "14,750,612"
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> "(35,196,240)"
<DISTRIBUTIONS-OF-GAINS> "(1,028,524)"
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "46,244,607"
<NUMBER-OF-SHARES-REDEEMED> "(7,010,454)"
<SHARES-REINVESTED> "1,921,710"
<NET-CHANGE-IN-ASSETS> "518,156,877"
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> "2,068,045"
<OVERDISTRIB-NII-PRIOR> "(522,240)"
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> "5,669,000"
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> "132,766,000"
<AVERAGE-NET-ASSETS> "566,765,354"
<PER-SHARE-NAV-BEGIN> 10.400
<PER-SHARE-NII> 0.750
<PER-SHARE-GAIN-APPREC> (0.530)
<PER-SHARE-DIVIDEND> (0.730)
<PER-SHARE-DISTRIBUTIONS> (0.070)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.790
<EXPENSE-RATIO> 1.88
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 879569
<NAME> Fixed Income Securities
<SERIES>
<NUMBER> 053
<NAME> Federated stategic income Fund
<S> <C>
<PERIOD-TYPE> 12mos
<FISCAL-YEAR-END> Nov-30-1998
<PERIOD-END> Nov-30-1998
<INVESTMENTS-AT-COST> "970,889,889"
<INVESTMENTS-AT-VALUE> "936,799,638"
<RECEIVABLES> "25,307,462"
<ASSETS-OTHER> "24,925"
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "965,167,273"
<PAYABLE-FOR-SECURITIES> "5,317,310"
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "19,647,823"
<TOTAL-LIABILITIES> "24,965,133"
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "977,947,164"
<SHARES-COMMON-STOCK> "7,509,543"
<SHARES-COMMON-PRIOR> "2,812,473"
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> "(4,842,844)"
<ACCUMULATED-NET-GAINS> "4,034,847"
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> "(33,937,027)"
<NET-ASSETS> "940,202,140"
<DIVIDEND-INCOME> "18,304,098"
<INTEREST-INCOME> "43,550,312"
<OTHER-INCOME> 0
<EXPENSES-NET> "11,511,109"
<NET-INVESTMENT-INCOME> "50,343,301"
<REALIZED-GAINS-CURRENT> "549,421"
<APPREC-INCREASE-CURRENT> "(36,142,110)"
<NET-CHANGE-FROM-OPS> "14,750,612"
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> "(4,000,486)"
<DISTRIBUTIONS-OF-GAINS> "(95,932)"
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "5,833,387"
<NUMBER-OF-SHARES-REDEEMED> "(1,389,482)"
<SHARES-REINVESTED> "253,165"
<NET-CHANGE-IN-ASSETS> "518,156,877"
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> "2,068,045"
<OVERDISTRIB-NII-PRIOR> "(522,240)"
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> "5,669,000"
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> "132,766,000"
<AVERAGE-NET-ASSETS> "68,588,153"
<PER-SHARE-NAV-BEGIN> 10.410
<PER-SHARE-NII> 0.750
<PER-SHARE-GAIN-APPREC> (0.540)
<PER-SHARE-DIVIDEND> (0.730)
<PER-SHARE-DISTRIBUTIONS> (0.070)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.790
<EXPENSE-RATIO> 1.88
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 879569
<NAME> Fixed Income Securities
<SERIES>
<NUMBER> 054
<NAME> Federated stategic income Fund
<S> <C>
<PERIOD-TYPE> 12mos
<FISCAL-YEAR-END> Nov-30-1998
<PERIOD-END> Nov-30-1998
<INVESTMENTS-AT-COST> "970,889,889"
<INVESTMENTS-AT-VALUE> "936,799,638"
<RECEIVABLES> "25,307,462"
<ASSETS-OTHER> "24,925"
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> "965,167,273"
<PAYABLE-FOR-SECURITIES> "5,317,310"
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> "19,647,823"
<TOTAL-LIABILITIES> "24,965,133"
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> "977,947,164"
<SHARES-COMMON-STOCK> "3,672,547"
<SHARES-COMMON-PRIOR> "2,859,934"
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> "(4,842,844)"
<ACCUMULATED-NET-GAINS> "4,034,847"
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> "(33,937,027)"
<NET-ASSETS> "940,202,140"
<DIVIDEND-INCOME> "18,304,098"
<INTEREST-INCOME> "43,550,312"
<OTHER-INCOME> 0
<EXPENSES-NET> "11,511,109"
<NET-INVESTMENT-INCOME> "50,343,301"
<REALIZED-GAINS-CURRENT> "549,421"
<APPREC-INCREASE-CURRENT> "(36,142,110)"
<NET-CHANGE-FROM-OPS> "14,750,612"
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> "(2,707,952)"
<DISTRIBUTIONS-OF-GAINS> "(97,754)"
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> "1,194,426"
<NUMBER-OF-SHARES-REDEEMED> "(515,291)"
<SHARES-REINVESTED> "133,478"
<NET-CHANGE-IN-ASSETS> "518,156,877"
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> "2,068,045"
<OVERDISTRIB-NII-PRIOR> "(522,240)"
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> "5,669,000"
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> "132,766,000"
<AVERAGE-NET-ASSETS> "126,257,241"
<PER-SHARE-NAV-BEGIN> 10.410
<PER-SHARE-NII> 0.820
<PER-SHARE-GAIN-APPREC> (0.530)
<PER-SHARE-DIVIDEND> (0.810)
<PER-SHARE-DISTRIBUTIONS> (0.070)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.790
<EXPENSE-RATIO> 1.13
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
0
</TABLE>
INDEPENDENT AUDITORS' REPORT
To the Board of Directors of FIXED INCOME SECURITIES, INC.
and the Shareholders of FEDERATED LIMITED TERM FUND:
In planning and performing our audit of the financial statements of
Federated Limited Term Fund for the year ended November 30, 1998 (on
which we have issued our report dated January 8, 1999), we considered
its internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide assurance on
the internal control structure.
The management of Federated Limited Term Fund is responsible for
establishing and maintaining an internal control structure. In
fulfilling this responsibility, estimates and judgments by management
are required to assess the expected benefits and related costs of
internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management
with reasonable, but not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition and that transactions
are executed in accordance with management's authorization and recorded
properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors and irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure that
might be material weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness is a
condition in which the design or operation of the specific internal
control elements does not reduce to a relatively low level the risk that
errors or irregularities in amounts that would be material in relation
to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters involving
internal control, including procedures for safeguarding securities, that
we consider to be material weaknesses as defined above as of November
30, 1998.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.
January 8, 1999
INDEPENDENT AUDITORS' REPORT
To the Board of Directors of FIXED INCOME SECURITIES, INC.
and the Shareholders of FEDERATED LIMITED TERM MUNICIPAL FUND:
In planning and performing our audit of the financial statements of
Federated Limited Term Municipal Fund for the year ended November 30,
1998 (on which we have issued our report dated January 8, 1999), we
considered its internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of Federated Limited Term Municipal Fund is responsible
for establishing and maintaining an internal control structure. In
fulfilling this responsibility, estimates and judgments by management
are required to assess the expected benefits and related costs of
internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management
with reasonable, but not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition and that transactions
are executed in accordance with management's authorization and recorded
properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors and irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure that
might be material weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness is a
condition in which the design or operation of the specific internal
control elements does not reduce to a relatively low level the risk that
errors or irregularities in amounts that would be material in relation
to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters involving
internal control, including procedures for safeguarding securities, that
we consider to be material weaknesses as defined above as of November
30, 1998.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.
January 8, 1999
INDEPENDENT AUDITORS' REPORT
To the Board of Directors of FIXED INCOME SECURITIES, INC.
and the Shareholders of FEDERATED STRATEGIC INCOME FUND:
In planning and performing our audit of the financial statements of
Federated Strategic Income Fund for the year ended November 30, 1998 (on
which we have issued our report dated January 8, 1999), we considered
its internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide assurance on
the internal control structure.
The management of Federated Strategic Income Fund is responsible for
establishing and maintaining an internal control structure. In
fulfilling this responsibility, estimates and judgments by management
are required to assess the expected benefits and related costs of
internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management
with reasonable, but not absolute, assurance that assets are safeguarded
against loss from unauthorized use or disposition and that transactions
are executed in accordance with management's authorization and recorded
properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors and irregularities may occur and not be detected. Also,
projection of any evaluation of the structure to future periods is
subject to the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation may
deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure that
might be material weaknesses under standards established by the American
Institute of Certified Public Accountants. A material weakness is a
condition in which the design or operation of the specific internal
control elements does not reduce to a relatively low level the risk that
errors or irregularities in amounts that would be material in relation
to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters involving
internal control, including procedures for safeguarding securities, that
we consider to be material weaknesses as defined above as of November
30, 1998.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.
January 8, 1999
