FEDERATED INCOME TRUST
497, 1999-06-01
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FEDERATED INCOME TRUST

Supplement to Prospectuses dated May 31, 1999

At a Special Meeting of Shareholders to be held on June 28, 1999, shareholders
will be asked to vote on the changes described below. If approved by
shareholders, these changes will take effect as of July 1, 1999. Shareholders
will be notified if any of these changes are not approved. Please keep this
supplement for your records.

Shareholders will be asked to consider the following proposals:

(1)  To elect seven Trustees.

(2)  To ratify the selection of the Trust's independent auditors.

(3)  To make changes to the Trust's fundamental investment policies:

     (a)  To amend the Trust's fundamental investment policy regarding borrowing
          money and issuing senior securities;

     (b)  To amend the Trust's  fundamental  investment policy regarding lending
          by the Trust;

     (c)  To  amend,  and  to  make  non-fundamental,  the  Trust's  fundamental
          investment policy regarding buying securities on margin;

     (d)  To  amend,  and  to  make  non-fundamental,  the  Trust's  fundamental
          investment policy regarding pledging assets;

     (e)  To  amend,  and  to  make  non-fundamental,  the  Trust's  fundamental
          investment policy regarding investing in other investment companies;

     (f)  To  amend,  and  to  make  non-fundamental,  the  Trust's  fundamental
          investment policy regarding investments in U.S. government securities;

     (g)  To  amend,  and  to  make  non-fundamental,  the  Trust's  fundamental
          investment  policy regarding  investments in  collateralized  mortgage
          obligations and mortgage-related securities;

     (h)  To make  non-fundamental  the Trust's  fundamental  investment  policy
          regarding dollar roll transactions;

     (i)  To make  non-fundamental  the Trust's  fundamental  investment  policy
          regarding investing in repurchase agreements;

     (j)  To make  non-fundamental  the Trust's  fundamental  investment  policy
          regarding  engaging in when-issued and delayed delivery  transactions;
          and

     (k)  To make  non-fundamental  the Trust's  fundamental  investment  policy
          regarding lending portfolio securities.

(4)  To eliminate certain of the Trust's fundamental investment policies:

     (a)  To remove the Trust's fundamental  investment policy regarding selling
          securities short; and

     (b)  To remove the  Trust's  fundamental  investment  policy on engaging in
          portfolio transactions.

(5)  To amend and restate the Trust's fundamental investment objective.

(6)  To approve an  amendment  and  restatement  to the Trust's  Declaration  of
     Trust:

     (a)  To require  the  approval  of a  majority  of the  outstanding  voting
          securities  in the event of the sale and  conveyance  of the assets of
          the Trust to another trust or corporation;

     (b)  To permit the Board of Trustees to  liquidate  the assets of the Trust
          without seeking shareholder approval; and

     (c)  To  permit  the  Board of  Trustees  to  change  the name of the Trust
          without seeking shareholder approval.

     To transact such other  business as may properly come before the meeting or
any adjournment thereof.

                                                                    May 31, 1999


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Federated Investors

Federated Securities Corp., Distributor
Federated Investors, Inc.
Federated Investors Tower
1001 Liberty Avenue

Pittsburgh, PA 15222-3779
Cusip   314199100

Cusip   314199209
G02668-01 (5/99)



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