PENNSYLVANIA MUNICIPAL INCOME FUND
(A Portfolio of Municipal Securities Income Trust)
Investment Shares
Supplement to the Prospectus dated October 31, 1993

Effective immediately, please replace the section entitled "What Shares 
Cost" on page 9 with the following:

What Shares Cost
Shares are sold at their net asset value next determined after an order is 
received, plus a sales charge as follows:

                             Sales Charge as           Sales Charge as
                             a Percentage of           a Percentage of 
Amount of Transaction        Public Offering Price     Net Amount Invested
Less than $50,000                   3.00%                    3.09%
$50,000 but less than $100,000      2.50%                    2.56%
$100,000 but less than $250,000     2.00%                    2.04%
$250,000 but less than $500,000     1.50%                    1.52%
$500,000 but less than $1 million   1.00%                    1.01%
$1 million or more                  0.00%                    0.00%
         
The net asset value is determined at 4:00 P.M. (Boston time), Monday through 
Friday, except on (i) days on which there are not sufficient changes in the 
value of the Fund's portfolio securities that its net asset value might be 
materially affected; (ii) days during which no Shares are tendered for 
redemption and no orders to purchase Shares are received; or (iii) the 
following holidays:  New Year's Day, Presidents' Day, Good Friday, Memorial 
Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.
Dealer Concession.  For sales of Shares, a dealer will receive 100% of the 
applicable sales charge.  Any portion of the sales charge which is not paid 
to a dealer will be retained by the distributor.  In addition, from time to 
time, the distributor, in its sole discretion, may uniformly offer to pay 
all dealers selling Shares additional sums based on sales of Shares.  On 
purchases of $1 million or more, the investor pays no sales charge; however, 
the distributor will make twelve monthly payments to the dealer totaling 
0.25% of the public offering price over the first year following the 
purchase.  Such payments are based on the original purchase price of the 
shares outstanding at each month end.  No sales charge is imposed for Shares 
purchased through bank trust departments or investment advisers registered 
under the Investment Advisers Act of 1940 purchasing on behalf of their 
clients. 

                                                          January 1, 1994
FEDERATED SECURITIES CORP.
Distributor
3121316A(1/94)