FEDERATED BOND FUND
(formerly, Fortress Bond Fund)
(A Portfolio of Investment Series Funds, Inc.)
Class B Shares
FEDERATED GOVERNMENT INCOME SECURITIES, INC.
(formerly, Government Income Securities, Inc.)
Class B Shares
FEDERATED STRATEGIC INCOME FUND
(formerly, Strategic Income Fund)
(A Portfolio of Fixed Income Securities, Inc.)
Class B Shares
SUPPLEMENT TO PROSPECTUSES DATED DECEMBER 31, 1995, AUGUST 2, 1996 AND
JANUARY 31, 1996, RESPECTIVELY.
1.Please delete in its entirety the section entitled ``ELIMINATION OF
CONTINGENT DEFERRED SALES CHARGE''on page 28 of the Federated Bond Fund
prospectus, page 20 of the Federated Government Income Securities, Inc.
prospectus and page 31 of the Federated Strategic Income Fund prospectus,
respectively, and replace with the following:
`ELIMINATION OF CONTINGENT DEFERRED SALES CHARGE
The contingent deferred sales charge will be eliminated with respect
to the following redemptions: (1) redemptions following the death or
disability, as defined in Section 72(m)(7) of the Internal Revenue
Code of 1986, of the last surviving shareholder; (2) redemptions
representing minimum required distributions from an Individual
Retirement Account or other retirement plan to a shareholder who has
attained the age of 70 1/2; (3) involuntary redemptions by the Fund of
Shares in shareholder accounts that do not comply with the minimum
balance requirements; and (4) qualifying redemptions of Class B Shares
under a Systematic Withdrawal Program. To qualify for elimination of
the contingent deferred sales charge through a Systematic Withdrawal
Program, the redemptions of Class B Shares must be from an account:
that is at least 12 months old, has all Fund distributions reinvested
in Fund Shares, and has a value of at least $10,000 when the
Systematic Withdrawal Program is established. Qualifying redemptions
may not exceed 1.00% monthly of the account value as periodically
determined by the Fund. For more information regarding the
elimination of the contingent deferred sales charge through a
Systematic Withdrawal Program contact your financial intermediary or
the Fund. No contingent deferred sales charge will be imposed on
redemptions of Shares held by Trustees, employees and sales
representatives of the Fund, the distributor, or affiliates of the
Fund or distributor, and their immediate family members; employees of
any financial institution that sells Shares of the Fund pursuant to a
sales agreement with the distributor; and spouses and children under
the age of 21 of the aforementioned persons. Finally, no contingent
deferred sales charge will be imposed on the redemption of Shares
originally purchased through a bank trust department, an investment
adviser registered under the
Investment Advisers Act of 1940 or retirement plans where the third
party administrator has entered into certain arrangements with
Federated Securities Corp. or its affiliates, or any other financial
institution, to the extent that no payments were advanced for
purchases made through such entities. The Fund reserve thes right to
discontinue or modify the elimination of the contingent deferred sales
charge. Shareholders will be notified of a discontinuation. Any
Shares purchased prior to the termination of such waiver would have
the contingent deferred sales charge eliminated as provided in the
Fund's prospectus at the time of the purchase of the Shares. If a
shareholder making a redemption qualifies for an elimination of the
contingent deferred sales charge, the shareholder must notify
Federated Securities Corp. or the transfer agent in writing that the
shareholder is entitled to such elimination.''
October 1, 1996
Federated Securities Corp. is the distributor of the Funds
and is a subsidiary of Federated Investors.
Cusip 461444606
Cusip 313912305
Cusip 338319866
G00772-05 (10/96)
FEDERATED BOND FUND
(formerly, Fortress Bond Fund)
(A Portfolio of Investment Series Funds, Inc.)
Class B Shares
FEDERATED GOVERNMENT INCOME SECURITIES, INC.
(formerly, Government Income Securities, Inc.)
Class B Shares
FEDERATED STRATEGIC INCOME FUND
(formerly, Strategic Income Fund)
(A Portfolio of Fixed Income Securities, Inc.)
Class B Shares
SUPPLEMENT TO STATEMENTS OF ADDITIONAL INFORMATION DATED DECEMBER 31, 1995,
AUGUST 2, 1996 AND JANUARY 31, 1996, RESPECTIVELY.
Please insert the following directly after the section entitled `REDEEMING
SHARES''on page 15 of the Federated Bond Fund Statement of Additional
Information (`SAI''), page 17 of the Federated Government Income
Securities, Inc. SAI and page 19 of the Federated Strategic Income Fund
SAI:
`ELIMINATION OF THE CONTINGENT DEFERRED SALES CHARGE
The amounts that a shareholder may withdraw under a Systematic
Withdrawal Program that qualify for elimination of the Contingent
Deferred Sales Charge may not exceed 12% annually with reference
initially to the value of the Class B Shares upon establishment of the
Systematic Withdrawal Program and then as calculated at the annual
valuation date. Redemptions on a qualifying Systematic Withdrawal
Program can be made at a rate of 1.00% monthly, 3.00% quarterly, or
6.00% semi-annually with reference to the applicable account valuation
amount. Amounts that exceed the 12.00% annual limit for redemption,
as described, may be subject to the Contingent Deferred Sales Charge.
To the extent that a shareholder exchanges Shares for Class B Shares
of other Federated Funds, the time for which the exchanged-for Shares
are to be held will be added to the time for which exchanged-from
Shares were held for purposes of satisfying the 12 month holding
requirement. However, for purposes of meeting the $10,000 minimum
account value requirement, Class B Share accounts will not be
aggregated.''
October 1, 1996
Federated Securities Corp. is the distributor of the Funds
and is a subsidiary of Federated Investors.
Cusip 461444606
Cusip 313912305
Cusip 338319866
G00772-06 (10/96)
