FEDERATED INVESTORS
                                  [logo]
                             AN OPEN LETTER TO
                           THE WILLIAM PENN FUND
                               SHAREHOLDERS


Federated Investors looks forward to welcoming all William Penn Fund
shareholders to the Federated family of mutual funds.

The proposed merger is a natural fit between two well-established
Pennsylvania mutual fund companies.  Both companies are known for their
conservative, risk averse investment philosophy.  And both companies are
recognized throughout the mutual fund industry for their commitment to
customer service.  We care about the people investing money in our funds.

Our goal is to earn your trust and develop a long-term relationship that
provides you with quality products and services.

Sincerely,


/s/ J. Christopher Donahue
J. Christopher Donahue,
President, Federated Investors


For more complete information about Federated funds, please contact your
Investment Representative for a prospectus, which you should read carefully
before investing.


Federated Securities Corp., Distributor


                       MUNICIPAL SECURITIES INCOME TRUST
                              Federated Investors
                           Federated Investors Tower
                      Pittsburgh, Pennsylvania 15222-3779
                                 (412) 288-1900


                                  May 1, 1997



EDGAR Operations Branch
Securities and Exchange Commission
Division of Investment Management
450 Fifth Street, N.W.
Washington, DC  20549

   RE: Municipal Securities Income Trust (the ``Trust'')
       1933 Act File No. 333-23871
       1940 Act File No. 811-6165

Dear Sir or Madam:

     Pursuant to Regulation 14a-6 of the Securities Exchange Act of 1934 (the
`1934 Act''), enclosed for filing electronically are additional proxy
solicitation materials for the above-referenced Trust.

     The enclosed information is expected to appear as an advertisement in the
Reading Eagle of Reading, Pennsylvania on May 3, May 11, May 17, and May 25,
1997.  The advertisement, which is two columns by five inches in size, is
addressed to William Penn Fund Shareholders and pertains to the Special Meeting
of Shareholders of New York Tax-Free Income Portfolio, a portfolio of William
Penn Interest Income Fund, to be held on May 29, 1997.  This material is
intended to supplement the definitive Prospectus/Proxy, Statement of Additional
Information, and form of proxy of the Trust filed with the Commission on March
25, 1997.

     Any questions or comments with respect to this filing may be directed to
the undersigned at (412) 288-4827.
                                        Very truly yours,



                                        /s/ Jody L. Petras
                                        Jody L. Petras
                                        Senior Compliance Analyst


cc:  Byron Bowman
     Matthew Hardin


Enclosures