<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 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
<PAGE> PAGE 20
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
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
<PAGE> PAGE 21
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
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 N
025 A000501 LEHMAN BROS, INC.
025 C000501 D
025 D000501 2032
025 A000502 DELETE
025 D000502 0
025 D000503 0
<PAGE> PAGE 22
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 31599
028 A020500 3250
028 A030500 0
028 A040500 20152
028 B010500 24104
028 B020500 3257
028 B030500 0
028 B040500 22693
028 C010500 21900
028 C020500 3110
028 C030500 0
028 C040500 22435
028 D010500 20189
028 D020500 3248
028 D030500 0
028 D040500 25058
028 E010500 17126
028 E020500 3236
028 E030500 0
028 E040500 30591
028 F010500 18255
028 F020500 3813
028 F030500 0
028 F040500 25047
028 G010500 133173
028 G020500 19914
028 G030500 0
028 G040500 145976
028 H000500 125564
029 000500 Y
030 A000500 5476
030 B000500 4.50
030 C000500 0.00
031 A000500 66
031 B000500 0
032 000500 5410
033 000500 0
034 000500 Y
035 000500 2753
036 A000500 N
036 B000500 0
042 A000500 0
042 B000500 0
042 C000500 100
042 D000500 0
042 E000500 0
<PAGE> PAGE 23
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 6272
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
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 0.1
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 7.1
062 N000500 0.1
062 O000500 0.2
<PAGE> PAGE 24
062 P000500 10.0
062 Q000500 37.2
062 R000500 44.2
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
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 Y
070 L010500 Y
070 L020500 Y
070 M010500 Y
070 M020500 Y
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 632147
071 B000500 494691
071 C000500 976516
071 D000500 51
072 A000500 12
072 B000500 60502
072 C000500 39920
072 D000500 0
<PAGE> PAGE 25
072 E000500 0
072 F000500 8467
072 G000500 751
072 H000500 0
072 I000500 951
072 J000500 246
072 K000500 0
072 L000500 214
072 M000500 10
072 N000500 127
072 O000500 89
072 P000500 0
072 Q000500 196
072 R000500 19
072 S000500 9
072 T000500 8763
072 U000500 0
072 V000500 0
072 W000500 46
072 X000500 19888
072 Y000500 2285
072 Z000500 82819
072AA000500 0
072BB000500 20108
072CC010500 0
072CC020500 46807
072DD010500 12758
072DD020500 66903
072EE000500 0
073 A010500 0.8200
073 A020500 2.3200
073 B000500 0.0000
073 C000500 0.0000
074 A000500 290
074 B000500 1195
074 C000500 0
074 D000500 545012
074 E000500 1771
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 427084
074 J000500 773
074 K000500 0
074 L000500 17215
074 M000500 0
074 N000500 993340
074 O000500 1049
074 P000500 0
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074 R010500 0
<PAGE> PAGE 26
074 R020500 0
074 R030500 0
074 R040500 5852
074 S000500 0
074 T000500 986439
074 U010500 16146
074 U020500 91232
074 V010500 9.19
074 V020500 9.19
074 W000500 0.0000
074 X000500 31203
074 Y000500 0
075 A000500 0
075 B000500 993107
076 000500 0.00
080 A000500 LLOYD'S OF LONDON
080 B000500 ZURICH INSURANCE COMPANY; RELIANCE INSURANCE
080 C000500 70000
081 A000500 Y
081 B000500 159
082 A000500 N
082 B000500 0
083 A000500 Y
083 B000500 104
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> 0000879569
<NAME> Fixed Income Securities, Inc.
<SERIES>
<NUMBER> 011
<NAME> Federated Limited Term Fund - Class A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1999
<PERIOD-END> Nov-30-1999
<INVESTMENTS-AT-COST> 150,069,164
<INVESTMENTS-AT-VALUE> 146,564,072
<RECEIVABLES> 3,039,460
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
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<PAYABLE-FOR-SECURITIES> 398,886
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 232,334
<TOTAL-LIABILITIES> 631,220
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 166,251,885
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<SHARES-COMMON-PRIOR> 10,303,200
<ACCUMULATED-NII-CURRENT> 59,621
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (13,834,102)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,505,092)
<NET-ASSETS> 139,452,441
<DIVIDEND-INCOME> 119,282
<INTEREST-INCOME> 10,400,834
<OTHER-INCOME> 0
<EXPENSES-NET> (1,601,743)
<NET-INVESTMENT-INCOME> 8,918,373
<REALIZED-GAINS-CURRENT> (3,085,078)
<APPREC-INCREASE-CURRENT> (2,933,257)
<NET-CHANGE-FROM-OPS> 2,900,038
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (8,142,077)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 16,591,622
<NUMBER-OF-SHARES-REDEEMED> (12,757,200)
<SHARES-REINVESTED> 619,730
<NET-CHANGE-IN-ASSETS> 34,401,505
<ACCUMULATED-NII-PRIOR> 83,527
<ACCUMULATED-GAINS-PRIOR> (10,741,374)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 583,987
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,111,521
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<PER-SHARE-NAV-BEGIN> 9.820
<PER-SHARE-NII> 0.570
<PER-SHARE-GAIN-APPREC> (0.350)
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> (0.590)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.450
<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> 0000879569
<NAME> Fixed Income Securities, Inc.
<SERIES>
<NUMBER> 012
<NAME> Federated Limited Term Fund - Class F
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1999
<PERIOD-END> Nov-30-1999
<INVESTMENTS-AT-COST> 150,069,164
<INVESTMENTS-AT-VALUE> 146,564,072
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<ASSETS-OTHER> 0
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<PAYABLE-FOR-SECURITIES> 398,886
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 232,334
<TOTAL-LIABILITIES> 631,220
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 166,251,885
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<SHARES-COMMON-PRIOR> 1,360,829
<ACCUMULATED-NII-CURRENT> 59,621
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (13,834,102)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,505,092)
<NET-ASSETS> 9,519,871
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<INTEREST-INCOME> 10,400,834
<OTHER-INCOME> 0
<EXPENSES-NET> (1,601,743)
<NET-INVESTMENT-INCOME> 8,918,373
<REALIZED-GAINS-CURRENT> (3,085,078)
<APPREC-INCREASE-CURRENT> (2,933,257)
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<DISTRIBUTIONS-OF-INCOME> (807,850)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 300,562
<NUMBER-OF-SHARES-REDEEMED> (712,506)
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<NET-CHANGE-IN-ASSETS> 34,401,505
<ACCUMULATED-NII-PRIOR> 83,527
<ACCUMULATED-GAINS-PRIOR> (10,741,374)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 583,987
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,111,521
<AVERAGE-NET-ASSETS> 13,004,922
<PER-SHARE-NAV-BEGIN> 9.820
<PER-SHARE-NII> 0.570
<PER-SHARE-GAIN-APPREC> (0.340)
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<PER-SHARE-DISTRIBUTIONS> (0.600)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.450
<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> 0000879569
<NAME> Fixed Income Securities, Inc.
<SERIES>
<NUMBER> 031
<NAME> Federated Limited Term Municipal Fund - Class A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1999
<PERIOD-END> Nov-30-1999
<INVESTMENTS-AT-COST> 121,513,786
<INVESTMENTS-AT-VALUE> 120,407,343
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<OTHER-ITEMS-LIABILITIES> 290,510
<TOTAL-LIABILITIES> 290,510
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 130,959,198
<SHARES-COMMON-STOCK> 10,165,697
<SHARES-COMMON-PRIOR> 7,322,299
<ACCUMULATED-NII-CURRENT> 80,000
<OVERDISTRIBUTION-NII> 0
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<EXPENSES-NET> (1,081,021)
<NET-INVESTMENT-INCOME> 5,176,816
<REALIZED-GAINS-CURRENT> (2,004,917)
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<NUMBER-OF-SHARES-SOLD> 10,438,811
<NUMBER-OF-SHARES-REDEEMED> (7,917,855)
<SHARES-REINVESTED> 322,441
<NET-CHANGE-IN-ASSETS> 24,480,541
<ACCUMULATED-NII-PRIOR> (26,667)
<ACCUMULATED-GAINS-PRIOR> (2,309,407)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 517,415
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,527,271
<AVERAGE-NET-ASSETS> 96,392,666
<PER-SHARE-NAV-BEGIN> 9.860
<PER-SHARE-NII> 0.390
<PER-SHARE-GAIN-APPREC> (0.260)
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<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.600
<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> 0000879569
<NAME> Fixed Income Securities, Inc.
<SERIES>
<NUMBER> 032
<NAME> Federated Limited Term Municipal Fund - Class F
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Nov-30-1999
<PERIOD-END> Nov-30-1999
<INVESTMENTS-AT-COST> 121,513,786
<INVESTMENTS-AT-VALUE> 120,407,343
<RECEIVABLES> 5,463,513
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 125,908,941
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 290,510
<TOTAL-LIABILITIES> 290,510
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 130,959,198
<SHARES-COMMON-STOCK> 2,916,564
<SHARES-COMMON-PRIOR> 2,938,620
<ACCUMULATED-NII-CURRENT> 80,000
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,314,324)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,106,443)
<NET-ASSETS> 28,005,948
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,257,837
<OTHER-INCOME> 0
<EXPENSES-NET> (1,081,021)
<NET-INVESTMENT-INCOME> 5,176,816
<REALIZED-GAINS-CURRENT> (2,004,917)
<APPREC-INCREASE-CURRENT> (1,597,928)
<NET-CHANGE-FROM-OPS> 1,573,971
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,377,938)
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 1,981,302
<NUMBER-OF-SHARES-REDEEMED> (2,116,729)
<SHARES-REINVESTED> 113,371
<NET-CHANGE-IN-ASSETS> 24,480,541
<ACCUMULATED-NII-PRIOR> (26,667)
<ACCUMULATED-GAINS-PRIOR> (2,309,407)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 517,415
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,527,271
<AVERAGE-NET-ASSETS> 32,960,962
<PER-SHARE-NAV-BEGIN> 9.860
<PER-SHARE-NII> 0.410
<PER-SHARE-GAIN-APPREC> (0.260)
<PER-SHARE-DIVIDEND> (0.410)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.600
<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> 0000879569
<NAME> FIXED INCOME SECURITIES, INC.
<SERIES>
<NUMBER> 051
<NAME> STRATEGIC INCOME FUND - CLASS A SHARES
<S> <C>
<PERIOD-TYPE> 12-MONTHS
<FISCAL-YEAR-END> Nov-30-1999
<PERIOD-END> Nov-30-1999
<INVESTMENTS-AT-COST> 1,056,446,280
<INVESTMENTS-AT-VALUE> 975,062,137
<RECEIVABLES> 3,762,024
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 290,068
<TOTAL-ASSETS> 993,339,957
<PAYABLE-FOR-SECURITIES> 1,048,938
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,852,311
<TOTAL-LIABILITIES> 5,852,311
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,087,941,903
<SHARES-COMMON-STOCK> 14,146,320
<SHARES-COMMON-PRIOR> 14,405,068
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (3,874,914)
<ACCUMULATED-NET-GAINS> (16,884,075)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (80,744,206)
<NET-ASSETS> 148,365,267
<DIVIDEND-INCOME> 39,920,446
<INTEREST-INCOME> 60,501,745
<OTHER-INCOME> 0
<EXPENSES-NET> (17,603,117)
<NET-INVESTMENT-INCOME> 82,819,074
<REALIZED-GAINS-CURRENT> (20,108,590)
<APPREC-INCREASE-CURRENT> (46,807,179)
<NET-CHANGE-FROM-OPS> 15,903,305
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (12,758,527)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,047,374
<NUMBER-OF-SHARES-REDEEMED> (5,030,285)
<SHARES-REINVESTED> 724,163
<NET-CHANGE-IN-ASSETS> 46,236,568
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2,601,385
<OVERDISTRIB-NII-PRIOR> (6,409,382)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,466,909
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 19,887,980
<AVERAGE-NET-ASSETS> 148,034,049
<PER-SHARE-NAV-BEGIN> 9.790
<PER-SHARE-NII> 0.870
<PER-SHARE-GAIN-APPREC> (0.650)
<PER-SHARE-DIVIDEND> (0.820)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.190
<EXPENSE-RATIO> 1.16
[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>
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<NAME> FIXED INCOME SECURITIES, INC.
<SERIES>
<NUMBER> 052
<NAME> STRATEGIC INCOME FUND - CLASS B SHARES
<S> <C>
<PERIOD-TYPE> 12-MONTHS
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<PERIOD-END> Nov-30-1999
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<INVESTMENTS-AT-VALUE> 975,062,137
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<DISTRIBUTIONS-OF-INCOME> (58,087,441)
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[AVG-DEBT-OUTSTANDING] 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.
<SERIES>
<NUMBER> 053
<NAME> STRATEGIC INCOME FUND - CLASS C SHARES
<S> <C>
<PERIOD-TYPE> 12-MONTHS
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[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>
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<CIK> 0000879569
<NAME> FIXED INCOME SECURITIES, INC.
<SERIES>
<NUMBER> 054
<NAME> STRATEGIC INCOME FUND - CLASS F SHARES
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[AVG-DEBT-OUTSTANDING] 0
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</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 (the 'Fund") for the year ended November
30, 1999 (on which we have issued our report dated January 14, 2000), we
considered its internal control, including control activities 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, and not to provide
assurance on the Fund's internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in any internal control, errors or fraud
may occur and not be detected. Also, projection of any evaluation of
internal control 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 Fund's internal control would not necessarily
disclose all matters in internal control 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 one or more of the internal control
components does not reduce to a relatively low level the risk that
errors or fraud 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 the Fund's
internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as
defined above as of November 30, 1999.
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 14, 2000
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 (the "Fund") for the year ended
November 30, 1999 (on which we have issued our report dated January 14,
2000), we considered its internal control, including control activities
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, and not to
provide assurance on the Fund's internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in any internal control, errors or fraud
may occur and not be detected. Also, projection of any evaluation of
internal control 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 Fund's internal control would not necessarily
disclose all matters in internal control 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 one or more of the internal control
components does not reduce to a relatively low level the risk that
errors or fraud 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 the Fund's
internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as
defined above as of November 30, 1999.
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 14, 2000
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 (the "Fund") for the year ended
November 30, 1999 (on which we have issued our report dated January 14,
2000), we considered its internal control, including control activities
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, and not to
provide assurance on the Fund's internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in any internal control, errors or fraud
may occur and not be detected. Also, projection of any evaluation of
internal control 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 Fund's internal control would not necessarily
disclose all matters in internal control 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 one or more of the internal control
components does not reduce to a relatively low level the risk that
errors or fraud 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 the Fund's
internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as
defined above as of November 30, 1999.
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 14, 2000
INDEPENDENT AUDITORS' REPORT
TO THE BOARD OF BOARD OF DIRECTORS OF FIXED INCOME SECURITIES, INC.
AND THE SHAREHOLDERS OF FEDERATED LIMITED TERM MUNICIPAL FUND:
We have audited the accompanying statement of assets and liabilities of
Federated Limited Term Municipal Fund (the Fund) (a portfolio of Fixed
Income Securities, Inc.), including the portfolio of investments, as of
November 30, 1999, and the related statement of operations for the year
then ended, the statement of changes in net assets for each of the two
year then ended, and the financial highlights for each of the years in
the five year period then ended. These financial statements and
financial highlights are the responsibility of the Fund's management.
Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to provide reasonable assurance about whether the financial statements
and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of the securities owned as of November 30, 1999, by
correspondence with the custodian. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe our audit provides a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of Federated Limited Term Municipal Fund as of
November 30, 1999, the results of its operations, the changes in its
net assets for each of the years in the period then ended, and the
financial highlights for each of the years in the five year period then
ended, in conformity with generally accepted accounting principles.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
January 14, 2000
