24F-2NT

                               Rule 24f-2 Notice

                    LIBERTY MUNICIPAL SECURITIES FUND, INC.

                                  (Fund Name)


                           Federated Investors Tower
                      Pittsburgh, Pennsylvania 15222-3779

                              1933 Act No. 2-57181


  (i)   fiscal period for which notice is filed March 31, 1994

 (ii)   The number or amount of securities of the
        same class or series, if any, which had
        been registered under the Securities Act
        of 1933, other than pursuant to Rule 24f-2
        but which remained unsold at April 1, 1993,
        the beginning of the Registrant's fiscal
        period                                            0

(iii)   The number or amount of securities, if
        any, registered during the fiscal period
        of this notice other than pursuant to
        Rule 24f-2                                         0          0

  (iv)  The number or amount of securities
        sold during the fiscal period of this
        notice                                                 24,978,657

   (v)  The number or amount of securities sold
        during the fiscal period of this notice
        in reliance upon registration pursuant
        to Rule 24f-2 (see attached Computation
        of Fee)                                                24,978,657



     WITNESS the due execution hereof this 16th day of May, 1994.



                                        By: /s/Charles H. Field
                                            Charles H. Field
                                            Assistant Secretary

                               COMPUTATION OF FEE


1. Actual aggregate sale price of Registrant's
   securities sold pursuant to Rule 24f-2 during
   the fiscal period for which the 24f-2 notice
   is filed (see Section v)................................... $ 294,759,209

2. Reduced by the difference between:

   (a)  actual aggregate redemption price
        of such securities redeemed by the
        issuer during the fiscal period for
        which the 24f-2 notice is filed........ $ 263,078,057

   (b)  actual aggregate redemption price
        of such redeemed securities
        previously applied by the issuer
        pursuant to Section 24e(2)(a) for
        the fiscal period for which the
        24f-2 notice is filed..................      0           263,078,057


Total amount upon which the fee calculation specified
in Section 6(b) of the Securities Act of 1933 is
based......................................................... $  31,681,152


     FEE SUBMITTED (1/29 of 1% of Total amount)............... $      10,925

EX-99.OPINIONLETTER

                            HOUSTON, HOUSTON & DONNELLY
                            ATTORNEYS AT LAW
                                      2510 CENTRE CITY TOWER
WILLIAM McC. HOUSTON        PITTSBURGH, PA.  15222 
FRED CHALMERS HOUSTON, JR.            __________
THOMAS J. DONNELLY
JOHN F. MECK                (412) 471-5828            FRED CHALMERS HOUSTON
                          FAX (412) 471-0736             (1914 - 1971)
         

MARIO SANTILLI, JR.
THEODORE M. HAMMER

                          May 16, 1994
                                     
                                     
                                     
Liberty Municipal Securities Fund, Inc.
Federated Investors Tower
Pittsburgh, PA  15222-3779

Gentlemen:

 You have  requested our opinion  for use  in conjunction with  a 
Rule 24f-2 Notice  for Liberty Municipal  Securities Fund, Inc.  
("Fund") to be filed in respect of shares of the Fund ("Shares") 
sold for the fiscal year ended  March 31, 1994, pursuant to the  
Fund's registration  statement  filed with  the  Securities and  
Exchange Commission ("SEC")  under the  Securities Act  of 1933  
(File No. 2-57181) ("Registration Statement").

 In  its Registration  Statement,  the Fund  elected to  register  
an indefinite number of Shares pursuant to the provisions of SEC 
Rule 24f-2.

 We  have  reviewed the  amended  Registration  Statement of  the  
Fund and such other  documents and records  deemed relevant. On  
the basis of the  foregoing, it is our  opinion that the Shares  
sold for the fiscal year ended  March 31, 1994, registration of  
which the  Rule 24f-2  Notice  makes definite  in  number, were  
legally issued, fully paid and non-assessable.

 We consent  to your  filing this  opinion as an  Exhibit to  the 
Rule 24f-2 Notice referred to above, the Registration Statement  
of the Fund  and to  any application  or registration statement  
filed under the  Securities Laws  of any  of the States  of the  
United States.

                                   Very truly yours,

                                   Houston, Houston & Donnelly



                                   By:  Thomas J. Donnelly

TJD:heh