<PAGE> PAGE 1
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<PAGE> PAGE 2
011 C01AA01 PITTSBURGH
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
055 A00AA00 Y
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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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
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000789281
<NAME> Federated Income Securities Trust
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<NAME> Federated Short-Term Income Fund - Institutional Shares
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000789281
<NAME> Federated Income Securities Trust
<SERIES>
<NUMBER> 021
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000789281
<NAME> Federated Income Securities Trust
<SERIES>
<NUMBER> 012
<NAME> Federated Short-Term Income Fund - Institutional Service Shares
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,164,181
<TOTAL-LIABILITIES> 9,726,577
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 238,494,876
<SHARES-COMMON-STOCK> 2,859,980
<SHARES-COMMON-PRIOR> 1,691,081
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<OVERDISTRIBUTION-NII> (379,061)
<ACCUMULATED-NET-GAINS> (24,078,137)
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 213,555,897
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 13,626,011
<OTHER-INCOME> 0
<EXPENSES-NET> (1,239,176)
<NET-INVESTMENT-INCOME> 12,386,835
<REALIZED-GAINS-CURRENT> (473,737)
<APPREC-INCREASE-CURRENT> (1,277,233)
<NET-CHANGE-FROM-OPS> 10,635,865
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,046,067)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,684,133
<NUMBER-OF-SHARES-REDEEMED> (1,577,954)
<SHARES-REINVESTED> 62,720
<NET-CHANGE-IN-ASSETS> 1,163,475
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (24,736,864)
<OVERDISTRIB-NII-PRIOR> (259,441)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 845,655
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,825,923
<AVERAGE-NET-ASSETS> 18,382,410
<PER-SHARE-NAV-BEGIN> 8.740
<PER-SHARE-NII> 0.500
<PER-SHARE-GAIN-APPREC> (0.070)
<PER-SHARE-DIVIDEND> (0.500)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 8.670
<EXPENSE-RATIO> 0.81
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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> 12-mos
<FISCAL-YEAR-END> Apr-30-1999
<PERIOD-END> Apr-30-1999
<INVESTMENTS-AT-COST> 229,058,938
<INVESTMENTS-AT-VALUE> 229,774,984
<RECEIVABLES> 5,053,924
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<PAYABLE-FOR-SECURITIES> 744,225
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<OTHER-ITEMS-LIABILITIES> 1,056,003
<TOTAL-LIABILITIES> 1,800,228
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 231,735,094
<SHARES-COMMON-STOCK> 1,311,740
<SHARES-COMMON-PRIOR> 444,701
<ACCUMULATED-NII-CURRENT> 29,249
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 548,291
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 716,046
<NET-ASSETS> 233,028,680
<DIVIDEND-INCOME> 442,457
<INTEREST-INCOME> 12,626,090
<OTHER-INCOME> 0
<EXPENSES-NET> (1,149,829)
<NET-INVESTMENT-INCOME> 11,918,718
<REALIZED-GAINS-CURRENT> 553,848
<APPREC-INCREASE-CURRENT> (3,196,353)
<NET-CHANGE-FROM-OPS> 9,276,213
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (499,158)
<DISTRIBUTIONS-OF-GAINS> (4,200)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,259,281
<NUMBER-OF-SHARES-REDEEMED> (430,825)
<SHARES-REINVESTED> 38,583
<NET-CHANGE-IN-ASSETS> 51,794,387
<ACCUMULATED-NII-PRIOR> 43,916
<ACCUMULATED-GAINS-PRIOR> 87,749
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,017,158
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,019,818
<AVERAGE-NET-ASSETS> 8,837,038
<PER-SHARE-NAV-BEGIN> 10.170
<PER-SHARE-NII> 0.580
<PER-SHARE-GAIN-APPREC> (0.100)
<PER-SHARE-DIVIDEND> (0.580)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.070
<EXPENSE-RATIO> 0.80
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
To the Shareholders and Board of Trustees of
Federated Income Securities Trust
In planning and performing our audit of the financial statements of Federated
Income Securities Trust (comprised of Federated Intermediate Income Fund and
Federated Short-Term Income Fund) for the year ended April 30, 1999, we
considered its internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal control.
The management of Federated Income Securities Trust is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to assess
the expected benefits and related costs of controls. Generally, controls that
are relevant to an audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those controls
include the safeguarding of assets against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control
to future periods is subject to the risk that it may become inadequate because
of changes in conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of the internal control would not necessarily disclose all
matters in the internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not reduce to
a relatively low level the risk that errors or fraud in amounts that would be
material in relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
the internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above at
April 30, 1999.
This report is intended solely for the information and use of the board of
trustees, management and the Securities and Exchange Commission.
June 17, 1999
