<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 B000531 S
015 C010531 BOMBAY
015 D010531 INDIA
<PAGE> PAGE 20
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
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
<PAGE> PAGE 21
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
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
<PAGE> PAGE 22
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
015 E040561 X
015 A000562 BARCLAY'S BANK OF ZAMBIA
015 B000562 S
<PAGE> PAGE 23
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 2000
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 41925
028 A020500 3032
028 A030500 0
028 A040500 19623
028 B010500 34107
028 B020500 2949
028 B030500 0
028 B040500 19191
028 C010500 35578
028 C020500 3114
028 C030500 0
028 C040500 15371
028 D010500 32284
028 D020500 3154
028 D030500 0
028 D040500 18615
028 E010500 29294
028 E020500 3230
028 E030500 0
028 E040500 26831
028 F010500 28369
028 F020500 2975
028 F030500 0
028 F040500 17496
028 G010500 201557
028 G020500 18454
028 G030500 0
028 G040500 117127
028 H000500 189434
029 000500 Y
030 A000500 8742
<PAGE> PAGE 24
030 B000500 4.50
030 C000500 0.00
031 A000500 125
031 B000500 0
032 000500 8617
033 000500 0
034 000500 Y
035 000500 1974
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 3107
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
055 A000500 Y
055 B000500 N
056 000500 N
057 000500 N
058 A000500 N
<PAGE> PAGE 25
058 B000500 N
058 C000500 N
058 D000500 N
058 E000500 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 0.0
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 8.0
062 N000500 0.1
062 O000500 0.2
062 P000500 10.8
062 Q000500 36.4
062 R000500 43.3
063 A000500 0
063 B000500 5.9
064 A000500 Y
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
<PAGE> PAGE 26
070 K020500 Y
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 471073
071 B000500 354438
071 C000500 970382
071 D000500 37
072 A000500 6
072 B000500 29985
072 C000500 18588
072 D000500 0
072 E000500 0
072 F000500 4188
072 G000500 372
072 H000500 0
072 I000500 1613
072 J000500 111
072 K000500 0
072 L000500 47
072 M000500 4
072 N000500 128
072 O000500 39
072 P000500 0
072 Q000500 86
072 R000500 9
072 S000500 2
072 T000500 3107
072 U000500 0
072 V000500 0
072 W000500 32
072 X000500 9738
072 Y000500 1033
072 Z000500 39868
072AA000500 0
072BB000500 1432
072CC010500 34502
072CC020500 0
072DD010500 6141
072DD020500 32586
<PAGE> PAGE 27
072EE000500 0
073 A010500 0.0000
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 3130
074 B000500 125
074 C000500 0
074 D000500 558759
074 E000500 3970
074 F000500 18
074 G000500 0
074 H000500 0
074 I000500 432952
074 J000500 3087
074 K000500 0
074 L000500 22559
074 M000500 0
074 N000500 1024600
074 O000500 10964
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 5341
074 S000500 0
074 T000500 1008295
074 U010500 15748
074 U020500 90905
074 V010500 0.00
074 V020500 0.00
074 W000500 0.0000
074 X000500 35652
074 Y000500 0
075 A000500 0
075 B000500 988189
076 000500 0.00
SIGNATURE STEVE KEANE
TITLE GENERAL COUNSEL
ITEM 77D
POLICIES WITH RESPECT TO SECURITY INVESTMENTS
A Regular Meeting of the Board of Directors (the "Board") of Fixed
Income Securities, Inc. was held on February 15, 1999.
After full discussion, on motion duly made and seconded, the full Board
present unanimously approved a new investment policy of Federated
Strategic Income Fund (the "Fund") as follows:
"RESOLVED, that the Board hereby approves the addition of an
investment policy, which may be changed without shareholder
approval, permitting the Fund to invest in swaps, including
interest rate swaps, caps and floors, and total return swaps."
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000879569
<NAME> FIXED INCOME SECURITIES
<SERIES>
<NUMBER> 012
<NAME> Federated Limited Term Fund -F
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1999
<PERIOD-END> May-31-1999
<INVESTMENTS-AT-COST> 165,237,858
<INVESTMENTS-AT-VALUE> 163,744,850
<RECEIVABLES> 1,876,181
<ASSETS-OTHER> 404,954
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 166,025,985
<PAYABLE-FOR-SECURITIES> 1,334,443
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,333,514
<TOTAL-LIABILITIES> 2,667,957
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 176,252,541
<SHARES-COMMON-STOCK> 1,462,692
<SHARES-COMMON-PRIOR> 1,360,829
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (126,751)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (11,274,754)
<ACCUM-APPREC-OR-DEPREC> (1,493,008)
<NET-ASSETS> 14,201,275
<DIVIDEND-INCOME> 20,039
<INTEREST-INCOME> 4,574,438
<OTHER-INCOME>
<EXPENSES-NET> (741,532)
<NET-INVESTMENT-INCOME> 3,852,945
<REALIZED-GAINS-CURRENT> (533,380)
<APPREC-INCREASE-CURRENT> (921,173)
<NET-CHANGE-FROM-OPS> 2,398,392
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (413,966)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 164,446
<NUMBER-OF-SHARES-REDEEMED> (88,488)
<SHARES-REINVESTED> 25,905
<NET-CHANGE-IN-ASSETS> 50,452,052
<ACCUMULATED-NII-PRIOR> 83,527
<ACCUMULATED-GAINS-PRIOR> (10,741,374)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 270,170
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 994,905
<AVERAGE-NET-ASSETS> 13,566,951
<PER-SHARE-NAV-BEGIN> 9.820
<PER-SHARE-NII> 0.270
<PER-SHARE-GAIN-APPREC> (0.090)
<PER-SHARE-DIVIDEND> (0.290)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.710
<EXPENSE-RATIO> 1.100
[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> 0000879569
<NAME> FIXED INCOME SECURITIES
<SERIES>
<NUMBER> 012
<NAME> Federated Limited Term Fund -A
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1999
<PERIOD-END> May-31-1999
<INVESTMENTS-AT-COST> 165,237,858
<INVESTMENTS-AT-VALUE> 163,744,850
<RECEIVABLES> 1,876,181
<ASSETS-OTHER> 404,954
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 166,025,985
<PAYABLE-FOR-SECURITIES> 1,334,443
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,333,514
<TOTAL-LIABILITIES> 2,667,957
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 176,252,541
<SHARES-COMMON-STOCK> 15,361,856
<SHARES-COMMON-PRIOR> 10,303,200
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (126,751)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (11,274,754)
<ACCUM-APPREC-OR-DEPREC> (1,493,008)
<NET-ASSETS> 149,156,753
<DIVIDEND-INCOME> 20,039
<INTEREST-INCOME> 4,574,438
<OTHER-INCOME> 0
<EXPENSES-NET> (741,532)
<NET-INVESTMENT-INCOME> 3,852,945
<REALIZED-GAINS-CURRENT> (533,380)
<APPREC-INCREASE-CURRENT> (921,173)
<NET-CHANGE-FROM-OPS> 2,398,392
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,649,257)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,884,713
<NUMBER-OF-SHARES-REDEEMED> (4,048,483)
<SHARES-REINVESTED> 222,426
<NET-CHANGE-IN-ASSETS> 50,452,052
<ACCUMULATED-NII-PRIOR> 83,527
<ACCUMULATED-GAINS-PRIOR> (10,741,374)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 270,170
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 994,905
<AVERAGE-NET-ASSETS> 121,888,997
<PER-SHARE-NAV-BEGIN> 9.820
<PER-SHARE-NII> 0.270
<PER-SHARE-GAIN-APPREC> (0.090)
<PER-SHARE-DIVIDEND> (0.290)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.710
<EXPENSE-RATIO> 1.100
[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> 0000879569
<NAME> FIXED INCOME SECURITIES
<SERIES>
<NUMBER> 032
<NAME> Federated Limited Term Municipal Fund -A
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1999
<PERIOD-END> May-31-1999
<INVESTMENTS-AT-COST> 139,902,424
<INVESTMENTS-AT-VALUE> 140,806,963
<RECEIVABLES> 2,783,075
<ASSETS-OTHER> 41,921
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 143,631,959
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 604,522
<TOTAL-LIABILITIES> 604,522
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 145,623,310
<SHARES-COMMON-STOCK> 10,814,966
<SHARES-COMMON-PRIOR> 7,322,299
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (26,667)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (3,473,745)
<ACCUM-APPREC-OR-DEPREC> 904,539
<NET-ASSETS> 105,968,482
<DIVIDEND-INCOME>
<INTEREST-INCOME> 2,899,531
<OTHER-INCOME>
<EXPENSES-NET> (498,014)
<NET-INVESTMENT-INCOME> 2,401,517
<REALIZED-GAINS-CURRENT> (1,164,338)
<APPREC-INCREASE-CURRENT> 413,054
<NET-CHANGE-FROM-OPS> 1,650,233
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,652,610)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,492,191
<NUMBER-OF-SHARES-REDEEMED> (3,112,997)
<SHARES-REINVESTED> 113,473
<NET-CHANGE-IN-ASSETS> 42,640,831
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (26,667)
<OVERDIST-NET-GAINS-PRIOR> (2,309,407)
<GROSS-ADVISORY-FEES> 241,361
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 719,994
<AVERAGE-NET-ASSETS> 84,840,951
<PER-SHARE-NAV-BEGIN> 9.860
<PER-SHARE-NII> 0.190
<PER-SHARE-GAIN-APPREC> (0.060)
<PER-SHARE-DIVIDEND> (0.190)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.800
<EXPENSE-RATIO> 0.900
[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> 0000879569
<NAME> FIXED INCOME SECURITIES
<SERIES>
<NUMBER> 031
<NAME> Federated Limited Term Municipal Fund -F
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Nov-30-1999
<PERIOD-END> May-31-1999
<INVESTMENTS-AT-COST> 139,902,424
<INVESTMENTS-AT-VALUE> 140,806,963
<RECEIVABLES> 2,783,075
<ASSETS-OTHER> 41,921
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 143,631,959
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 604,522
<TOTAL-LIABILITIES> 604,522
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 145,623,310
<SHARES-COMMON-STOCK> 3,782,078
<SHARES-COMMON-PRIOR> 2,938,620
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (26,667)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (3,473,745)
<ACCUM-APPREC-OR-DEPREC> 904,539
<NET-ASSETS> 37,058,955
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,899,531
<OTHER-INCOME> 0
<EXPENSES-NET> (498,014)
<NET-INVESTMENT-INCOME> 2,401,517
<REALIZED-GAINS-CURRENT> (1,164,338)
<APPREC-INCREASE-CURRENT> 413,054
<NET-CHANGE-FROM-OPS> 1,650,233
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (748,907)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,887,369
<NUMBER-OF-SHARES-REDEEMED> (1,094,486)
<SHARES-REINVESTED> 50,575
<NET-CHANGE-IN-ASSETS> 42,640,831
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (26,667)
<OVERDIST-NET-GAINS-PRIOR> (2,309,407)
<GROSS-ADVISORY-FEES> 241,361
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 719,994
<AVERAGE-NET-ASSETS> 36,171,176
<PER-SHARE-NAV-BEGIN> 9.860
<PER-SHARE-NII> 0.210
<PER-SHARE-GAIN-APPREC> (0.060)
<PER-SHARE-DIVIDEND> (0.210)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.800
<EXPENSE-RATIO> 0.650
[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> 0000879569
<NAME> FIXED INCOME SECURITIES, INC.
<SERIES>
<NUMBER> 054
<NAME> FEDERATED STRATEGIC INCOME FUND - CLASS F
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Nov-30-1999
<PERIOD-END> May-31-1999
<INVESTMENTS-AT-COST> 1,064,266,430
<INVESTMENTS-AT-VALUE> 995,824,884
<RECEIVABLES> 25,645,474
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 3,130,121
<TOTAL-ASSETS> 1,024,600,479
<PAYABLE-FOR-SECURITIES> 10,963,816
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,341,923
<TOTAL-LIABILITIES> 16,305,739
<SENIOR-EQUITY> 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> FIXED INCOME SECURITIES, INC.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> FIXED INCOME SECURITIES, INC.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> FIXED INCOME SECURITIES, INC.
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</TABLE>
