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Previous: MUNICIPAL SECURITIES INCOME TRUST, 24F-2NT, 1995-10-16 |
Next: SEARS CREDIT ACCOUNT TRUST 1990 D, 8-K, 1995-10-16 |
1933 Act File No.33-36729
1940 Act File No.811-6165
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-1A
Pre-Effective Amendment No. ..............
Post-Effective Amendment No. 18 ............. X
and/or
Amendment No. ............................
MUNICIPAL SECURITIES INCOME 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)
immediately upon filing pursuant to paragraph (b)
on pursuant to paragraph (b)
-----------------
60 days after filing pursuant to paragraph (a)
on pursuant to paragraph (a) of Rule 485.
filed the Notice required by that Rule on October 16, 1995; 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:
Charles H. Morin, Esquire
Dickstein, Shapiro & Morin, L.L.P.
2101 L Street, N.W.
Washington, D.C. 20037
Proposed
Proposed Maximum
Amount Maximum AggregateAmount of
Being Offering Price Offering Registration
Registered Per Unit Price* Fee
7,793,089 $11.60 $90,399,832 $100.00
This Post-Effective Amendment No. 18 to the Registration Statement of
1.The facing sheet to register a definite
number of shares of beneficial interest,
no par value, of MUNICIPAL SECURITIES INCOME 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.
Pursuant to the requirements of the Securities Act of 1933 and the Investment
MUNICIPAL SECURITIES INCOME TRUST
BY: /s/Charles H. Field
Charles H. Field, Assistant Secretary
Attorney in Fact for John F. Donahue
October 16, 1995
Pursuant to the requirements of the Securities Act of 1933, this Amendment to
NAME TITLE DATE
/s/Charles H. Field
Charles H. Field Attorney In Fact October 16, 1995
Assistant Secretary For the Persons
Listed Below
NAME TITLE
Chairman and Trustee
(Chief Executive Officer)
President
Excutive Vice President and Treasurer
(Principal Financial and
Accounting Officer)
Trustee
Trustee
Trustee
Trustee
Trustee
Trustee
Trustee
Trustee
Trustee
FEDERATED ADMINISTRATIVE
SERVICES
FEDERATED INVESTORS TOWER
PITTSBURGH, PA 15222-3779
412-288-1900
October 16, 1995
Municipal Securities Income Trust
Federated Investors Tower
Pittsburgh, PA 15222-3779
Gentlemen:
You have requested my opinion in connection with the registration by
Municipal Securities Income Trust ("Trust") of an additional 7,793,089 Shares of
Beneficial Interest ("Shares") pursuant to Post-effective Amendment No. 18 to
the Trust's registration statement filed with the Securities and Exchange
Commission under the Securities Act of 1933 (File No. 33-36729). 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 August 6, 1990, ("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/ Charles H. Field
Charles H. Field
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 06
<NAME> Municipal Securities Income Trust
Florida Municipal Income Fund
<PERIOD-TYPE> 8-MOS
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Aug-31-1995
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 1,242,600
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 171,210
<OTHER-INCOME> 0
<EXPENSES-NET> 20,278
<NET-INVESTMENT-INCOME> 150,932
<REALIZED-GAINS-CURRENT> (1,735,215)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> (1,584,283)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 150,932
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 635,252
<NUMBER-OF-SHARES-REDEEMED> 11,122,576
<SHARES-REINVESTED> 39,596
<NET-CHANGE-IN-ASSETS> (11,634,652)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (206,460)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,477
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 157,809
<AVERAGE-NET-ASSETS> 4,455,927
<PER-SHARE-NAV-BEGIN> 9.360
<PER-SHARE-NII> 0.270
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.270
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 0.000
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 09
<NAME> Municipal Securities Income Trust
Maryland Municipal Income Fund
<PERIOD-TYPE> 8-MOS
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Aug-31-1995
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 680,820
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 93,543
<OTHER-INCOME> 0
<EXPENSES-NET> 10,647
<NET-INVESTMENT-INCOME> 82,896
<REALIZED-GAINS-CURRENT> (884,128)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 82,896
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 135,356
<NUMBER-OF-SHARES-REDEEMED> 822,490
<SHARES-REINVESTED> 6,314
<NET-CHANGE-IN-ASSETS> (5,996,564)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (212,496)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,263
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 135,580
<AVERAGE-NET-ASSETS> 2,593,232
<PER-SHARE-NAV-BEGIN> 8.810
<PER-SHARE-NII> 0.257
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.257
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 0.000
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> Municipal Securities Income Trust
Michigan Intermediate Municipal Trust
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Aug-31-1995
<INVESTMENTS-AT-COST> 56,747,068
<INVESTMENTS-AT-VALUE> 59,807,637
<RECEIVABLES> 986,208
<ASSETS-OTHER> 52,512
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 60,846,357
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 225,550
<TOTAL-LIABILITIES> 225,550
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 58,820,692
<SHARES-COMMON-STOCK> 5,611,518
<SHARES-COMMON-PRIOR> 5,522,526
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,260,454)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,060,569
<NET-ASSETS> 60,620,807
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,319,697
<OTHER-INCOME> 0
<EXPENSES-NET> 292,575
<NET-INVESTMENT-INCOME> 3,027,122
<REALIZED-GAINS-CURRENT> (994,664)
<APPREC-INCREASE-CURRENT> 2,337,762
<NET-CHANGE-FROM-OPS> 4,370,220
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,027,122
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,533,015
<NUMBER-OF-SHARES-REDEEMED> 1,484,327
<SHARES-REINVESTED> 40,304
<NET-CHANGE-IN-ASSETS> 2,140,587
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (265,790)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 233,527
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 667,964
<AVERAGE-NET-ASSETS> 58,617,844
<PER-SHARE-NAV-BEGIN> 10.590
<PER-SHARE-NII> 0.540
<PER-SHARE-GAIN-APPREC> 0.210
<PER-SHARE-DIVIDEND> 0.540
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.800
<EXPENSE-RATIO> 0.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 07
<NAME> Municipal Securities Income Trust
New Jersey Municipal Income Fund
<PERIOD-TYPE> 8-Mos
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Aug-31-1995
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 1,179,470
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 146,861
<OTHER-INCOME> 0
<EXPENSES-NET> 17,128
<NET-INVESTMENT-INCOME> 129,734
<REALIZED-GAINS-CURRENT> (1,556,980)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 129,734
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 204,312
<NUMBER-OF-SHARES-REDEEMED> 10,307,476
<SHARES-REINVESTED> 47,668
<NET-CHANGE-IN-ASSETS> (11,166,179)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (228,359)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 9,797
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 145,834
<AVERAGE-NET-ASSETS> 3,441,015
<PER-SHARE-NAV-BEGIN> 9.470
<PER-SHARE-NII> 0.251
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.251
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 0.000
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> Municipal Securities Income Trust
New York Municipal Income Fund
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Aug-31-1995
<INVESTMENTS-AT-COST> 21,557,761
<INVESTMENTS-AT-VALUE> 22,239,417
<RECEIVABLES> 376,404
<ASSETS-OTHER> 57,691
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 22,673,512
<PAYABLE-FOR-SECURITIES> 984,861
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 88,381
<TOTAL-LIABILITIES> 1,073,242
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,676,049
<SHARES-COMMON-STOCK> 2,133,081
<SHARES-COMMON-PRIOR> 2,292,521
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,757,435)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 681,656
<NET-ASSETS> 21,600,270
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,425,137
<OTHER-INCOME> 0
<EXPENSES-NET> 128,892
<NET-INVESTMENT-INCOME> 1,296,245
<REALIZED-GAINS-CURRENT> (1,275,390)
<APPREC-INCREASE-CURRENT> 1,320,408
<NET-CHANGE-FROM-OPS> 1,341,263
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,296,245
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 446,112
<NUMBER-OF-SHARES-REDEEMED> 639,821
<SHARES-REINVESTED> 34,269
<NET-CHANGE-IN-ASSETS> (1,551,948)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (482,045)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 87,317
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 507,738
<AVERAGE-NET-ASSETS> 21,887,012
<PER-SHARE-NAV-BEGIN> 10.100
<PER-SHARE-NII> 0.570
<PER-SHARE-GAIN-APPREC> 0.030
<PER-SHARE-DIVIDEND> 0.570
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.130
<EXPENSE-RATIO> 0.59
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> Municipal Securities Income Trust
Ohio Municipal Income Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Aug-31-1995
<INVESTMENTS-AT-COST> 66,298,148
<INVESTMENTS-AT-VALUE> 69,437,731
<RECEIVABLES> 1,313,937
<ASSETS-OTHER> 74,771
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 70,826,439
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 294,916
<TOTAL-LIABILITIES> 294,916
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 68,304,646
<SHARES-COMMON-STOCK> 6,284,930
<SHARES-COMMON-PRIOR> 7,410,283
<ACCUMULATED-NII-CURRENT> 65,223
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (977,929)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,139,583
<NET-ASSETS> 70,531,523
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,683,841
<OTHER-INCOME> 0
<EXPENSES-NET> 655,591
<NET-INVESTMENT-INCOME> 4,028,250
<REALIZED-GAINS-CURRENT> (712,819)
<APPREC-INCREASE-CURRENT> 1,576,901
<NET-CHANGE-FROM-OPS> 4,892,332
<EQUALIZATION> (39,884)
<DISTRIBUTIONS-OF-INCOME> 3,954,127
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 626,737
<NUMBER-OF-SHARES-REDEEMED> 1,896,511
<SHARES-REINVESTED> 144,421
<NET-CHANGE-IN-ASSETS> (11,034,436)
<ACCUMULATED-NII-PRIOR> 30,984
<ACCUMULATED-GAINS-PRIOR> (265,110)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 291,144
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,093,832
<AVERAGE-NET-ASSETS> 73,068,652
<PER-SHARE-NAV-BEGIN> 11.010
<PER-SHARE-NII> 0.600
<PER-SHARE-GAIN-APPREC> 0.200
<PER-SHARE-DIVIDEND> 0.590
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.220
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> Pennsylvania Municipal Income Fund
Class A Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Aug-31-1995
<INVESTMENTS-AT-COST> 77,815,496
<INVESTMENTS-AT-VALUE> 82,073,883
<RECEIVABLES> 1,746,955
<ASSETS-OTHER> 85,634
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 83,906,472
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 184,403
<TOTAL-LIABILITIES> 184,403
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 81,787,157
<SHARES-COMMON-STOCK> 7,458,342
<SHARES-COMMON-PRIOR> 7,849,970
<ACCUMULATED-NII-CURRENT> 163,069
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,486,544)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,258,387
<NET-ASSETS> 83,722,069
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,693,026
<OTHER-INCOME> 0
<EXPENSES-NET> 649,572
<NET-INVESTMENT-INCOME> 5,043,454
<REALIZED-GAINS-CURRENT> (1,957,166)
<APPREC-INCREASE-CURRENT> 3,480,605
<NET-CHANGE-FROM-OPS> 6,566,893
<EQUALIZATION> (4,832)
<DISTRIBUTIONS-OF-INCOME> 4,814,395
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,627,974
<NUMBER-OF-SHARES-REDEEMED> 5,262,476
<SHARES-REINVESTED> 242,874
<NET-CHANGE-IN-ASSETS> (11,119,481)
<ACCUMULATED-NII-PRIOR> 14,084
<ACCUMULATED-GAINS-PRIOR> (529,378)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 341,354
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 887,115
<AVERAGE-NET-ASSETS> 85,715,546
<PER-SHARE-NAV-BEGIN> 10.940
<PER-SHARE-NII> 0.650
<PER-SHARE-GAIN-APPREC> 0.270
<PER-SHARE-DIVIDEND> 0.630
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.230
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 012
<NAME> Pennsylvania Municipal Income Fund
Income Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Aug-31-1995
<INVESTMENTS-AT-COST> 77,815,496
<INVESTMENTS-AT-VALUE> 82,073,883
<RECEIVABLES> 1,746,955
<ASSETS-OTHER> 85,634
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 83,906,472
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 184,403
<TOTAL-LIABILITIES> 184,403
<SENIOR-EQUITY> 0
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 08
<NAME> Municipal Securities Income Fund
Texas Municipal Income Fund
<PERIOD-TYPE> 8-MOS
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> May-8-1995
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> Municipal Securities Income Trust
Virginia Municipal Income Fund
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Aug-31-1995
<INVESTMENTS-AT-COST> 0
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<SHARES-REINVESTED> 4,021
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> Municipal Securities Income Trust
California Municipal Income Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Aug-31-1995
<INVESTMENTS-AT-COST> 13,883,615
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<TOTAL-LIABILITIES> 59,414
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<SHARES-COMMON-PRIOR> 1,504,452
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<OVERDISTRIBUTION-GAINS> 0
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</TABLE>
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