MUNICIPAL SECURITIES INCOME TRUST
FEDERATED CALIFORNIA MUNICIPAL INCOME FUND FEDERATED MICHIGAN INTERMEDIATE
MUNICIPAL TRUST FEDERATED NEW YORK MUNICIPAL INCOME FUND FEDERATED OHIO
MUNICIPAL INCOME FUND FEDERATED PENNSYLVANIA MUNICIPAL INCOME FUND SUPPLEMENT TO
PROSPECTUSES DATED OCTOBER 31, 1998
At a Special Meeting of Shareholders to be held on June 25, 1999, shareholders
of the above named Funds will be asked to vote on the changes described below.
If approved by shareholders, these changes will take effect as of July 1, 1999.
Shareholders will be notified if any of these changes are not approved. Please
keep this supplement for your records.
Shareholders will be asked to consider the following proposals:
1. To elect six Trustees.
2. To ratify the selection of the Trust's independent auditors.
3. To make changes to the Funds' fundamental investment policies:
a. To amend the Funds' fundamental investment policies regarding
borrowing money and issuing senior securities;
b. To amend the Funds' fundamental investment policies regarding
investments in real estate;
c. To amend the Funds' fundamental investment policies regarding
investments in commodities;
d. To amend the Funds' fundamental investment policies regarding
underwriting securities;
e. To amend the Funds' fundamental investment policies regarding lending
by the Funds;
f. To amend the Funds' fundamental investment policies regarding
concentration of the Funds' investments in the securities of companies
in the same industry;
g. To amend, and to make non-fundamental, the Funds' fundamental
investment policies regarding buying securities on margin;
h. To amend, and to make non-fundamental, the Funds' fundamental
investment policies regarding pledging assets; and
i. To amend, and to make non-fundamental, the Michigan Fund's fundamental
investment policy regarding investing in illiquid securities (the
Michigan Fund ONLY).
4. To eliminate certain of the Funds' fundamental investment policies:
a. To remove the Funds' fundamental investment policies regarding selling
securities short;
b. To remove the Funds' fundamental investment policies regarding dealing
in puts, call, straddles, spreads and any combination thereof; and
c. To remove the Funds' fundamental investment policies regarding
investing in restricted securities (the Michigan Fund, the Ohio Fund
and the Pennsylvania Fund ONLY).
5. To approve an amendment and restatement to the Trust's Declaration of Trust
to permit the Board of Trustees to liquidate assets of the Trust without
seeking shareholder approval.
6. To transact such other business as may properly come before the meeting or
any adjournment thereof.
April 27, 1999
Cusip 625922109
625922828
625922703
625922208
625922307
625922505
625922836
G02650-02 (4/99)
