Exhibit (j) under Form N-1A
                                            Exhibit (23) under Item 601/Reg. S-K


   Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm


We  consent  to the  references  to  our  firm  under  the  captions  "Financial
Highlights"  in  the  Institutional  Shares  and  Institutional  Service  Shares
Prospectuses  and  "Independent   Registered  Public  Accounting  Firm"  in  the
Statement of Additional  Information for Federated  Intermediate  Corporate Bond
Fund in Post-Effective  Amendment Number 54 to the Registration  Statement (Form
N-1A,  No.  33-3164) of Federated  Intermediate  Corporate  Bond Fund and to the
incorporation  by  reference  of our report,  dated June 8, 2005,  on  Federated
Intermediate  Corporate  Bond Fund (one of the portfolios  comprising  Federated
Income  Securities  Trust) included in the Annual Report to Shareholders for the
fiscal year ended April 30, 2005.



                                                   ERNST & YOUNG LLP


Boston, Massachusetts
June 24, 2005