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<PAGE> PAGE 2
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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 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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<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
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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015 A000501 STATE STREET BANK AND TRUST COMPANY
015 B000501 C
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
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<CIK> 0000866700
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<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.910
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000866700
<NAME> Municipal Securities Income Trust
<SERIES>
<NUMBER> 012
<NAME> Pennsylvania Municipal Income Fund Class B
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 247,703,487
<INVESTMENTS-AT-VALUE> 264,358,036
<RECEIVABLES> 4,656,664
<ASSETS-OTHER> 29,672
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 269,044,372
<PAYABLE-FOR-SECURITIES> 186,240
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 524,112
<TOTAL-LIABILITIES> 710,352
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 249,851,951
<SHARES-COMMON-STOCK> 2,535,845
<SHARES-COMMON-PRIOR> 675,372
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (358,602)
<ACCUMULATED-NET-GAINS> 2,186,122
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16,654,549
<NET-ASSETS> 268,334,020
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 13,605,908
<OTHER-INCOME> 0
<EXPENSES-NET> (1,980,200)
<NET-INVESTMENT-INCOME> 11,625,708
<REALIZED-GAINS-CURRENT> 2,643,156
<APPREC-INCREASE-CURRENT> 6,503,027
<NET-CHANGE-FROM-OPS> 20,771,891
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (807,283)
<DISTRIBUTIONS-OF-GAINS> (44,936)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 23,421,346
<NUMBER-OF-SHARES-REDEEMED> 1,759,885
<SHARES-REINVESTED> 523,112
<NET-CHANGE-IN-ASSETS> 47,636,159
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 280,530
<OVERDISTRIB-NII-PRIOR> (477)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (972,754)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,219,288)
<AVERAGE-NET-ASSETS> 18,967,165
<PER-SHARE-NAV-BEGIN> 11.710
<PER-SHARE-NII> 0.540
<PER-SHARE-GAIN-APPREC> 0.380
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> (0.550)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.080
<EXPENSE-RATIO> 1.53
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000866700
<NAME> Municipal Securities Income Trust
<SERIES>
<NUMBER> 011
<NAME> Pennsylvania Municipal Income Fund Class A
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 247,703,487
<INVESTMENTS-AT-VALUE> 264,358,036
<RECEIVABLES> 4,656,664
<ASSETS-OTHER> 29,672
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 269,044,372
<PAYABLE-FOR-SECURITIES> 186,240
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 524,112
<TOTAL-LIABILITIES> 710,352
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 249,851,951
<SHARES-COMMON-STOCK> 19,681,350
<SHARES-COMMON-PRIOR> 18,178,135
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (358,602)
<ACCUMULATED-NET-GAINS> 2,186,122
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16,654,549
<NET-ASSETS> 268,334,020
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 13,605,908
<OTHER-INCOME> 0
<EXPENSES-NET> (1,980,200)
<NET-INVESTMENT-INCOME> 11,625,708
<REALIZED-GAINS-CURRENT> 2,643,156
<APPREC-INCREASE-CURRENT> 6,503,027
<NET-CHANGE-FROM-OPS> 20,771,891
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11,176,550)
<DISTRIBUTIONS-OF-GAINS> (692,628)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 51,030,363
<NUMBER-OF-SHARES-REDEEMED> 40,368,962
<SHARES-REINVESTED> 6,739,691
<NET-CHANGE-IN-ASSETS> 47,636,159
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 280,530
<OVERDISTRIB-NII-PRIOR> (477)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (972,754)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (2,219,288)
<AVERAGE-NET-ASSETS> 224,225,370
<PER-SHARE-NAV-BEGIN> 11.710
<PER-SHARE-NII> 0.620
<PER-SHARE-GAIN-APPREC> 0.390
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> (0.640)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.080
<EXPENSE-RATIO> 0.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
Exhibit 77D
The following material changes in the non-fundamental investment policies of
the registrant:
1. Disclosure was added to the prospectus section entitled
"Characteristics" in Federated Michigan Intermediate Municipal Trust to allow
the Fund to invest in securities rated "BBB;"
2. A new non-fundamental investment policy was added to the prospectus
sections entitled "Investment Objective," "Characteristics," and "Investment
Risks" of Federated California Municipal Income Fund, Federated New York
Municipal Income Fund, Federated Ohio Municipal Income Fund, and Federated
Pennsylvania Municipal Income Fund that would allow each of these Funds to
invest up to, but not including, 35% of its assets in securities rated below
investment grade;
3. A new non-fundamental investment policy was added to each of the
above-referenced Funds that would allow these Funds to invest in the
securities of other investment companies. The limitations have been removed
from the statements of additional information and new policy sections entitled
"Investing in Securities of Other Investment Companies" have been added to the
prospectuses and statements of additional information;
4. The existing Class F Shares operational structure of Federated New
York Municipal Income fund has been converted to a Class A Shares operational
structure;
are hereby incorporated by reference to Post Effective Amendment #26 filed
with the Commission pursuant to Rule 485(a) on August 28th, 1998. (File No.
811-6165)
Exhibit 77Q(1)(a)
Municipal Securities Income Trust
Amendment No. 1
to the By-Laws
Effective November 18, 1997
Delete Article III, Section 7 and replace with the following:
Action by Consent of the Board of Trustees, Executive Committee or Other
Committee. Subject to Article V, Section 2 of these By-Laws, any action
required or permitted to be taken at any meeting of the Trustees, Executive
Committee or any other duly appointed Committee may be taken without a meeting
if consents in writing setting forth such action are signed by all members of
the Board or such committee and such consents are filed with the records of
the Trust. In the event of the death, removal, resignation or incapacity of
any Board or committee member prior to that Trustee signing such consent, the
remaining Board or committee members may re-constitute themselves as the
entire Board or committee until such time as the vacancy is filled in order to
fulfill the requirement that such consents be signed by all members of the
Board of committee.
Exhibit 77Q(1)(b)
Municipal Securities Income Trust
Amendment #2
to the By-Laws
(effective February 23, 1998)
Delete Sections 1, 2 and 3 of Article I, OFFICERS AND THEIR ELECTION, and
replace with:
Section 1. Officers. The Officers of the Trust shall be a
President, one or more Vice Presidents, a Treasurer, and a
Secretary. The Board of Trustees, in its discretion, may also
elect or appoint a Chairman of the Board of Trustees (who must be
a Trustee) and other Officers or agents, including one or more
Assistant Vice Presidents, one or more Assistant Secretaries, and
one or more Assistant Treasurers. A Vice President, the Secretary
or the Treasurer may appoint an Assistant Vice President, an
Assistant Secretary or an Assistant Treasurer, respectively, to
serve until the next election of Officers. Two or more offices
may be held by a single person except the offices of President and
Vice President may not be held by the same person concurrently.
It shall not be necessary for any Trustee or any Officer to be a
holder of shares in any Series or Class of the Trust.
Section 2. Election of Officers. The Officers shall be elected
annually by the Trustees. Each Officer shall hold office for one
year and until the election and qualification of his successor, or
until earlier resignation or removal. The Chairman of the Board
of Trustees, if there is one, shall be elected annually by and
from the Trustees, and serve until a successor is so elected and
qualified, or until earlier resignation or removal.
Section 3. Resignations and Removals and Vacancies. Any Officer
of the Trust may resign at any time by filing a written
resignation with the Board of Trustees (or Chairman of the
Trustees, if there is one), with the President, or with the
Secretary. Any such resignation shall take effect at the time
specified therein or, if no time is specified, at the time of
receipt. Unless otherwise specified therein, the acceptance of
such resignation shall not be necessary to make it effective. Any
Officer elected by the Board of Trustees or whose appointment has
been ratified by the Board of Trustees may be removed with or
without cause at any time by a majority vote of all of the
Trustees. Any other employee of the Trust may be removed or
dismissed at any time by the President. Any vacancy in any of the
offices, whether by resignation, removal or otherwise, may be
filled for the unexpired portion of the term by the President. A
vacancy in the office of Assistant Vice President may be filled by
a Vice President; in the office of Assistant Secretary by the
Secretary; or in the office of Assistant Treasurer by the
Treasurer. Any appointment to fill any vacancy shall serve
subject to ratification by the Board of Trustees at its next
regular meeting.
Exhibit 77Q(1)(c)
Municipal Securities Income Trust
Amendment #3
to the By-Laws
(effective February 27, 1998)
Delete Section 5 Proxies of Article IV Shareholders' Meetings, and replace
with the following:
Section 5. Proxies. Any shareholder entitled to vote at any
meeting of shareholders may vote either in person, by telephone,
by electronic means including facsimile, or by proxy, but no proxy
which is dated more than six months before the meeting named
therein shall be accepted unless otherwise provided in the proxy.
Every proxy shall be in writing, subscribed by the shareholder or
his duly authorized agent or be in such other form as may be
permitted by law, including documents conveyed by electronic
transmission. Every proxy shall be dated, but need not be sealed,
witnessed or acknowledged. The placing of a shareholder's name on
a proxy or authorizing another to act as the shareholder's agent,
pursuant to telephone or electronically transmitted instructions
obtained in accordance with procedures reasonably designed to
verify that such instructions have been authorized by such
shareholder, shall constitute execution of a proxy by or on behalf
of such shareholder. Where Shares are held of record by more than
one person, any co-owner or co-fiduciary may execute the proxy or
give authority to an agent, unless the Secretary of the Trust is
notified in writing by any co-owner or co-fiduciary that the
joinder of more than one is to be required. All proxies shall be
filed with and verified by the Secretary or an Assistant Secretary
of the Trust, or the person acting as Secretary of the Meeting.
Unless otherwise specifically limited by their term, all proxies
shall entitle the holders thereof to vote at any adjournment of
such meeting but shall not be valid after the final adjournment of
such meeting.
Exhibit 77Q(1)(d)
Municipal Securities Income Trust
Amendment #4
to the By-Laws
(effective May 12, 1998)
Strike Section 3 - Place of Meeting of Article IV - Shareholders' Meetings and
replace it with the following:
Section 3. Place of Meeting. Meetings of the shareholders of the
Trust or a particular Series or Class shall be held at such place
within or without The Commonwealth of Massachusetts as may be
fixed from time to time by resolution of the Trustees.
Strike Section 5 - Place of Meeting of Article V - Trustees' Meetings
and replace it with the following:
Section 5. Place of Meeting. Meetings of the Trustees shall be
held at such place within or without The Commonwealth of
Massachusetts as fixed from time to time by resolution of the
Trustees, or as the person or persons requesting said meeting to
be called may designate, but any meeting may adjourn to any other
place.
INDEPENDENT AUDITORS' REPORT
To the Board of Trustees of MUNICIPAL SECURITIES INCOME TRUST
and Shareholders of FEDERATED CALIFORNIA MUNICIPAL INCOME FUND:
We have audited the accompanying statement of assets and liabilities,
including the portfolio of investments, of Federated California
Municipal Income Fund as of August 31, 1998, the related statement of
operations for the year then ended, the statements of changes in net
assets for the years ended August 31, 1998 and 1997, and the financial
highlights for the periods presented. These financial statements and
financial highlights are the responsibility of the Fund's management.
Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
confirmation of the securities owned as of August 31, 1998, by
correspondence with the custodian and brokers. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, such financial statements and financial highlights
present fairly, in all material respects, the financial position of
Federated California Municipal Imcome Fund as of August 31, 1998, the
results of its operations, the changes in its net assets and its
financial highlights for the respective stated periods in conformity
with generally accepted accounting principles.
DELOITTE & TOUCHE LLP
Pittsburgh, Pennsylvania
October 9, 1998
INDEPENDENT AUDITORS' REPORT
To the Board of Trustees of MUNICIPAL SECURITIES INCOME TRUST
and Shareholders of FEDERATED MICHIGAN INTERMEDIATE MUNICIPAL TRUST:
We have audited the accompanying statement of assets and liabilities,
including the portfolio of investments, of Federated Michigan
Intermediate Municipal Trust as of August 31, 1998, the related
statement of operations for the year then ended, the statements of
changes in net assets for the years ended August 31, 1998 and 1997, and
the financial highlights for the periods presented. These financial
statements and financial highlights are the responsibility of the
Trust's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
confirmation of the securities owned as of
August 31, 1998, by correspondence with the custodian and brokers; where
replies were not received, we performed other auditing procedures. An
audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights
present fairly, in all material respects, the financial position of
Federated Michigan Intermediate Municipal Trust as of August 31, 1998,
the results of its operations, the changes in its net assets and its
financial highlights for the respective stated periods in conformity
with generally accepted accounting principles.
DELOITTE & TOUCHE LLP
Pittsburgh, Pennsylvania
October 9, 1998
INDEPENDENT AUDITORS' REPORT
To the Board of Trustees of MUNICIPAL SECURITIES INCOME TRUST
and Shareholders of FEDERATED NEW YORK MUNICIPAL INCOME FUND:
We have audited the accompanying statement of assets and liabilities,
including the portfolio of investments, of Federated New York Municipal
Income Fund as of August 31, 1998, the related statement of operations
for the year then ended, the statements of changes in net assets for the
years ended August 31, 1998 and 1997, and the financial highlights for
the periods presented. These financial statements and financial
highlights are the responsibility of the Funds's management. Our
responsibility is to express an opinion on these financial statements
and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
confirmation of the securities owned as of August 31, 1998, by
correspondence with the custodian and brokers. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, such financial statements and financial highlights
present fairly, in all material respects, the financial position of
Federated New York Municipal Income Fund as of August 31, 1998, the
results of its operations, the changes in its net assets and its
financial highlights for the respective stated periods in conformity
with generally accepted accounting principles.
DELOITTE & TOUCHE LLP
Pittsburgh, Pennsylvania
October 9, 1998
INDEPENDENT AUDITORS' REPORT
To the Board of Trustees of MUNICIPAL SECURITIES INCOME TRUST
and Shareholders of FEDERATED OHIO MUNICIPAL INCOME FUND:
We have audited the accompanying statement of assets and
liabilities, including the portfolio of investments, of Federated
Ohio Municipal Income Fund as of August 31, 1998, the related
statement of operations for the year then ended, the statements
of changes in net assets for the years ended August 31, 1998 and
1997, and the financial highlights for the periods presented.
These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to
express an opinion on these financial statements and financial
highlights based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements and financial highlights are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. Our procedures included confirmation of the
securities owned at August 31, 1998, by correspondence with the
custodian and brokers; where replies were not received, we
performed other auditing procedures. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial
highlights present fairly, in all material respects, the
financial position of Federated Ohio Municipal Income Fund as of
August 31, 1998, the results of its operations, the changes in
its net assets and its financial highlights for the respective
stated periods in conformity with generally accepted accounting
principles.
DELOITTE & TOUCHE LLP
Pittsburgh, Pennsylvania
October 9, 1998
INDEPENDENT AUDITORS' REPORT
To the Board of Trustees of MUNICIPAL SECURITIES INCOME TRUST
and Shareholders of FEDERATED PENNSYLVANIA MUNICIPAL INCOME FUND:
We have audited the accompanying statement of assets and
liabilities, including the portfolio of investments, of Federated
Pennsylvania Municipal Income Fund as of August 31, 1998, the
related statement of operations for the year then ended, the
statements of changes in net assets for the years ended August
31, 1998 and 1997, and the financial highlights for the periods
presented. These financial statements and financial highlights
are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether
the financial statements and financial highlights are free of
material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the
financial statements. Our procedures included confirmation of the
securities owned as of August 31, 1998, by correspondence with
the custodian and brokers; where replies were not received, we
performed other auditing procedures. An audit also includes
assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial
highlights present fairly, in all material respects, the
financial position of Federated Pennsylvania Municipal Income
Fund as of August 31, 1998, the results of its operations, the
changes in its net assets and its financial highlights for the
respective stated periods in conformity with generally accepted
accounting principles.
DELOITTE & TOUCHE LLP
Pittsburgh, Pennsylvania
October 9, 1998
