1933 Act File No. 33-3164
1940 Act File No. 811-4577
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 X
----
Pre-Effective Amendment No. ..............................
Post-Effective Amendment No. 27 .......................... X
------- ----
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. ...............................................
FEDERATED INCOME SECURITIES TRUST
(Exact Name of Registrant as Specified in Charter)
Federated Investors Tower, Pittsburgh, Pennsylvania 15222-3779
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
John W. McGonigle, Esquire,
Federated Investors Tower,
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
It is proposed that this filing will become effective:
X immediately upon filing pursuant to paragraph (b) on
_________________ pursuant to paragraph (b) 60 days after filing
pursuant to paragraph (a) (i) on pursuant to paragraph (a) (i). 75
days after filing pursuant to paragraph (a)(ii) on
_________________ pursuant to paragraph (a)(ii) of Rule 485.
If appropriate, check the following box:
This post-effective amendment designates a new effective date for
a previously filed post-effective amendment.
Registrant has filed with the Securities and Exchange Commission a
declaration pursuant to Rule 24f-2 under the Investment Company Act of
1940, and:
X filed the Notice required by that Rule on June 16, 1997; or
intends to file the Notice required by that Rule on or about
____________; or during the most recent fiscal year did not sell
any securities pursuant to Rule 24f-2 under the
Investment Company Act of 1940, and, pursuant to Rule 24f-2(b)(2),
need not file the Notice.
Copies To:
Matthew G. Maloney, Esquire
Dickstein Shapiro Morin & Oshinsky LLP
2101 L Street, N.W.
Washington, D.C. 20037
<PAGE>
CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933
<TABLE>
<CAPTION>
Proposed
Title of Proposed Maximum
Securities Amount Maximum Aggregate Amount of
Being Being Offering Price Offering Registration
REGISTERED REGISTERED PER UNIT PRICE* FEE
<S> <C> <C> <C> <C>
Shares of
beneficial
interest
(no par value) 7,513,522 $9.83 $73,857,921 $0.00
</TABLE>
*Registrant has elected to calculate its filing fee in the manner
described in Rule 24e-2 of the Investment Company Act of 1940. The
total amount of securities redeemed during the previous fiscal year
was 20,381,047. The total amount of redeemed securities used for
reductions pursuant to paragraph (a) of Rule 24e-2 or paragraph (c) of
Rule 24f-2 during the current year was 12,867,525. The amount of
redeemed securities being used for reduction of the registration fee
in this Amendment is 7,513,522.
<PAGE>
CONTENTS OF AMENDMENT
This Post-Effective Amendment No. 27 to the Registration Statement
of FEDERATED INCOME SECURITIES TRUST is comprised of the following papers
and documents:
1. The facing sheet to register a definite
number of shares of beneficial interest,
no par value, of FEDERATED INCOME SECURITIES TRUST;
2. The legal opinion of counsel for the Registrant, as
to the legality of shares being offered; and as to
the eligibility to become effective pursuant to
Paragraph (b) of Rule 485; and
3. Signature page.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
Registrant, FEDERATED INCOME SECURITIES TRUST certifies that it meets
all of the requirements for effectiveness of this Amendment to its
Registration Statement pursuant to Rule 485(b) under the Securities
Act of 1933 and has duly caused this Amendment to its Registration
Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Pittsburgh and Commonwealth of
Pennsylvania on the 16TH day of June, 1997.
FEDERATED INCOME SECURITIES TRUST
BY: /s/ S. Elliott Cohan
S. Elliott Cohan, Assistant Secretary
Attorney in Fact for John F. Donahue
June 16, 1997
Pursuant to the requirements of the Securities Act of 1933, this
Amendment to its Registration Statement has been signed below by the
following person in the capacity and on the date indicated:
NAME TITLE DATE
By: /s/ S. Elliott Cohan
S. Elliott Cohan Attorney In Fact June 16, 1997
Assistant Secretary For the Persons
Listed Below
NAME TITLE
John F. Donahue* Chairman and Trustee
(Chief Executive Officer)
Glen R. Johnson* President
John W. McGonigle* Treasurer
(Chief Financial Officer)
Thomas G. Bigley * Trustee
John T. Conroy, Jr.* Trustee
William J. Copeland* Trustee
James E. Dowd* Trustee
Lawrence D. Ellis, M.D.* Trustee
Edward L. Flaherty, Jr.* Trustee
Peter E. Madden* Trustee
Gregor F. Meyer* Trustee
John E. Murray, Jr.* Trustee
Wesley W. Posvar* Trustee
Marjorie P. Smuts* Trustee
* By Power of Attorney
FEDERATED ADMINISTRATIVE
SERVICES
FEDERATED INVESTORS TOWER
PITTSBURGH, PA 15222-3779
412-288-1900
June 16, 1997
Federated Income Securities Trust
Federated Investors Tower
Pittsburgh, PA 15222-3779
Gentlemen:
You have requested my opinion in connection with the
registration by Federated Income Securities Trust ("Trust") of an
additional 7,513,522 Shares of Beneficial Interest ("Shares") pursuant
to Post-effective Amendment No. 27 to the Trust's registration
statement filed with the Securities and Exchange Commission under the
Securities Act of 1933 (File No. 33-3164). The subject Post-effective
Amendment will be filed pursuant to Paragraph (b) of Rule 485 and
become effective pursuant to said Rule immediately upon filing.
As counsel I have participated in the preparation and filing
of the Trust's amended registration statement under the Securities Act
of 1933 referred to above. Further, I have examined and am familiar
with the provisions of the Declaration of Trust dated December 31,
1991, ("Declaration of Trust"), the Bylaws of the Trust and such other
documents and records deemed relevant. I have also reviewed questions
of law and consulted with counsel thereon as deemed necessary or
appropriate by me for the purposes of this opinion.
On the basis of the foregoing, it is my opinion that:
1. The Trust is duly organized and validly existing under
the laws of the Commonwealth of Massachusetts.
2. The Shares which are currently being registered by the
Registration Statement referred to above may be legally and validly
issued from time to time in accordance with the Declaration of Trust
upon receipt of consideration sufficient to comply with the
Declaration of Trust and subject to compliance with the Securities Act
of 1933, as amended, the Investment Company Act of 1940, as amended,
and applicable state laws regulating the sale of securities. Such
Shares, when so issued, will be fully paid and non-assessable by the
Trust.
I hereby consent to the filing of this opinion as a part of
the Trust's registration statement referred to above and as a part of
any application or registration statement filed under the securities
laws of the States of the United States.
The foregoing opinion is limited to the Federal laws of the
United States and the laws of the Commonwealth of Massachusetts, and I
am expressing no opinion as to the effect of the laws of any other
jurisdiction.
Very truly yours,
/s/ S. Elliott Cohan
S. Elliott Cohan
Fund Attorney
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 021
<NAME> Federated Income Securities Trust
Federated Intermediate Income Fund
Institutional Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Apr-30-1997
<PERIOD-END> Apr-30-1997
<INVESTMENTS-AT-COST> 121,346,732
<INVESTMENTS-AT-VALUE> 120,647,775
<RECEIVABLES> 2,362,263
<ASSETS-OTHER> 16,603
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 123,026,641
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 929,674
<TOTAL-LIABILITIES> 929,674
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 123,164,139
<SHARES-COMMON-STOCK> 12,386,311
<SHARES-COMMON-PRIOR> 8,959,874
<ACCUMULATED-NII-CURRENT> 12,086
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (380,301)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (698,957)
<NET-ASSETS> 121,306,743
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,598,796
<OTHER-INCOME> 0
<EXPENSES-NET> 600,534
<NET-INVESTMENT-INCOME> 6,998,262
<REALIZED-GAINS-CURRENT> (380,854)
<APPREC-INCREASE-CURRENT> 356,638
<NET-CHANGE-FROM-OPS> 6,974,046
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,940,716
<DISTRIBUTIONS-OF-GAINS> 56,910
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,046,674
<NUMBER-OF-SHARES-REDEEMED> 3,741,544
<SHARES-REINVESTED> 121,307
<NET-CHANGE-IN-ASSETS> 34,095,721
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 57,997
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 539,952
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,215,199
<AVERAGE-NET-ASSETS> 107,749,893
<PER-SHARE-NAV-BEGIN> 9.770
<PER-SHARE-NII> 0.630
<PER-SHARE-GAIN-APPREC> 0.030
<PER-SHARE-DIVIDEND> 0.630
<PER-SHARE-DISTRIBUTIONS> 0.010
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.790
<EXPENSE-RATIO> 0.55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 022
<NAME> Federated Income Securities Trust
Federated Intermediate Income Fund
Institutional Service Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Apr-30-1997
<PERIOD-END> Apr-30-1997
<INVESTMENTS-AT-COST> 121,346,732
<INVESTMENTS-AT-VALUE> 120,647,775
<RECEIVABLES> 2,362,263
<ASSETS-OTHER> 16,603
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 123,026,641
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 929,674
<TOTAL-LIABILITIES> 929,674
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 123,164,139
<SHARES-COMMON-STOCK> 80,688
<SHARES-COMMON-PRIOR> 52,011
<ACCUMULATED-NII-CURRENT> 12,086
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (380,301)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (698,957)
<NET-ASSETS> 790,224
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,598,796
<OTHER-INCOME> 0
<EXPENSES-NET> 600,534
<NET-INVESTMENT-INCOME> 6,998,262
<REALIZED-GAINS-CURRENT> (380,854)
<APPREC-INCREASE-CURRENT> 356,638
<NET-CHANGE-FROM-OPS> 6,974,046
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 45,460
<DISTRIBUTIONS-OF-GAINS> 534
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 95,657
<NUMBER-OF-SHARES-REDEEMED> 70,216
<SHARES-REINVESTED> 3,236
<NET-CHANGE-IN-ASSETS> 34,095,721
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 57,997
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 539,952
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,215,199
<AVERAGE-NET-ASSETS> 107,749,893
<PER-SHARE-NAV-BEGIN> 9.760
<PER-SHARE-NII> 0.610
<PER-SHARE-GAIN-APPREC> 0.040
<PER-SHARE-DIVIDEND> 0.610
<PER-SHARE-DISTRIBUTIONS> 0.010
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.790
<EXPENSE-RATIO> 0.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> Federated Income Securities Trust
Federated Short-Term Income Fund
Institutional Shares
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Apr-30-1997
<PERIOD-END> Apr-30-1997
<INVESTMENTS-AT-COST> 232,573,453
<INVESTMENTS-AT-VALUE> 231,391,516
<RECEIVABLES> 2,275,807
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 233,667,323
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,643,746
<TOTAL-LIABILITIES> 1,643,746
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 258,040,526
<SHARES-COMMON-STOCK> 24,692,959
<SHARES-COMMON-PRIOR> 24,951,084
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 229,129
<ACCUMULATED-NET-GAINS> (24,605,883)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,181,937)
<NET-ASSETS> 214,437,974
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 16,204,039
<OTHER-INCOME> 0
<EXPENSES-NET> 1,391,229
<NET-INVESTMENT-INCOME> 14,812,810
<REALIZED-GAINS-CURRENT> (629,217)
<APPREC-INCREASE-CURRENT> 928,955
<NET-CHANGE-FROM-OPS> 15,112,548
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 14,072,936
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,252,983
<NUMBER-OF-SHARES-REDEEMED> 15,832,329
<SHARES-REINVESTED> 321,221
<NET-CHANGE-IN-ASSETS> (997,247)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (27,054,418)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 957,140
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,062,157
<AVERAGE-NET-ASSETS> 239,353,595
<PER-SHARE-NAV-BEGIN> 8.680
<PER-SHARE-NII> 0.540
<PER-SHARE-GAIN-APPREC> 0.010
<PER-SHARE-DIVIDEND> 0.550
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 8.680
<EXPENSE-RATIO> 0.56
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 012
<NAME> Federated Income Securities Trust
Federated Short-Term Income Fund
Institutional Service Shares
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Apr-30-1997
<PERIOD-END> Apr-30-1997
<INVESTMENTS-AT-COST> 232,573,453
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<TOTAL-LIABILITIES> 1,643,746
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 258,040,526
<SHARES-COMMON-STOCK> 2,025,017
<SHARES-COMMON-PRIOR> 1,882,345
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 229,129
<ACCUMULATED-NET-GAINS> (24,605,883)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,181,937)
<NET-ASSETS> 17,585,603
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<INTEREST-INCOME> 16,204,039
<OTHER-INCOME> 0
<EXPENSES-NET> 1,391,229
<NET-INVESTMENT-INCOME> 14,812,810
<REALIZED-GAINS-CURRENT> (629,217)
<APPREC-INCREASE-CURRENT> 928,955
<NET-CHANGE-FROM-OPS> 15,112,548
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 969,003
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 825,563
<NUMBER-OF-SHARES-REDEEMED> 736,958
<SHARES-REINVESTED> 54,067
<NET-CHANGE-IN-ASSETS> (997,247)
<ACCUMULATED-NII-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
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<AVERAGE-NET-ASSETS> 239,353,595
<PER-SHARE-NAV-BEGIN> 8.680
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<RETURNS-OF-CAPITAL> 0.000
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<EXPENSE-RATIO> 0.81
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
