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<PAGE> PAGE 2
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011 C02AA01 PA
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012 A00AA01 FEDERATED SHAREHOLDER SERVICES COMPANY
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
054 O00AA00 N
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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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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SIGNATURE STEVE KEANE
TITLE GENERAL COUNSEL
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<SHARES-COMMON-STOCK> 2,212,462
<SHARES-COMMON-PRIOR> 1,691,081
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (282,030)
<ACCUMULATED-NET-GAINS> (24,687,678)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,061,441
<NET-ASSETS> 211,301,307
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,029,129
<OTHER-INCOME> 0
<EXPENSES-NET> (628,793)
<NET-INVESTMENT-INCOME> 6,400,336
<REALIZED-GAINS-CURRENT> 49,186
<APPREC-INCREASE-CURRENT> 265,989
<NET-CHANGE-FROM-OPS> 6,715,511
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (474,865)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,245,783
<NUMBER-OF-SHARES-REDEEMED> (746,900)
<SHARES-REINVESTED> 22,498
<NET-CHANGE-IN-ASSETS> (1,091,115)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (24,736,864)
<OVERDISTRIB-NII-PRIOR> (259,441)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 430,962
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 931,024
<AVERAGE-NET-ASSETS> 16,430,487
<PER-SHARE-NAV-BEGIN> 8.740
<PER-SHARE-NII> 0.250
<PER-SHARE-GAIN-APPREC> 0.020
<PER-SHARE-DIVIDEND> (0.250)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 8.760
<EXPENSE-RATIO> 0.81
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000789281
<NAME> Federated Income Securities Trust
<SERIES>
<NUMBER> 022
<NAME> Federated Intermediate Income Fund - Institutional Service Shares
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Apr-30-1999
<PERIOD-END> Oct-31-1998
<INVESTMENTS-AT-COST> 189,971,642
<INVESTMENTS-AT-VALUE> 196,674,886
<RECEIVABLES> 3,807,779
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 200,482,665
<PAYABLE-FOR-SECURITIES> 2,037,635
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,347,441
<TOTAL-LIABILITIES> 3,385,076
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 190,372,445
<SHARES-COMMON-STOCK> 890,749
<SHARES-COMMON-PRIOR> 444,701
<ACCUMULATED-NII-CURRENT> 48,551
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (26,651)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,703,244
<NET-ASSETS> 197,097,589
<DIVIDEND-INCOME> 35,191
<INTEREST-INCOME> 6,063,240
<OTHER-INCOME> 0
<EXPENSES-NET> (533,640)
<NET-INVESTMENT-INCOME> 5,564,791
<REALIZED-GAINS-CURRENT> (114,400)
<APPREC-INCREASE-CURRENT> 2,790,845
<NET-CHANGE-FROM-OPS> 8,241,236
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (186,269)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 490,493
<NUMBER-OF-SHARES-REDEEMED> (55,274)
<SHARES-REINVESTED> 10,829
<NET-CHANGE-IN-ASSETS> 15,863,296
<ACCUMULATED-NII-PRIOR> 43,916
<ACCUMULATED-GAINS-PRIOR> 87,749
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 473,831
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 941,397
<AVERAGE-NET-ASSETS> 6,551,489
<PER-SHARE-NAV-BEGIN> 10.170
<PER-SHARE-NII> 0.290
<PER-SHARE-GAIN-APPREC> 0.150
<PER-SHARE-DIVIDEND> (0.290)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.320
<EXPENSE-RATIO> 0.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
ITEM 77D
POLICIES WITH RESPECT TO SECURITY INVESTMENTS
On June 29, 1998, the Trustees of Federated Income Securities Trust (the
"Trust") consented unanimously in accordance with the laws of the
Commonwealth of Massachusetts and Article V of the Declaration of Trust,
and Article V, Section 9 of the By-Laws, adopted resolutions to amend
the non-fundamental investment policies of Federated Intermediate Income
Fund and of Federated Short-Term Income Fund with the same effect as
though they had been adopted at a meeting of the Trustees of the Trust.
With respect to Federated Intermediate Income Fund, the Trustees
approved a proposal to amend the non-fundamental investment policies of
Federated Intermediate Income Fund as follows:
"FIIF pursues its investment objective by investing in a
diversified portfolio of investment grade securities, which are
securities rated in one of the four highest categories by a NRSRO,
for example, rated Aaa, Aa, A, or Baa by Moody's, or AAA, AA, A,
or BBB by S&P, Fitch, or Duff & Phelps Rating Service, or if
unrated, of comparable quality as determined by FIIF's adviser."
With respect to Federated Short-Term Income Fund, the Trustees approved
a new non-fundamental investment policy of Federated Short-Term Income
Fund as follows:
"FSTIF may also invest up to 35% of its assets in other
investment-grade debt securities, for example, securities rated
Aaa, Aa, A, or Baa by Moody's or AAA, AA, A, or BBB by S&P, Fitch,
or Duff & Phelps Rating Service."
Post-Effective Amendment No. 30 under the Securities Act of 1993 and
Amendment No. 23 under the Investment Company Act of 1940 were filed
with the Securities and Exchange Commission pursuant to Rule 485(a) of
the Securities Act of 1933 on June 29, 1998. Subsequently, the above-
referenced policies became effective in that registration statement on
August 28, 1998.
Item 77Q1(a)(i)
Federated Income Securities Trust
Amendment #5
to the By-Laws
(effective February 23, 1998)
Delete Sections 1, 2 and 3 of Article I, OFFICERS AND THEIR ELECTION,
and replace with:
Section 1. Officers. The Officers of the Trust shall be a
President, one or more Vice Presidents, a Treasurer, and a
Secretary. The Board of Trustees, in its discretion, may
also elect or appoint a Chairman of the Board of Trustees
(who must be a Trustee) and other Officers or agents,
including one or more Assistant Vice Presidents, one or more
Assistant Secretaries, and one or more Assistant Treasurers.
A Vice President, the Secretary or the Treasurer may appoint
an Assistant Vice President, an Assistant Secretary or an
Assistant Treasurer, respectively, to serve until the next
election of Officers. Two or more offices may be held by a
single person except the offices of President and Vice
President may not be held by the same person concurrently.
It shall not be necessary for any Trustee or any Officer to
be a holder of shares in any Series or Class of the Trust.
Section 2. Election of Officers. The Officers shall be
elected annually by the Trustees. Each Officer shall hold
office for one year and until the election and qualification
of his successor, or until earlier resignation or removal.
The Chairman of the Board of Trustees, if there is one,
shall be elected annually by and from the Trustees, and
serve until a successor is so elected and qualified, or
until earlier resignation or removal.
Section 3. Resignations and Removals and Vacancies. Any
Officer of the Trust may resign at any time by filing a
written resignation with the Board of Trustees (or Chairman
of the Trustees, if there is one), with the President, or
with the Secretary. Any such resignation shall take effect
at the time specified therein or, if no time is specified,
at the time of receipt. Unless otherwise specified therein,
the acceptance of such resignation shall not be necessary to
make it effective. Any Officer elected by the Board of
Trustees or whose appointment has been ratified by the Board
of Trustees may be removed with or without cause at any time
by a majority vote of all of the Trustees. Any other
employee of the Trust may be removed or dismissed at any
time by the President. Any vacancy in any of the offices,
whether by resignation, removal or otherwise, may be filled
for the unexpired portion of the term by the President. A
vacancy in the office of Assistant Vice President may be
filled by a Vice President; in the office of Assistant
Secretary by the Secretary; or in the office of Assistant
Treasurer by the Treasurer. Any appointment to fill any
vacancy shall serve subject to ratification by the Board of
Trustees at its next regular meeting.
Item 77Q1(a)(ii)
Federated Income Securities Trust
Amendment #6
to the By-Laws
(effective February 27, 1998)
Delete Section 5 Proxies of Article IV Shareholders' Meetings, and
replace with the following:
Section 5. Proxies. Any shareholder entitled to vote at
any meeting of shareholders may vote either in person, by
telephone, by electronic means including facsimile, or by
proxy, but no proxy which is dated more than six months
before the meeting named therein shall be accepted unless
otherwise provided in the proxy. Every proxy shall be in
writing, subscribed by the shareholder or his duly
authorized agent or be in such other form as may be
permitted by law, including documents conveyed by electronic
transmission. Every proxy shall be dated, but need not be
sealed, witnessed or acknowledged. The placing of a
shareholder's name on a proxy or authorizing another to act
as the shareholder's agent, pursuant to telephone or
electronically transmitted instructions obtained in
accordance with procedures reasonably designed to verify
that such instructions have been authorized by such
shareholder, shall constitute execution of a proxy by or on
behalf of such shareholder. Where Shares are held of record
by more than one person, any co-owner or co-fiduciary may
execute the proxy or give authority to an agent, unless the
Secretary of the Trust is notified in writing by any co-
owner or co-fiduciary that the joinder of more than one is
to be required. All proxies shall be filed with and
verified by the Secretary or an Assistant Secretary of the
Trust, or the person acting as Secretary of the Meeting.
Unless otherwise specifically limited by their term, all
proxies shall entitle the holders thereof to vote at any
adjournment of such meeting but shall not be valid after the
final adjournment of such meeting.
Item 77Q1(a)(iii)
Federated Income Securities Trust
Amendment #7
to the By-Laws
(effective May 12, 1998)
Strike Section 3 - Place of Meeting of Article IV - Shareholders'
Meetings and replace it with the following:
Section 3. Place of Meeting. Meetings of the shareholders
of the Trust or a particular Series or Class shall be held
at such place within or without The Commonwealth of
Massachusetts as may be fixed from time to time by
resolution of the Trustees.
Strike Section 6 - Place of Meeting of Article V - Trustees'
Meetings and replace it with the following:
Section 6. Place of Meeting. Meetings of the Trustees
shall be held at such place within or without The
Commonwealth of Massachusetts as fixed from time to time by
resolution of the Trustees, or as the person or persons
requesting said meeting to be called may designate, but any
meeting may adjourn to any other place.
