<PAGE> PAGE 1
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<PAGE> PAGE 2
008 D04AA01 3779
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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
074 Q000400 0
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075 A000400 0
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076 000400 0.00
028 A010500 720
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028 B010500 294
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028 C040500 369
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028 D020500 49
028 D030500 0
028 D040500 643
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028 E030500 0
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<PAGE> PAGE 22
031 B000500 0
032 000500 67
033 000500 0
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042 E000500 0
042 F000500 0
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042 H000500 0
043 000500 127
044 000500 0
055 A000500 Y
055 B000500 N
056 000500 N
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 N
060 B000500 N
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062 A000500 Y
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062 E000500 0.0
062 F000500 0.0
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062 H000500 0.0
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062 L000500 0.0
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062 O000500 98.2
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062 R000500 0.0
063 A000500 0
063 B000500 14.2
<PAGE> PAGE 23
064 A000500 Y
064 B000500 N
070 A010500 N
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 Y
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 N
070 L020500 N
070 M010500 Y
070 M020500 N
070 N010500 N
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 7633
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<PAGE> PAGE 24
072 J000500 1
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<PAGE> PAGE 25
074 U010500 2350
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015 A000601 STATE STREET BANK AND TRUST COMPANY
015 B000601 C
015 C010601 BOSTON
015 C020601 MA
015 C030601 02266
015 C040601 8600
015 E010601 X
015 A000602 PNC BANK, NA
015 B000602 S
015 C010602 PITTSBURGH
015 C020602 PA
015 C030602 15265
015 E010602 X
015 A000603 NATIONSBANK OF NORTH CAROLINA
015 B000603 S
015 C010603 CHARLOTTE
015 C020603 NC
015 C030603 28255
015 E010603 X
015 A000604 MORGAN GUARANTY AND TURST COMPANY
015 B000604 S
015 C010604 NEW YORK
015 C020604 NY
015 C030604 10015
015 E010604 X
015 A000605 THE CHASE MANHATTAN CORPORATION
015 B000605 S
015 C010605 NEW YORK
015 C020605 NY
015 C030605 10006
015 E010605 X
015 A000606 BANK OF NEW YORK
015 B000606 S
015 C010606 NEW YORK
015 C020606 NY
015 C030606 10006
015 E010606 X
015 A000607 BANKERS TRUST COMPANY
015 B000607 S
015 C010607 NEW YORK
015 C020607 NY
<PAGE> PAGE 26
015 C030607 10015
015 E010607 X
028 A010600 0
028 A020600 0
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<PAGE> PAGE 27
042 E000600 0
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055 A000600 N
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056 000600 N
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064 A000600 Y
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070 C020600 N
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070 F020600 N
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070 G020600 N
<PAGE> PAGE 28
070 H010600 N
070 H020600 N
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070 M020600 N
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070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 Y
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<PAGE> PAGE 29
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SIGNATURE STEVE KEANE
TITLE GENERAL COUNSEL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000866700
<NAME> Federated Municipal Securities Income Trust
<SERIES>
<NUMBER> 041
<NAME> Federated California Municipal Income Fund - Class A Shares
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Aug-31-1999
<PERIOD-END> Aug-31-1999
<INVESTMENTS-AT-COST> 64,622,610
<INVESTMENTS-AT-VALUE> 63,570,681
<RECEIVABLES> 2,010,977
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 187,345
<TOTAL-ASSETS> 65,769,003
<PAYABLE-FOR-SECURITIES> 1,839,420
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 281,623
<TOTAL-LIABILITIES> 2,121,043
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 65,942,835
<SHARES-COMMON-STOCK> 2,674,691
<SHARES-COMMON-PRIOR> 2,586,583
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,211,509)
<ACCUM-APPREC-OR-DEPREC> (1,083,366)
<NET-ASSETS> 28,053,845
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,775,073
<OTHER-INCOME> 0
<EXPENSES-NET> (456,522)
<NET-INVESTMENT-INCOME> 2,318,551
<REALIZED-GAINS-CURRENT> (474,546)
<APPREC-INCREASE-CURRENT> (3,186,111)
<NET-CHANGE-FROM-OPS> (1,342,106)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,327,405)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 900,962
<NUMBER-OF-SHARES-REDEEMED> (874,803)
<SHARES-REINVESTED> 61,949
<NET-CHANGE-IN-ASSETS> 24,836,315
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (736,963)
<GROSS-ADVISORY-FEES> 213,175
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 958,632
<AVERAGE-NET-ASSETS> 28,266,669
<PER-SHARE-NAV-BEGIN> 11.130
<PER-SHARE-NII> 0.520
<PER-SHARE-GAIN-APPREC> (0.640)
<PER-SHARE-DIVIDEND> (0.520)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.490
<EXPENSE-RATIO> 0.50
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000866700
<NAME> Federated Municipal Securities Income Trust
<SERIES>
<NUMBER> 042
<NAME> Federated California Municipal Income Fund - Class B Shares
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Aug-31-1999
<PERIOD-END> Aug-31-1999
<INVESTMENTS-AT-COST> 64,622,610
<INVESTMENTS-AT-VALUE> 63,570,681
<RECEIVABLES> 2,010,977
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 187,345
<TOTAL-ASSETS> 65,769,003
<PAYABLE-FOR-SECURITIES> 1,839,420
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 281,623
<TOTAL-LIABILITIES> 2,121,043
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 65,942,835
<SHARES-COMMON-STOCK> 3,393,659
<SHARES-COMMON-PRIOR> 900,146
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,211,509)
<ACCUM-APPREC-OR-DEPREC> (1,083,366)
<NET-ASSETS> 35,594,115
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,775,073
<OTHER-INCOME> 0
<EXPENSES-NET> (456,522)
<NET-INVESTMENT-INCOME> 2,318,551
<REALIZED-GAINS-CURRENT> (474,546)
<APPREC-INCREASE-CURRENT> (3,186,111)
<NET-CHANGE-FROM-OPS> (1,342,106)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (991,146)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,818,762
<NUMBER-OF-SHARES-REDEEMED> (379,001)
<SHARES-REINVESTED> 53,752
<NET-CHANGE-IN-ASSETS> 24,836,315
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (736,963)
<GROSS-ADVISORY-FEES> 213,175
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 958,632
<AVERAGE-NET-ASSETS> 25,027,020
<PER-SHARE-NAV-BEGIN> 11.130
<PER-SHARE-NII> 0.440
<PER-SHARE-GAIN-APPREC> (0.640)
<PER-SHARE-DIVIDEND> (0.440)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.490
<EXPENSE-RATIO> 1.25
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000866700
<NAME> Federated Municipal Securities Income Trust
<SERIES>
<NUMBER> 003
<NAME> Federated Michigan Intermediate Municipal Trust
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Aug-31-1999
<PERIOD-END> Aug-31-1999
<INVESTMENTS-AT-COST> 70,288,865
<INVESTMENTS-AT-VALUE> 71,511,474
<RECEIVABLES> 4,304,916
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 16,441
<TOTAL-ASSETS> 75,832,831
<PAYABLE-FOR-SECURITIES> 1,000,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 322,948
<TOTAL-LIABILITIES> 1,322,948
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 74,308,459
<SHARES-COMMON-STOCK> 7,013,942
<SHARES-COMMON-PRIOR> 7,007,520
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,021,185)
<ACCUM-APPREC-OR-DEPREC> 1,222,609
<NET-ASSETS> 74,509,883
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,222,290
<OTHER-INCOME> 0
<EXPENSES-NET> (400,940)
<NET-INVESTMENT-INCOME> 3,821,350
<REALIZED-GAINS-CURRENT> (254,529)
<APPREC-INCREASE-CURRENT> (3,186,245)
<NET-CHANGE-FROM-OPS> 380,576
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,821,350)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,815,843
<NUMBER-OF-SHARES-REDEEMED> (1,887,770)
<SHARES-REINVESTED> 78,349
<NET-CHANGE-IN-ASSETS> (3,221,234)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (766,656)
<GROSS-ADVISORY-FEES> 317,944
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 794,838
<AVERAGE-NET-ASSETS> 79,485,885
<PER-SHARE-NAV-BEGIN> 11.090
<PER-SHARE-NII> 0.530
<PER-SHARE-GAIN-APPREC> (0.470)
<PER-SHARE-DIVIDEND> (0.530)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.620
<EXPENSE-RATIO> 0.50
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000866700
<NAME> Federated Municipal Securities Income Trust
<SERIES>
<NUMBER> 006
<NAME> Federated North Carolina Municipal Income Fund
<S> <C>
<PERIOD-TYPE> 6-month
<FISCAL-YEAR-END> Aug-31-2000
<PERIOD-END> Aug-31-1999
<INVESTMENTS-AT-COST> 42,499,830
<INVESTMENTS-AT-VALUE> 42,575,701
<RECEIVABLES> 6,607,301
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 36,993
<TOTAL-ASSETS> 49,219,995
<PAYABLE-FOR-SECURITIES> 7,885,670
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 152,450
<TOTAL-LIABILITIES> 8,038,120
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 41,208,691
<SHARES-COMMON-STOCK> 3,943,813
<SHARES-COMMON-PRIOR> 3,747,285
<ACCUMULATED-NII-CURRENT> 920
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (103,607)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 75,871
<NET-ASSETS> 41,181,875
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 501,645
<OTHER-INCOME> 0
<EXPENSES-NET> (65,781)
<NET-INVESTMENT-INCOME> 435,864
<REALIZED-GAINS-CURRENT> (159,344)
<APPREC-INCREASE-CURRENT> (903,157)
<NET-CHANGE-FROM-OPS> (626,637)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (435,689)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 360,848
<NUMBER-OF-SHARES-REDEEMED> (167,597)
<SHARES-REINVESTED> 3,277
<NET-CHANGE-IN-ASSETS> 1,004,895
<ACCUMULATED-NII-PRIOR> 745
<ACCUMULATED-GAINS-PRIOR> 55,737
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 61,865
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 189,900
<AVERAGE-NET-ASSETS> 40,474,786
<PER-SHARE-NAV-BEGIN> 10.720
<PER-SHARE-NII> 0.110
<PER-SHARE-GAIN-APPREC> (0.280)
<PER-SHARE-DIVIDEND> (0.110)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.440
<EXPENSE-RATIO> 0.64
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000866700
<NAME> Federated Municipal Securities Income Trust
<SERIES>
<NUMBER> 005
<NAME> Federated New York Municipal Income Fund - Class A Shares
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Aug-31-1999
<PERIOD-END> Aug-31-1999
<INVESTMENTS-AT-COST> 23,556,342
<INVESTMENTS-AT-VALUE> 23,916,725
<RECEIVABLES> 379,057
<ASSETS-OTHER> 6,401
<OTHER-ITEMS-ASSETS> 118,862
<TOTAL-ASSETS> 24,421,045
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 74,185
<TOTAL-LIABILITIES> 74,185
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 25,017,680
<SHARES-COMMON-STOCK> 2,350,142
<SHARES-COMMON-PRIOR> 2,213,722
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,031,203)
<ACCUM-APPREC-OR-DEPREC> 360,383
<NET-ASSETS> 24,346,860
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,420,001
<OTHER-INCOME> 0
<EXPENSES-NET> (178,597)
<NET-INVESTMENT-INCOME> 1,241,404
<REALIZED-GAINS-CURRENT> (43,863)
<APPREC-INCREASE-CURRENT> (1,484,014)
<NET-CHANGE-FROM-OPS> (286,473)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,241,404)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 534,622
<NUMBER-OF-SHARES-REDEEMED> (448,964)
<SHARES-REINVESTED> 50,762
<NET-CHANGE-IN-ASSETS> (4,560)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (987,340)
<GROSS-ADVISORY-FEES> 101,464
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 561,957
<AVERAGE-NET-ASSETS> 25,366,127
<PER-SHARE-NAV-BEGIN> 11.000
<PER-SHARE-NII> 0.530
<PER-SHARE-GAIN-APPREC> (0.640)
<PER-SHARE-DIVIDEND> (0.530)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.360
<EXPENSE-RATIO> 0.70
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000866700
<NAME> Federated Municipal Securities Income Trust
<SERIES>
<NUMBER> 002
<NAME> Federated Ohio Municipal Income Fund - Class F Shares
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Aug-31-1999
<PERIOD-END> Aug-31-1999
<INVESTMENTS-AT-COST> 79,866,553
<INVESTMENTS-AT-VALUE> 81,285,318
<RECEIVABLES> 3,131,310
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 14,263
<TOTAL-ASSETS> 84,430,891
<PAYABLE-FOR-SECURITIES> 1,974,580
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 254,068
<TOTAL-LIABILITIES> 2,228,648
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 81,310,529
<SHARES-COMMON-STOCK> 7,397,723
<SHARES-COMMON-PRIOR> 6,740,781
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (109,922)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (417,129)
<ACCUM-APPREC-OR-DEPREC> 1,418,765
<NET-ASSETS> 82,202,243
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,610,834
<OTHER-INCOME> 0
<EXPENSES-NET> (742,872)
<NET-INVESTMENT-INCOME> 3,867,962
<REALIZED-GAINS-CURRENT> (118,811)
<APPREC-INCREASE-CURRENT> (4,645,424)
<NET-CHANGE-FROM-OPS> (896,273)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,987,825)
<DISTRIBUTIONS-OF-GAINS> (782,542)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,386,959
<NUMBER-OF-SHARES-REDEEMED> (962,035)
<SHARES-REINVESTED> 232,018
<NET-CHANGE-IN-ASSETS> 1,927,838
<ACCUMULATED-NII-PRIOR> 5,310
<ACCUMULATED-GAINS-PRIOR> 484,220
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 328,560
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,162,715
<AVERAGE-NET-ASSETS> 82,140,071
<PER-SHARE-NAV-BEGIN> 11.910
<PER-SHARE-NII> 0.550
<PER-SHARE-GAIN-APPREC> (0.670)
<PER-SHARE-DIVIDEND> (0.570)
<PER-SHARE-DISTRIBUTIONS> (0.110)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.110
<EXPENSE-RATIO> 0.90
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000866700
<NAME> Federated Municipal Securities Income Trust
<SERIES>
<NUMBER> 011
<NAME> Federated Pennsylvania Municipal Income Fund - Class A Shares
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Aug-31-1999
<PERIOD-END> Aug-31-1999
<INVESTMENTS-AT-COST> 272,644,958
<INVESTMENTS-AT-VALUE> 271,341,576
<RECEIVABLES> 4,226,252
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 236,798
<TOTAL-ASSETS> 275,807,626
<PAYABLE-FOR-SECURITIES> 6,332,505
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,048,432
<TOTAL-LIABILITIES> 7,380,937
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 270,987,711
<SHARES-COMMON-STOCK> 19,704,704
<SHARES-COMMON-PRIOR> 19,681,350
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (636,080)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (602,998)
<ACCUM-APPREC-OR-DEPREC> (1,321,944)
<NET-ASSETS> 221,598,985
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15,077,894
<OTHER-INCOME> 0
<EXPENSES-NET> (2,375,538)
<NET-INVESTMENT-INCOME> 12,702,356
<REALIZED-GAINS-CURRENT> (459,349)
<APPREC-INCREASE-CURRENT> (17,976,493)
<NET-CHANGE-FROM-OPS> (5,733,486)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11,168,636)
<DISTRIBUTIONS-OF-GAINS> (1,910,376)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,020,879
<NUMBER-OF-SHARES-REDEEMED> (3,535,185)
<SHARES-REINVESTED> 627,660
<NET-CHANGE-IN-ASSETS> 92,669
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1,998,590
<OVERDISTRIB-NII-PRIOR> (358,125)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,097,037
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,645,700
<AVERAGE-NET-ASSETS> 234,287,882
<PER-SHARE-NAV-BEGIN> 12.080
<PER-SHARE-NII> 0.560
<PER-SHARE-GAIN-APPREC> (0.790)
<PER-SHARE-DIVIDEND> (0.560)
<PER-SHARE-DISTRIBUTIONS> (0.100)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.190
<EXPENSE-RATIO> 0.75
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000866700
<NAME> Federated Municipal Securities Income Trust
<SERIES>
<NUMBER> 012
<NAME> Federated Pennsylvania Municipal Income Fund - Class B Shares
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Aug-31-1999
<PERIOD-END> Aug-31-1999
<INVESTMENTS-AT-COST> 272,644,958
<INVESTMENTS-AT-VALUE> 271,341,576
<RECEIVABLES> 4,226,252
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 236,798
<TOTAL-ASSETS> 275,807,626
<PAYABLE-FOR-SECURITIES> 6,332,505
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,048,432
<TOTAL-LIABILITIES> 7,380,937
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 270,987,711
<SHARES-COMMON-STOCK> 4,182,883
<SHARES-COMMON-PRIOR> 2,535,845
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (636,080)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (602,998)
<ACCUM-APPREC-OR-DEPREC> (1,321,944)
<NET-ASSETS> 46,827,704
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15,077,894
<OTHER-INCOME> 0
<EXPENSES-NET> (2,375,538)
<NET-INVESTMENT-INCOME> 12,702,356
<REALIZED-GAINS-CURRENT> (459,349)
<APPREC-INCREASE-CURRENT> (17,976,493)
<NET-CHANGE-FROM-OPS> (5,733,486)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,629,212)
<DISTRIBUTIONS-OF-GAINS> (276,349)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,003,003
<NUMBER-OF-SHARES-REDEEMED> (459,373)
<SHARES-REINVESTED> 103,408
<NET-CHANGE-IN-ASSETS> 92,669
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1,998,590
<OVERDISTRIB-NII-PRIOR> (358,125)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,097,037
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,645,700
<AVERAGE-NET-ASSETS> 39,971,268
<PER-SHARE-NAV-BEGIN> 12.080
<PER-SHARE-NII> 0.470
<PER-SHARE-GAIN-APPREC> (0.780)
<PER-SHARE-DIVIDEND> (0.470)
<PER-SHARE-DISTRIBUTIONS> (0.100)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.200
<EXPENSE-RATIO> 1.52
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
Item 77 C -- Submission of Matters to a Vote of Security Holders
A Special Meeting of shareholders of Federated Municipal Securities
Income Trust (the "Trust") was held on June 25, 1999. The following
items, which are required to be reported under this Item 77C, were
submitted for approval. The meeting was adjourned to August 11, 1999,
where all items were approved as follows:
AGENDA ITEM 1: To elect Trustees:*
1) Thomas G. Bigley
2) Nicholas P. Constantakis
3) John F. Cunningham
4) John E. Murray, Jr., JD, S.J.D.
5) Charles F. Mansfield
6) John S. Walsh
AGENDA ITEM 2: To ratify the selection of Deloitte & Touche LLP as the
Trust's independent auditors.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................4,302,218
Shares voted negatively
.........................................37,737
Shares abstaining
.....................................................170,334
A Special Meeting of shareholders of Federated California Municipal
Income Fund (the "Fund") was held on June 25, 1999. The following
items, which are required to be reported under this Item 77C, were
submitted for approval. The meeting was adjourned to August 11, 1999,
where all items were approved as follows:
AGENDA ITEM 1: To amend the Fund's fundamental investment policies
regarding borrowing money and issuing senior securities.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................2,791,519
Shares voted negatively
...........................................117,197
Shares abstaining
.................................................268,640
AGENDA ITEM 2: To amend the Fund's fundamental investment policies
regarding investments in real estate.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................2,791,175
Shares voted negatively
...........................................117,197
Shares abstaining
.................................................301,282
_________________________
*The following Trustees of the Fund continued their terms as Trustees of
the Fund: John F. Donahue, John T. Conroy, J. Christopher Donahue,
Lawrence D. Ellis, M.D., Peter E. Madden, and Marjorie P. Smuts.
AGENDA ITEM 3: To amend the Fund's fundamental investment policies
regarding investments in commodities.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................2,780,841
Shares voted negatively
...........................................126,842
Shares abstaining
.................................................301,972
AGENDA ITEM 4: To amend the Fund's fundamental investment policies
regarding underwriting securities.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................2,807,359
Shares voted negatively
...........................................151,417
Shares abstaining
.................................................250,879
AGENDA ITEM 5: To amend the Fund's fundamental investment policies
regarding lending by the Funds.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................2,765,586
Shares voted negatively
...........................................168,615
Shares abstaining
.................................................275,454
AGENDA ITEM 6: To amend the Fund's fundamental investment policies
regarding concentration of the Fund's investments in the securities of
companies in the same industry.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................2,855,976
Shares voted negatively
...........................................77,203
Shares abstaining
.................................................276,476
AGENDA ITEM 7: To amend, and to make non-fundamental, the Fund's
fundamental investment policies regarding buying securities on margin.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................2,787,763
Shares voted negatively
...........................................161,323
Shares abstaining
.................................................260,569
AGENDA ITEM 8: To amend, and to make non-fundamental, the Fund's
fundamental investment policies regarding pledging assets.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................2,728,504
Shares voted negatively
...........................................179,290
Shares abstaining
.................................................301,861
AGENDA ITEM 9: To remove the Fund's fundamental investment policies
regarding selling securities short.
The results of shareholders voting were as follows:
Shares voted affirmatively
.................................2,733,114
Shares voted negatively
........................................... 210,439
Shares abstaining
..................................................266,102
AGENDA ITEM 10: To remove the Fund's fundamental investment policies
regarding dealing in puts, calls, straddles, spreads and any combination
thereof.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................2,732,202
Shares voted negatively
...........................................208,245
Shares abstaining
.................................................269,207
AGENDA ITEM 11: 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.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................2,706,158
Shares voted negatively
.......................................293,110
Shares abstaining
.................................................210,387
The Definitive Proxy Statement for the Special Meeting held on June 25,
1999, was filed with the Securities and Exchange Commission on May 7,
1999, and is incorporated by reference. (File No. 811-6165)
A Special Meeting of shareholders of Federated Municipal Securities
Income Trust (the "Trust") was held on June 25, 1999. The following
items, which are required to be reported under this Item 77C, were
approved by shareholders of the Trust at the meeting:
AGENDA ITEM 1: To elect Trustees:*
1) Thomas G. Bigley
2) Nicholas P. Constantakis
3) John F. Cunningham
4) John E. Murray, Jr., JD, S.J.D.
5) Charles F. Mansfield
6) John S. Walsh
AGENDA ITEM 2: To ratify the selection of Deloitte & Touche LLP as the
Trust's independent auditors.
The results of shareholders voting were as follows:
Shares voted affirmatively
..................................7,072,147
Shares voted negatively
.........................................4,466
Shares abstaining
.....................................................13,935
A Special Meeting of shareholders of Federated Michigan Intermediate
Municipal Trust (the "Fund") was held on June 25, 1999. The
following items, which are required to be reported under this Item 77C,
were approved by shareholders of the Fund at the meeting:
AGENDA ITEM 1: To amend the Fund's fundamental investment policies
regarding borrowing money and issuing senior securities.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................6,087,941
Shares voted negatively
...........................................444,512
Shares abstaining
...................................................23,276
AGENDA ITEM 2: To amend the Fund's fundamental investment policies
regarding investments in real estate.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................6,362,145
Shares voted negatively
...........................................171,022
Shares abstaining
...................................................22,562
_________________________
*The following Trustees of the Fund continued their terms as Trustees of
the Fund: John F. Donahue, John T. Conroy, J. Christopher Donahue,
Lawrence D. Ellis, M.D., Peter E. Madden, and Marjorie P. Smuts.
AGENDA ITEM 3: To amend the Fund's fundamental investment policies
regarding investments in commodities.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................6,311,215
Shares voted negatively
...........................................221,952
Shares abstaining
...................................................22,562
AGENDA ITEM 4: To amend the Fund's fundamental investment policies
regarding underwriting securities.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................6,363,767
Shares voted negatively
...........................................173,782
Shares abstaining
...................................................18,180
AGENDA ITEM 5: To amend the Fund's fundamental investment policies
regarding lending by the Funds.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................6,319,538
Shares voted negatively
...........................................215,251
Shares abstaining
...................................................20,940
AGENDA ITEM 6: To amend the Fund's fundamental investment policies
regarding concentration of the Fund's investments in the securities of
companies in the same industry.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................6,040,619
Shares voted negatively
...........................................491,221
Shares abstaining
...................................................23,889
AGENDA ITEM 7: To amend, and to make non-fundamental, the Fund's
fundamental investment policies regarding buying securities on margin.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................6,042,248
Shares voted negatively
...........................................493,899
Shares abstaining
...................................................19,582
AGENDA ITEM 8: To amend, and to make non-fundamental, the Fund's
fundamental investment policies regarding pledging assets.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................6,039,404
Shares voted negatively
...........................................490,720
Shares abstaining
...................................................25,605
AGENDA ITEM 9: To amend, and to make non-fundamental, the Michigan
Fund's fundamental investment policy regarding investing in illiquid
securities.
The results of shareholders voting were as follows:
Shares voted affirmatively
..................................3,873,402
Shares voted negatively
...........................................285,063
Shares abstaining
...................................................11,476
AGENDA ITEM 10: To remove the Fund's fundamental investment policies
regarding selling securities short.
The results of shareholders voting were as follows:
Shares voted affirmatively
.................................6,042,009
Shares voted negatively
........................................... 490,874
Shares abstaining
....................................................22,846
AGENDA ITEM 11: To remove the Fund's fundamental investment policies
regarding dealing in puts, calls, straddles, spreads and any combination
thereof.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................6,027,400
Shares voted negatively
...........................................505,484
Shares abstaining
...................................................22845
AGENDA ITEM 12: To remove the Fund's fundamental investment policies
regarding investing in restricted securities .
The results of shareholders voting were as follows:
Shares voted affirmatively
................................6,030,245
Shares voted negatively
...........................................506,911
Shares abstaining
...................................................18,573
AGENDA ITEM 13: 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.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................6,069,257
Shares voted negatively
.......................................463,517
Shares abstaining
...................................................22,955
The Definitive Proxy Statement for the Special Meeting held on June 25,
1999, was filed with the Securities and Exchange Commission on May 7,
1999, and is incorporated by reference. (File No. 811-6165)
A Special Meeting of shareholders of Federated Municipal Securities
Income Trust (the "Trust") was held on June 25, 1999. The following
items, which are required to be reported under this Item 77C, were
submitted for approval. The meeting was adjourned to August 11, 1999,
where all items were approved as follows:
AGENDA ITEM 1: To elect Trustees:*
1) Thomas G. Bigley
2) Nicholas P. Constantakis
3) John F. Cunningham
4) John E. Murray, Jr., JD, S.J.D.
5) Charles F. Mansfield
6) John S. Walsh
AGENDA ITEM 2: To ratify the selection of Deloitte & Touche LLP as the
Trust's independent auditors.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................1,715,665
Shares voted negatively
.........................................22,805
Shares abstaining
...................................................93,796
A Special Meeting of shareholders of Federated New York Municipal Income
Fund (the "Fund") was held on June 25, 1999. The following items,
which are required to be reported under this Item 77C, were submitted
for approval. The meeting was adjourned to August 11, 1999, where all
items were approved as follows:
AGENDA ITEM 1: To amend the Fund's fundamental investment policies
regarding borrowing money and issuing senior securities.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................1,268,473
Shares voted negatively
...........................................136,744
Shares abstaining
..................................................58,325
AGENDA ITEM 2: To amend the Fund"s fundamental investment policies
regarding investments in real estate.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................1,268,988
Shares voted negatively
...........................................136,398
Shares abstaining
..................................................58,156
_________________________
*The following Trustees of the Fund continued their terms as Trustees of
the Fund: John F. Donahue, John T. Conroy, J. Christopher Donahue,
Lawrence D. Ellis, M.D., Peter E. Madden, and Marjorie P. Smuts.
AGENDA ITEM 3: To amend the Fund's fundamental investment policies
regarding investments in commodities.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................1,248,765
Shares voted negatively
...........................................144,871
Shares abstaining
...................................................69,906
AGENDA ITEM 4: To amend the Fund's fundamental investment policies
regarding underwriting securities.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................1,287,680
Shares voted negatively
...........................................123,166
Shares abstaining
...................................................52,696
AGENDA ITEM 5: To amend the Fund's fundamental investment policies
regarding lending by the Funds.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................1,191,183
Shares voted negatively
...........................................209,588
Shares abstaining
...................................................62,771
AGENDA ITEM 6: To amend the Fund's fundamental investment policies
regarding concentration of the Fund's investments in the securities of
companies in the same industry.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................1,244,236
Shares voted negatively
...........................................156,429
Shares abstaining
...................................................62,877
AGENDA ITEM 7: To amend, and to make non-fundamental, the Fund's
fundamental investment policies regarding buying securities on margin.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................1,190,067
Shares voted negatively
...........................................213,734
Shares abstaining
...................................................59,741
AGENDA ITEM 8: To amend, and to make non-fundamental, the Fund's
fundamental investment policies regarding pledging assets.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................1,200,100
Shares voted negatively
...........................................201,596
Shares abstaining
...................................................61,846
AGENDA ITEM 9: To remove the Fund's fundamental investment policies
regarding selling securities short.
The results of shareholders voting were as follows:
Shares voted affirmatively
.................................1,212,473
Shares voted negatively
........................................... 211,967
Shares abstaining
...................................................39,102
AGENDA ITEM 10: To remove the Fund's fundamental investment policies
regarding dealing in puts, calls, straddles, spreads and any combination
thereof.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................1,200,627
Shares voted negatively
...........................................216,544
Shares abstaining
...................................................46,371
AGENDA ITEM 11: 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.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................1,198,413
Shares voted negatively
.......................................206,433
Shares abstaining
...................................................58,696
The Definitive Proxy Statement for the Special Meeting held on June 25,
1999, was filed with the Securities and Exchange Commission on May 7,
1999, and is incorporated by reference. (File No. 811-6165)
A Special Meeting of shareholders of Federated Municipal Securities
Income Trust (the "Trust") was held on June 25, 1999. The following
items, which are required to be reported under this Item 77C, were
approved by shareholders of the Trust at the meeting:
AGENDA ITEM 1: To elect Trustees:*
1) Thomas G. Bigley
2) Nicholas P. Constantakis
3) John F. Cunningham
4) John E. Murray, Jr., JD, S.J.D.
5) Charles F. Mansfield
6) John S. Walsh
AGENDA ITEM 2: To ratify the selection of Deloitte & Touche LLP as the
Trust's independent auditors.
The results of shareholders voting were as follows:
Shares voted affirmatively
..................................5,492,372
Shares voted negatively
...........................................24,250
Shares abstaining
.....................................................133,938
A Special Meeting of shareholders of Federated Ohio Municipal Income
Fund (the "Fund") was held on June 25, 1999. The following items,
which are required to be reported under this Item 77C, were approved by
shareholders of the Fund at the meeting:
AGENDA ITEM 1: To amend the Fund's fundamental investment policies
regarding borrowing money and issuing senior securities.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................4,292,118
Shares voted negatively
...........................................164,388
Shares abstaining
.....................................................259,467
AGENDA ITEM 2: To amend the Fund's fundamental investment policies
regarding investments in real estate.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................4,295,169
Shares voted negatively
...........................................178,887
Shares abstaining
.....................................................241,916
_________________________
*The following Trustees of the Fund continued their terms as Trustees of
the Fund: John F. Donahue, John T. Conroy, J. Christopher Donahue,
Lawrence D. Ellis, M.D., Peter E. Madden, and Marjorie P. Smuts.
AGENDA ITEM 3: To amend the Fund's fundamental investment policies
regarding investments in commodities.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................4,254,685
Shares voted negatively
...........................................212,342
Shares abstaining
.....................................................248,945
AGENDA ITEM 4: To amend the Fund's fundamental investment policies
regarding underwriting securities.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................4,336,142
Shares voted negatively
...........................................125,994
Shares abstaining
.....................................................253,836
AGENDA ITEM 5: To amend the Fund's fundamental investment policies
regarding lending by the Funds.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................4,285,094
Shares voted negatively
...........................................190,516
Shares abstaining
.....................................................240,362
AGENDA ITEM 6: To amend the Fund's fundamental investment policies
regarding concentration of the Fund's investments in the securities of
companies in the same industry.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................4,304,668
Shares voted negatively
...........................................123,728
Shares abstaining
.....................................................287,576
AGENDA ITEM 7: To amend, and to make non-fundamental, the Fund's
fundamental investment policies regarding buying securities on margin.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................4,236,885
Shares voted negatively
...........................................185,872
Shares abstaining
.....................................................293,215
AGENDA ITEM 8: To amend, and to make non-fundamental, the Fund's
fundamental investment policies regarding pledging assets.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................4,263,059
Shares voted negatively
...........................................181,028
Shares abstaining
.....................................................271,885
AGENDA ITEM 9: To remove the Fund's fundamental investment policies
regarding selling securities short.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................4,261,578
Shares voted negatively
........................................... 182,706
Shares abstaining
..................................................... 271,688
AGENDA ITEM 10: To remove the Fund's fundamental investment policies
regarding dealing in puts, calls, straddles, spreads and any combination
thereof.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................4,208,745
Shares voted negatively
...........................................197,551
Shares abstaining
.....................................................394,588
AGENDA ITEM 11: To remove the Fund's fundamental investment policies
regarding investing in restricted securities.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................4,227,483
Shares voted negatively
...........................................215,521
Shares abstaining
.....................................................272,968
AGENDA ITEM 12: 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.
The results of shareholders voting were as follows:
Shares voted affirmatively
................................4,224,961
Shares voted negatively
......................................253,333
Shares abstaining
.....................................................237,678
The Definitive Proxy Statement for the Special Meeting held on June 25,
1999, was filed with the Securities and Exchange Commission on May 7,
1999, and is incorporated by reference. (File No. 811-6165)
A Special Meeting of shareholders of Federated Municipal Securities
Income Trust (the "Trust") was held on June 25, 1999. The following
items, which are required to be reported under this Item 77C, were
approved by shareholders of the Trust at the meeting:
AGENDA ITEM 1: To elect Trustees:*
1) Thomas G. Bigley
2) Nicholas P. Constantakis
3) John F. Cunningham
4) John E. Murray, Jr., JD, S.J.D.
5) Charles F. Mansfield
6) John S. Walsh
AGENDA ITEM 2: To ratify the selection of Deloitte & Touche LLP as the
Trust's independent auditors.
The results of shareholders voting were as follows:
Shares voted affirmatively
..................................15,015,142
Shares voted negatively
.........................................89,043
Shares abstaining
.....................................................606,390
A Special Meeting of shareholders of Federated Pennsylvania Municipal
Income Fund (the "Fund") was held on June 25, 1999. The following
items, which are required to be reported under this Item 77C, were
approved by shareholders of the Fund at the meeting:
AGENDA ITEM 1: To amend the Fund's fundamental investment policies
regarding borrowing money and issuing senior securities.
The results of shareholders voting were as follows:
Shares voted affirmatively
..................................11,450,706
Shares voted negatively
...........................................690,592
Shares abstaining
.....................................................808,607
AGENDA ITEM 2: To amend the Fund's fundamental investment policies
regarding investments in real estate.
The results of shareholders voting were as follows:
Shares voted affirmatively
..................................11,572,536
Shares voted negatively
...........................................608,771
Shares abstaining
.....................................................768,597
_________________________
*The following Trustees of the Fund continued their terms as Trustees of
the Fund: John F. Donahue, John T. Conroy, J. Christopher Donahue,
Lawrence D. Ellis, M.D., Peter E. Madden, and Marjorie P. Smuts.
AGENDA ITEM 3: To amend the Fund's fundamental investment policies
regarding investments in commodities.
The results of shareholders voting were as follows:
Shares voted affirmatively
..................................11,355,459
Shares voted negatively
...........................................785,575
Shares abstaining
.....................................................808,870
AGENDA ITEM 4: To amend the Fund's fundamental investment policies
regarding underwriting securities.
The results of shareholders voting were as follows:
Shares voted affirmatively
..................................11,519,396
Shares voted negatively
...........................................614,708
Shares abstaining
.....................................................815,800
AGENDA ITEM 5: To amend the Fund's fundamental investment policies
regarding lending by the Funds.
The results of shareholders voting were as follows:
Shares voted affirmatively
..................................11,402,560
Shares voted negatively
...........................................722,303
Shares abstaining
.....................................................825,041
AGENDA ITEM 6: To amend the Fund's fundamental investment policies
regarding concentration of the Fund's investments in the securities of
companies in the same industry.
The results of shareholders voting were as follows:
Shares voted affirmatively
..................................11,516,142
Shares voted negatively
...........................................667,475
Shares abstaining
.....................................................766,287
AGENDA ITEM 7: To amend, and to make non-fundamental, the Fund's
fundamental investment policies regarding buying securities on margin.
The results of shareholders voting were as follows:
Shares voted affirmatively
..................................11,181,517
Shares voted negatively
...........................................930,046
Shares abstaining
.....................................................838,342
AGENDA ITEM 8: To amend, and to make non-fundamental, the Fund's
fundamental investment policies regarding pledging assets.
The results of shareholders voting were as follows:
Shares voted affirmatively
..................................11,213,336
Shares voted negatively
...........................................823,986
Shares abstaining
.....................................................912,583
AGENDA ITEM 9: To remove the Fund's fundamental investment policies
regarding selling securities short.
The results of shareholders voting were as follows:
Shares voted affirmatively ..................................
11,182,141
Shares voted negatively
........................................... 860,049
Shares abstaining
..................................................... 907,715
AGENDA ITEM 10: To remove the Fund's fundamental investment policies
regarding dealing in puts, calls, straddles, spreads and any combination
thereof.
The results of shareholders voting were as follows:
Shares voted affirmatively
..................................11,210,294
Shares voted negatively
...........................................864,997
Shares abstaining
.....................................................874,613
AGENDA ITEM 11: To remove the Fund's fundamental investment policies
regarding investing in restricted securities.
The results of shareholders voting were as follows:
Shares voted affirmatively
..................................11,353,917
Shares voted negatively
...........................................790,565
Shares abstaining
.....................................................805,423
AGENDA ITEM 12: 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.
The results of shareholders voting were as follows:
Shares voted affirmatively
..................................11,068,582
Shares voted negatively
........................................1,056,962
Shares abstaining
.....................................................824,361
The Definitive Proxy Statement for the Special Meeting held on June 25,
1999, was filed with the Securities and Exchange Commission on May 7,
1999, and is incorporated by reference. (File No. 811-6165)
ITEM 77Q(a1): Amendment to Declaration of Trust
MUNICIPAL SECURITIES INCOME TRUST
Amendment No. 16
DECLARATION OF TRUST
As dated August 6, 1990
This Declaration of Trust is amended as follows:
Strike Section 1 of Article I from the Declaration of Trust and substitute
in its place the following:
Section 1. Name.
This Trust shall be known as Federated Municipal Securities Income Trust.
Strike Section 2(b) of Article I from the Declaration of Trust and
substitute in its place the following:
(b) The "Trust" refers to Federated Municipal Securities Income Trust;
Strike the first paragraph of Section 5 of Article III from the
Declaration of Trust and substitute in its place the following:
"Section 5. Establishment and Designation of Series or Class. Without
limiting the authority of the Trustees set forth in Article XII, Section 8,
inter alia, to establish and designate any additional Series or Class or to
modify the rights and preferences of any existing Series or Class,
the Series and Classes of the Trust are established and designated as:
Federated California Municipal Income Fund
Class A Shares
Class B Shares
Federated Michigan Intermediate Municipal Trust
Federated New York Municipal Income Fund
Class A Shares
Federated North Carolina Municipal Income Fund
Class A Shares
Federated Ohio Municipal Income Fund
Class F Shares
Federated Pennsylvania Municipal Income Fund
Class A Shares
Class B Shares"
Insert the following as Section 9 of Article XII of the Declaration of
Trust:
Section 9. Use of Name. The Trust acknowledges that Federated Investors
has reserved the right to grant the non-exclusive use of the name "Federated"
or any derivative thereof to any other investment company, investment company
portfolio, investment adviser, distributor, or other business enterprise,
and to withdraw from the Trust or owe or more Series or Classes any right
to use of the name "Federated".
The undersigned hereby certify that the above stated Amendment is a true
and correct Amendment to the Declaration of Trust, as adopted by the Board
of Trustees at a meeting on the 20th day of May, 1999.
WITNESS the due execution hereof this 20th day of May, 1999.
/s/ John F. Donahue /s/ Edward L. Flaherty, Jr.
John F. Donahue Edward L. Flaherty, Jr.
/s/ Thomas G. Bigley, Jr. /s/ Peter E. Madden
Thomas G. Bigley, Jr. Peter E. Madden
/s/ John T. Conroy, Jr. /s/ Charles F. Mansfield, Jr.
John T. Conroy, Jr. Charles F. Mansfield, Jr.
/s/ Nicholas P. Constantakis /s/ John E. Murray, Jr.
Nicholas P. Constantakis John E. Murray, Jr.
/s/ William J. Copeland /s/ Wesley W. Posvar
William J. Copeland Wesley W. Posvar
/s/ Marjorie P. Smuts
James E. Dowd Marjorie P. Smuts
/s/ Lawrence D. Ellis, M.D.
Lawrence D. Ellis, M.D.
ITEM 77Q(a2): Amendment to Declaration of Trust
MUNICIPAL SECURITIES INCOME TRUST
Amendment No. 17
DECLARATION OF TRUST
As dated August 6, 1990
Effective immediately, this Declaration of Trust is amended as follows:
Strike Section 1 of Article I from the Declaration of Trust and substitute
in its place the following:
Section 1. Name.
This Trust shall be known as Municipal Securities Income Trust.
Strike Section 2(b) of Article I from the Declaration of Trust and
substitute in its place the following:
(b) The "Trust" refers to Municipal Securities Income Trust;
Strike Section 9 of Article XII of the Declaration of Trust.
Effective October 1, 1999:
Strike Section 1 of Article I from the Declaration of Trust and
substitute in its place the following:
Section 1. Name.
This Trust shall be known as Federated Municipal Securities Income Trust.
Strike Section 2(b) of Article I from the Declaration of Trust and
substitute in its place the following:
(b) The "Trust" refers to Federated Municipal Securities Income Trust;
Insert the following as Section 9 of Article XII of the Declaration of
Trust:
Section 9. Use of Name. The Trust acknowledges that Federated Investors
has reserved the right to grant the non-exclusive use of the name "Federated"
or any derivative thereof to any other investment company, investment company
portfolio, investment adviser, distributor, or other business enterprise,
and to withdraw from the Trust or owe or more Series or Classes any right
to use of the name "Federated".
The undersigned President and Secretary hereby certify that the above
stated Amendment is a true and correct Amendment to the Declaration of Trust,
as adopted by the Board of Trustees at a meeting on the 20th day of
May, 1999.
WITNESS the due execution hereof this 1st day of June, 1999.
/s/ Richard B. Fisher /s/ John W. McGonigle
Richard B. Fisher, President John W. McGonigle, Secretary
4
INDEPENDENT AUDITORS' REPORT
To the Board of Trustees of Federated Municipal Securities Income Trust
and Shareholders of Federated California Municipal Income Fund:
In planning and performing our audit of the financial statements of
Federated California Municipal Income Fund (the "Fund") for the year
ended August 31, 1999 (on which we have issued our report dated October
15, 1999), we considered its internal control, including control
activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR,
and not to provide assurance on the Fund's internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in any internal control, errors or fraud
may occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the Fund's internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition in
which the design or operation of one or more of the internal control
components does not reduce to a relatively low level the risk that
errors or fraud in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within
a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the Fund's
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above
as of August 31, 1999.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.
October 15, 1999
INDEPENDENT AUDITORS' REPORT
To the Board of Trustees of Federated Municipal Securities Income Trust
and Shareholders of Federated Michigan Intermediate Municipal Trust:
In planning and performing our audit of the financial statements of
Federated Michigan Intermediate Municipal Trust (the "Fund") for the
year ended August 31, 1999 (on which we have issued our report dated
October 15, 1999), we considered its internal control, including control
activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR,
and not to provide assurance on the Fund's internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in any internal control, errors or fraud
may occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the Fund's internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition in
which the design or operation of one or more of the internal control
components does not reduce to a relatively low level the risk that
errors or fraud in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within
a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the Fund's
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above
as of August 31, 1999.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.
October 15, 1999
INDEPENDENT AUDITORS' REPORT
To the Board of Trustees of Federated Municipal Securities Income Trust
and Shareholders of Federated Pennsylvania Municipal Income Fund:
In planning and performing our audit of the financial statements of
Federated Pennsylvania Municipal Income Fund (the "Fund") for the year
ended August 31, 1999 (on which we have issued our report dated October
15, 1999), we considered its internal control, including control
activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR,
and not to provide assurance on the Fund's internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in any internal control, errors or fraud
may occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the Fund's internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition in
which the design or operation of one or more of the internal control
components does not reduce to a relatively low level the risk that
errors or fraud in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within
a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the Fund's
internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as
defined above as of August 31, 1999.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.
October 15, 1999
INDEPENDENT AUDITORS' REPORT
To the Board of Trustees of Federated Municipal Securities Income Trust
and Shareholders of Federated New York Municipal Income Fund:
In planning and performing our audit of the financial statements of
Federated New York Municipal Income Fund (the "Fund") for the year
ended August 31, 1999 (on which we have issued our report dated October
15, 1999), we considered its internal control, including control
activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR,
and not to provide assurance on the Fund's internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in any internal control, errors or fraud
may occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the Fund's internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition in
which the design or operation of one or more of the internal control
components does not reduce to a relatively low level the risk that
errors or fraud in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within
a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the Fund's
internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as
defined above as of August 31, 1999.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.
October 15, 1999
INDEPENDENT AUDITORS' REPORT
To the Board of Trustees of Federated Municipal Securities Income Trust
and Shareholders of Federated North Carolina Municipal Income Fund:
In planning and performing our audit of the financial statements of
Federated North Carolina Municipal Income Fund (the "Fund") for the
year ended August 31, 1999 (on which we have issued our report dated
October 15, 1999), we considered its internal control, including control
activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR,
and not to provide assurance on the Fund's internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in any internal control, errors or fraud
may occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the Fund's internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition in
which the design or operation of one or more of the internal control
components does not reduce to a relatively low level the risk that
errors or fraud in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within
a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the Fund's
internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as
defined above as of August 31, 1999.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.
October 15, 1999
INDEPENDENT AUDITORS' REPORT
To the Board of Trustees of Federated Municipal Securities Income Trust
and Shareholders of Federated Ohio Municipal Income Fund:
In planning and performing our audit of the financial statements of
Federated Ohio Municipal Income Fund (the "Fund") for the year ended
August 31, 1999 (on which we have issued our report dated October 15,
1999), we considered its internal control, including control activities
for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, and not to
provide assurance on the Fund's internal control.
The management of the Fund is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use, or disposition.
Because of inherent limitations in any internal control, errors or fraud
may occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the Fund's internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition in
which the design or operation of one or more of the internal control
components does not reduce to a relatively low level the risk that
errors or fraud in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within
a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving the Fund's
internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as
defined above as of August 31, 1999.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.
October 15, 1999
