PENNSYLVANIA MUNICIPAL INCOME FUND
(A Portfolio of Municipal Securities Income Trust)
Investment Shares
Supplement to the Prospectus dated October 31, 1993
Effective immediately, please replace the section entitled "What Shares
Cost" on page 9 with the following:
What Shares Cost
Shares are sold at their net asset value next determined after an order is
received, plus a sales charge as follows:
Sales Charge as Sales Charge as
a Percentage of a Percentage of
Amount of Transaction Public Offering Price Net Amount Invested
Less than $50,000 3.00% 3.09%
$50,000 but less than $100,000 2.50% 2.56%
$100,000 but less than $250,000 2.00% 2.04%
$250,000 but less than $500,000 1.50% 1.52%
$500,000 but less than $1 million 1.00% 1.01%
$1 million or more 0.00% 0.00%
The net asset value is determined at 4:00 P.M. (Boston time), Monday through
Friday, except on (i) days on which there are not sufficient changes in the
value of the Fund's portfolio securities that its net asset value might be
materially affected; (ii) days during which no Shares are tendered for
redemption and no orders to purchase Shares are received; or (iii) the
following holidays: New Year's Day, Presidents' Day, Good Friday, Memorial
Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.
Dealer Concession. For sales of Shares, a dealer will receive 100% of the
applicable sales charge. Any portion of the sales charge which is not paid
to a dealer will be retained by the distributor. In addition, from time to
time, the distributor, in its sole discretion, may uniformly offer to pay
all dealers selling Shares additional sums based on sales of Shares. On
purchases of $1 million or more, the investor pays no sales charge; however,
the distributor will make twelve monthly payments to the dealer totaling
0.25% of the public offering price over the first year following the
purchase. Such payments are based on the original purchase price of the
shares outstanding at each month end. No sales charge is imposed for Shares
purchased through bank trust departments or investment advisers registered
under the Investment Advisers Act of 1940 purchasing on behalf of their
clients.
January 1, 1994
FEDERATED SECURITIES CORP.
Distributor
3121316A(1/94)
