CALIFORNIA MUNICIPAL INCOME FUND
(A Portfolio of Municipal Securities Income Trust)
Fortress Shares
Supplement to the Prospectus dated October 31, 1994
Please delete the third paragraph under the section entitled "Adviser's
Background" which begins on page 16 of the prospectus and replace it with
the following:
J. Scott Albrecht has been the Fund's portfolio manager since March 1,
1995. Mr. Albrecht joined Federated Investors in 1989 and has been a Vice
President of the Fund's investment adviser since October 1994. Prior to
this, Mr. Albrecht served as an Assistant Vice President of the Fund's
investment adviser. From 1989 until 1991, Mr. Albrecht acted as an
investment analyst. Mr. Albrecht is a Chartered Financial Analyst and
received his M.S. in Management from Carnegie Mellon University.
March 10, 1995
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
625922109
G01056-01 (3/95)
NEW YORK MUNICIPAL INCOME FUND
(A Portfolio of Municipal Securities Income Trust)
Fortress Shares
Supplement to the Prospectus dated October 31, 1994
Please delete the third paragraph under the section entitled "Adviser's
Background" which begins on page 16 of the prospectus and replace it with
the following:
J. Scott Albrecht has been the Fund's portfolio manager since March 1,
1995. Mr. Albrecht joined Federated Investors in 1989 and has been a Vice
President of the Fund's investment adviser since October 1994. Prior to
this, Mr. Albrecht served as an Assistant Vice President of the Fund's
investment adviser. From 1989 until 1991, Mr. Albrecht acted as an
investment analyst. Mr. Albrecht is a Chartered Financial Analyst and
received his M.S. in Management from Carnegie Mellon University.
March 10, 1995
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
625922208
G01057-01 (3/95)
OHIO MUNICIPAL INCOME FUND
(A Portfolio of Municipal Securities Income Trust)
Fortress Shares
Supplement to the Prospectus dated October 31, 1994
Please delete the third paragraph under the section entitled "Adviser's
Background" which appears on page 16 of the prospectus and replace it with
the following:
J. Scott Albrecht has been the Fund's portfolio manager since March 1,
1995. Mr. Albrecht joined Federated Investors in 1989 and has been a Vice
President of the Fund's investment adviser since October 1994. Prior to
this, Mr. Albrecht served as an Assistant Vice President of the Fund's
investment adviser. From 1989 until 1991, Mr. Albrecht acted as an
investment analyst. Mr. Albrecht is a Chartered Financial Analyst and
received his M.S. in Management from Carnegie Mellon University.
March 10, 1995
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
625922307
G00910-02 (3/95)
PENNSYLVANIA MUNICIPAL INCOME FUND
(A Portfolio of Municipal Securities Income Trust)
Class A Shares
Supplement to the Prospectus dated October 31, 1994
1. Please delete the second paragraph under the section entitled "Adviser's
Background" which begins on page 16 of the prospectus and replace it with
the following:
J. Scott Albrecht has been the Fund's portfolio manager since
March 1, 1995. Mr. Albrecht joined Federated Investors in 1989
and has been a Vice President of the Fund's investment adviser
since October 1994. Prior to this, Mr. Albrecht served as an
Assistant Vice President of the Fund's investment adviser. From
1989 until 1991, Mr. Albrecht acted as an investment analyst.
Mr. Albrecht is a Chartered Financial Analyst and received his
M.S. in Management from Carnegie Mellon University.
2. For the period from March, 10, 1995 to April 28, 1995, Federated
Securities Corp. will offer to pay financial institutions an amount equal
to .50 of 1% of the net asset value of Class A Shares purchased by their
clients with the proceeds from redemptions of unaffiliated mutual funds
sold with a sales load. Accordingly, shareholders who purchase Class A
Shares in such a manner during that period will be charged a contingent
deferred sales charge by the Fund's distributor of .50 of 1% for
redemptions made within one year of purchase. Financial institutions may
elect to waive this initial payment; such waiver will result in the
waiver by the Fund of the otherwise applicable contingent deferred sales
charge. Purchases made at any time other than during the special offering
period or as discussed in the Fund's prospectus are redeemed at net asset
value without a contingent deferred sales charge.
This announcement will affect information in your prospectus regarding
the "Summary of Fund Expenses," and the sections entitled "Purchases with
Proceeds from Redemptions of Unaffiliated Investment Companies," and
"Contingent Deferred Sales Charge."
March 10, 1995
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
625922505
G01058-01 (3/95)
