FEDERATED LIMITED TERM FUND
(A PORTFOLIO OF FIXED INCOME SECURITIES, INC. )
CLASS A SHARES
CLASS F SHARES
SUPPLEMENT TO PROSPECTUSES DATED JANUARY 31, 1999
Robert K. Kinsey is no longer a Portfolio Manager of this Fund. Accordingly,
under the section entitled "Who Manages the Fund" on page 16, please delete the
third paragraph and replace it with the following information:
"ROBERT E. CAULEY
Robert E. Cauley has been the Fund's Portfolio Manager since March 1999.
Mr. Cauley joined Federated in 1996 as a Senior Investment Analyst and an
Assistant Vice President of the Fund's Adviser and has been a Portfolio Manager
since 1997. Mr. Cauley has been a Vice President of the Adviser since 1999. Mr.
Cauley was a member of the Asset-Backed Structuring Group at Lehman Brothers
Holding, Inc. from 1994 to 1996. Mr. Cauley earned his M.S.I.A. concentrating in
Finance and Economics, from Carnegie Mellon University."
Randall S. Bauer remains as Portfolio Manager of the Fund.
April 30, 1999
Federated Securities Corp., Distributor
Federated Investors, Inc.
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, PA 15222-3779
1-800-341-7400
Cusip 338319106
338319304
G00662-02 (4/99)
