Exhibit 11


                                Reed Smith LLP
                               435 Sixth Avenue
                          Pittsburgh, PA 15219-1886


                             September ____, 2004


The Trustees of Federated Municipal
  Securities Income Trust
5800 Corporate Drive
Pittsburgh, PA  15237-7000

      Re:  Legality of Shares Opinion

Ladies and Gentlemen:

     Federated Michigan  Intermediate  Municipal Trust (the "Acquiring Fund"), a
portfolio  of  Federated  Municipal  Securities  Income  Trust  (the  "Federated
Trust"),  proposes to acquire the assets of Golden Oak(R) Michigan Tax Free Bond
Portfolio  (the  "Acquired  Fund"),  a portfolio of the Golden  Oak(R) Family of
Funds (the "Golden  Oak(R)  Trust") in exchange for shares of the Acquiring Fund
("Shares") pursuant to the Agreement and Plan of Reorganization dated August __,
2004 ("Agreement"),  included as an exhibit to the registration statement of the
Federated  Trust filed on Form N-14  (Securities Act of 1933 No. to be assigned)
under the Securities Act of 1933, as amended ("N-14 Registration").

     As counsel,  we have  reviewed the  appropriate  documents  relating to the
organization  of the Federated  Trust,  its  registration  under the  Investment
Company Act of 1940, and the  registration  of its securities on Form N-1A under
the Securities Act of 1933,  and have  participated  in the drafting of the N-14
Registration.   Specifically,  we  have  examined  and  are  familiar  with  the
Declaration of Trust and Bylaws of the Federated Trust, and such other documents
and records deemed  relevant for the purpose of rendering this opinion.  We have
also reviewed  questions of law as deemed necessary or appropriate by us for the
purposes of this opinion.

     Based upon the foregoing, we are of the opinion that:

     1. The Federated Trust is duly organized and validly  existing  pursuant to
its Declaration of Trust.

     2.  The  Shares,   which  are  currently  being   registered  by  the  N-14
Registration,  may  be  legally  and  validly  issued  in  accordance  with  the
Declaration of Trust upon receipt of consideration sufficient to comply with the
provisions  of the  Declaration  of Trust and  subject  to  compliance  with the
Investment Company Act of 1940, as amended, and applicable state laws regulating
the sale of  securities.  Such  Shares,  when so issued,  will be fully paid and
non-assessable.

     We hereby  consent to the filing of this  opinion as an exhibit to the N-14
Registration referred to above and to any application or registration  statement
filed under the securities laws of any of the States of the United States.

                                          Very truly yours,



                                          Reed Smith LLP