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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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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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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
042 A000400 0
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055 A000400 Y
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056 000400 N
057 000400 N
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062 O000400 92.7
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063 B000400 20.0
064 A000400 Y
064 B000400 N
070 A010400 Y
070 A020400 N
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
<PAGE> PAGE 22
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 N
070 K020400 N
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 N
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 5116
071 B000400 3122
071 C000400 19512
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<PAGE> PAGE 23
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015 A000501 STATE STREET BANK AND TRUST COMPANY
015 B000501 C
<PAGE> PAGE 24
015 C010501 BOSTON
015 C020501 MA
015 C030501 02266
015 C040501 8600
015 E010501 X
015 A000502 NATIONSBANK OF NORTH CAROLINA
015 B000502 S
015 C010502 CHARLOTTE
015 C020502 NC
015 C030502 28255
015 E010502 X
015 A000503 MORGAN GUARANTY BANK & TRUST CO.
015 B000503 S
015 C010503 NEW YORK
015 C020503 NY
015 C030503 10015
015 E010503 X
015 A000504 THE CHASE MANHATTAN CORPORATION
015 B000504 S
015 C010504 NEW YORK
015 C020504 NY
015 C030504 10006
015 E010504 X
015 A000505 BANK OF NEW YORK
015 B000505 S
015 C010505 NEW YORK
015 C020505 NY
015 C030505 10006
015 E010505 X
015 A000506 BANKERS TRUST CO.
015 B000506 S
015 C010506 NEW YORK
015 C020506 NY
015 C030506 10015
015 E010506 X
015 A000507 PNC BANK, NA
015 B000507 S
015 C010507 PITTSBURGH
015 C020507 PA
015 C030507 15265
015 E010507 X
028 A010500 412
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<PAGE> PAGE 25
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<PAGE> PAGE 26
059 000500 Y
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062 O000500 99.2
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070 F020500 N
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070 G020500 N
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<PAGE> PAGE 27
070 M020500 N
070 N010500 N
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<PAGE> PAGE 28
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> Municipal Securities Income Trust
Federated Pennsylvania Municipal Income Fund
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<PERIOD-END> Feb-28-1997
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> Municipal Securities Income Trust
Federated Ohio Municipal Income Fund
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<PERIOD-END> Feb-28-1997
<INVESTMENTS-AT-COST> 63,047,197
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<OVERDISTRIBUTION-GAINS> 0
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<NET-CHANGE-IN-ASSETS> (2,951,146)
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<ACCUMULATED-GAINS-PRIOR> (562,495)
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 518,192
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> Municipal Securities Income Fund
Federated Michigan Intermediate Municipal Trus
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<FISCAL-YEAR-END> Aug-31-1997
<PERIOD-END> Feb-28-1997
<INVESTMENTS-AT-COST> 58,762,760
<INVESTMENTS-AT-VALUE> 61,850,590
<RECEIVABLES> 1,167,860
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 63,018,450
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<SENIOR-EQUITY> 0
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,143,791)
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<NUMBER-OF-SHARES-SOLD> 611,153
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<SHARES-REINVESTED> 22,294
<NET-CHANGE-IN-ASSETS> (55,167)
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<OVERDIST-NET-GAINS-PRIOR> 0
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<PER-SHARE-NAV-END> 10.830
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> Municipal Securities Income Trust
Federated California Municipal Income Fund
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Aug-31-1997
<PERIOD-END> Feb-28-1997
<INVESTMENTS-AT-COST> 18,262,613
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<SHARES-COMMON-PRIOR> 1,669,535
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<DISTRIBUTIONS-OF-INCOME> 495,650
<DISTRIBUTIONS-OF-GAINS> 0
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> Municipal Securities Income Trust
Federated New York Municipal Income Fund
Class F
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Aug-31-1997
<PERIOD-END> Feb-28-1997
<INVESTMENTS-AT-COST> 21,462,379
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<RECEIVABLES> 361,015
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<SHARES-COMMON-PRIOR> 2,155,908
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> (1,520,461)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,105,360
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</TABLE>
