We construct two new SL(2, Z) invariant vacua of type IIB string theory which are bound states of (p, q) strings with (m, n) 5-branes, written as ((F, D1), (NS5, D5)) and preserve 1/4 of the full space-time supersymmetries. For the first case, the strings live inside the 5-brane world-volume and in the second case the strings are perpendicular to the 5-brane world-volume. In the first case, naively one would expect an attractive interaction between the strings and the 5-branes due to attractive force between F and D5 and also between D1 and NS5. We find that 1/4 BPS bound state exists only when the vacuum moduli satisfy certain condition which is found to be consistent with the no-force condition between the branes. No such complication arises for the second case. The tension formulae and the various other descendant states which can be obtained by the application of T-duality for both these bound states are discussed.