485B24E

                                                1933 Act File No. 2-57181
                                                1940 Act File No. 811-2677

                    SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C. 20549

                                 Form N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

   Pre-Effective Amendment No.

   Post-Effective Amendment No.  44                                   X

                                  and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

   Amendment No.

                  LIBERTY MUNICIPAL SECURITIES FUND, INC.
            (Exact Name of Registrant as Specified in Charter)

                         Federated Investors Tower
                    Pittsburgh, Pennsylvania 15222-3779
                 (Address of Principal Executive Offices)

                              (412) 288-1900
                      (Registrant's Telephone Number)
          John W. McGonigle, Esquire, Federated Investors Tower,
                    Pittsburgh, Pennsylvania 15222-3779
                  (Name and Address of Agent for Service)

It is proposed that this filing will become effective:

 X  immediately upon filing pursuant to paragraph (b)
    on _________________ pursuant to paragraph (b)
    60 days after filing pursuant to paragraph (a)
    on                 pursuant to paragraph (a) of Rule 485.

Registrant has filed with the Securities and Exchange Commission a
declaration pursuant to Rule 24f-2 under the Investment Company Act of
1940, and:

 X  filed the Notice required by that Rule on May 15, 1995; or
    intends to file the Notice required by that Rule on or about
    ___________; or
    during the most recent fiscal year did not sell any securities pursuant
    to Rule 24f-2 under the Investment Company Act of 1940, and, pursuant
    to Rule 24f-2(b)(2), need not file the Notice.

                                Copies to:

   Charles H. Morin, Esquire
   Dickstein, Shapiro & Morin
   2101 L Street, N.W.
   Washington, D.C.  20037



CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933


                                                  Proposed
Title of                            Proposed     Maximum
Securities         Amount           Maximum      Aggregate  Amount of
Being              Being          Offering Price  Offering  Registration
Registered        Registered        Per Unit       Price*      Fee


Shares of        704,237            $11.37     $8,007,175   $100.00
Capital Stock
(par value $.01)



*Registrant has elected to calculate its filing fee in the manner described
in Rule 24e-2 of the Investment Company Act of 1940.  The total amount of
securities redeemed during the previous fiscal year was 28,186,990.  The
total amount of redeemed securities used for reductions pursuant to
paragraph (a) of Rule 24e-2 or paragraph (c) of Rule 24f-2 during the
current year was 27,482,753.  The amount of redeemed securities being used
for reduction of the registration fee in this Amendment is 704,237.



                           CONTENTS OF AMENDMENT

   This Post-Effective Amendment No. 44 to the Registration Statement of
LIBERTY MUNICIPAL SECURITIES FUND, INC. is comprised of the following
papers and documents:

      1. The facing sheet to register a definite
         number of shares of beneficial interest,
         no par value, of LIBERTY MUNICIPAL SECURITIES
         FUND, INC.;

      2. The legal opinion of counsel for the Registrant, as
         to the legality of shares being offered; and as to
         the eligibility to become effective pursuant to
         Paragraph (b) of Rule 485; and

      3. Signature page.


                                SIGNATURES

   Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant, LIBERTY MUNICIPAL
SECURITIES FUND, INC., certifies that it meets all of the requirements for
effectiveness of this Amendment to its Registration Statement pursuant to
Rule 485(b) under the Securities Act of 1933 and has duly caused this
Amendment to its Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Pittsburgh and
Commonwealth of Pennsylvania on the 15th day of May, 1995.

                  LIBERTY MUNICIPAL SECURITIES FUND, INC.

            BY:   /s/ Charles H. Field
               Charles H. Field, Assistant Secretary
               Attorney in Fact for John F. Donahue
               May 15, 1995


   Pursuant to the requirements of the Securities Act of 1933, this
Amendment to its Registration Statement has been signed below by the
following person in the capacity and on the date indicated:

    NAME                         TITLE                   DATE

By:   /s/ Charles H. Field
   Charles H. Field              Attorney In Fact        May 15, 1995
   Assistant Secretary           For the Persons
                                 Listed Below

    NAME                         TITLE

John F. Donahue*                 Chairman and Directgor
                                 (Chief Executive Officer)

J. Christopher Donahue*          President and Director

Edward C. Gonzales*              Vice President and Treasurer
                                 (Principal Financial and
                                 Accounting Officer)

Edward L. Flaherty, Jr.*         Director

Gregor F. Meyer*                 Director

Marjorie P. Smuts*               Director

William J. Copeland*             Director

James E. Dowd*                   Director

Lawrence D. Ellis, M.D.*         Director

Wesley W. Posvar*                Director

Peter E. Madden*                 Director

John T. Conroy, Jr.*             Director

* By Power of Attorney

EX-99.OPINIONLETTER

   Federated Administrative
                Services

                                                   FEDERATED INVESTORS TOWER
                                                   PITTSBURGH, PA 15222-3779
                                                   412-288-1900
                                                   May 15, 1995



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

Gentlemen:

      You have requested my opinion in conjunction with the registration by
Liberty Municipal Securities Fund, Inc. (the "Corporation") of an additional
704,237 shares of its common stock pursuant to Post-effective Amendment No. 44
to the Corporation's registration statement filed with the Securities and
Exchange Commission under the Securities Act of 1933 (File No. 2-57181). The
subject Post-effective Amendment will be filed pursuant to Paragraph (b) of
Rule 485 and become effective pursuant to said Rule immediately upon filing.

      As counsel I have participated in the preparation and filing of the
Corporation's amended registration statement under the Securities Act of 1933
referred to above. Further, I have examined and am familiar with the Charter
of the Corporation, its Bylaws and other corporate documents and records
deemed relevant. I have also reviewed questions of law and consulted with
counsel thereon as deemed necessary or appropriate by me for the purpose of
this opinion.

      On the basis of the foregoing, it is my opinion that:

      1.    The Corporation is duly organized and validly existing under the
laws of the State of Maryland.

      2.    The Corporation is authorized to issue 1,000,000,000 shares of
common stock of a par value of $0.01 per share.

      3.    The Shares which are currently being registered by the
Registration Statement referred to above may be legally and validly issued
from time to time in accordance with the Charter of the Corporation upon
receipt of consideration sufficient to comply with the Charter of the
Corporation and subject to compliance with the Securities Act of 1933, as
amended, 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.

      I hereby consent to the filing of this opinion as part of the
Corporation's registration statement referred to above and as a part of any
application or registration statement filed under the securities laws of the
States of the United States.

      The foregoing opinion is limited to the Federal laws of the United
States and the laws of the State of Maryland, and I am expressing no opinion
as to the effect of the laws of any other jurisdiction.

                                          Very truly yours,


                                          /s/ S. Elliott Cohan
                                          S. Elliott Cohan
                                          Fund Attorney

EX-27.FINANCIALDATA

 

       
                             

<ARTICLE>                       6

     <NUMBER>                   1
     <NAME>                     Liberty Municipal Securities Fund, Inc.
                                Class A

<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>               Mar-31-1995
<PERIOD-END>                    Mar-31-1995
<INVESTMENTS-AT-COST>           706,695,167
<INVESTMENTS-AT-VALUE>          733,649,063
<RECEIVABLES>                   17,298,026
<ASSETS-OTHER>                  322,640
<OTHER-ITEMS-ASSETS>            0
<TOTAL-ASSETS>                  751,269,729
<PAYABLE-FOR-SECURITIES>        0
<SENIOR-LONG-TERM-DEBT>         0
<OTHER-ITEMS-LIABILITIES>       1,967,761
<TOTAL-LIABILITIES>             1,967,761
<SENIOR-EQUITY>                 0
<PAID-IN-CAPITAL-COMMON>        721,791,660
<SHARES-COMMON-STOCK>           64,904,435
<SHARES-COMMON-PRIOR>           63,800,859
<ACCUMULATED-NII-CURRENT>       0
<OVERDISTRIBUTION-NII>          0
<ACCUMULATED-NET-GAINS>         556,412
<OVERDISTRIBUTION-GAINS>        0
<ACCUM-APPREC-OR-DEPREC>        26,953,896
<NET-ASSETS>                    708,711,921
<DIVIDEND-INCOME>               0
<INTEREST-INCOME>               51,529,349
<OTHER-INCOME>                  0
<EXPENSES-NET>                  0
<NET-INVESTMENT-INCOME>         44,628,279
<REALIZED-GAINS-CURRENT>        7,819,630
<APPREC-INCREASE-CURRENT>       (10,931,022)
<NET-CHANGE-FROM-OPS>           41,516,887
<EQUALIZATION>                  0
<DISTRIBUTIONS-OF-INCOME>       43,126,423
<DISTRIBUTIONS-OF-GAINS>        14,957,325
<DISTRIBUTIONS-OTHER>           0
<NUMBER-OF-SHARES-SOLD>         25,045,927
<NUMBER-OF-SHARES-REDEEMED>     27,342,942
<SHARES-REINVESTED>             3,400,590
<NET-CHANGE-IN-ASSETS>          12,255,698
<ACCUMULATED-NII-PRIOR>         0
<ACCUMULATED-GAINS-PRIOR>       8,262,499
<OVERDISTRIB-NII-PRIOR>         0
<OVERDIST-NET-GAINS-PRIOR>      0
<GROSS-ADVISORY-FEES>           4,498,635
<INTEREST-EXPENSE>              0
<GROSS-EXPENSE>                 6,901,070
<AVERAGE-NET-ASSETS>            725,166,805
<PER-SHARE-NAV-BEGIN>           0.000
<PER-SHARE-NII>                 0.000
<PER-SHARE-GAIN-APPREC>         0.000
<PER-SHARE-DIVIDEND>            0.000
<PER-SHARE-DISTRIBUTIONS>       0.000
<RETURNS-OF-CAPITAL>            0.000
<PER-SHARE-NAV-END>             0.000
<EXPENSE-RATIO>                 0
<AVG-DEBT-OUTSTANDING>          0
<AVG-DEBT-PER-SHARE>            0.000
        


 

EX-27.FINANCIALDATA

 

       
                             

<ARTICLE>                       6

     <NUMBER>                   2
     <NAME>                     Liberty Municipal Securities Fund, Inc.
                                Class B, C, and SEL Shares

<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>               Mar-31-1995
<PERIOD-END>                    Mar-31-1995
<INVESTMENTS-AT-COST>           706,695,167
<INVESTMENTS-AT-VALUE>          733,649,063
<RECEIVABLES>                   17,298,026
<ASSETS-OTHER>                  322,640
<OTHER-ITEMS-ASSETS>            0
<TOTAL-ASSETS>                  751,269,729
<PAYABLE-FOR-SECURITIES>        0
<SENIOR-LONG-TERM-DEBT>         0
<OTHER-ITEMS-LIABILITIES>       1,967,761
<TOTAL-LIABILITIES>             1,967,761
<SENIOR-EQUITY>                 0
<PAID-IN-CAPITAL-COMMON>        721,791,660
<SHARES-COMMON-STOCK>           3,717,564
<SHARES-COMMON-PRIOR>           2,023,897
<ACCUMULATED-NII-CURRENT>       0
<OVERDISTRIBUTION-NII>          0
<ACCUMULATED-NET-GAINS>         556,412
<OVERDISTRIBUTION-GAINS>        0
<ACCUM-APPREC-OR-DEPREC>        26,953,896
<NET-ASSETS>                    40,590,047
<DIVIDEND-INCOME>               0
<INTEREST-INCOME>               51,529,349
<OTHER-INCOME>                  0
<EXPENSES-NET>                  0
<NET-INVESTMENT-INCOME>         44,628,279
<REALIZED-GAINS-CURRENT>        7,819,630
<APPREC-INCREASE-CURRENT>       (10,931,022)
<NET-CHANGE-FROM-OPS>           41,516,887
<EQUALIZATION>                  0
<DISTRIBUTIONS-OF-INCOME>       1,501,856
<DISTRIBUTIONS-OF-GAINS>        568,392
<DISTRIBUTIONS-OTHER>           0
<NUMBER-OF-SHARES-SOLD>         2,436,826
<NUMBER-OF-SHARES-REDEEMED>     844,048
<SHARES-REINVESTED>             100,889
<NET-CHANGE-IN-ASSETS>          12,255,698
<ACCUMULATED-NII-PRIOR>         0
<ACCUMULATED-GAINS-PRIOR>       8,262,499
<OVERDISTRIB-NII-PRIOR>         0
<OVERDIST-NET-GAINS-PRIOR>      0
<GROSS-ADVISORY-FEES>           4,498,635
<INTEREST-EXPENSE>              0
<GROSS-EXPENSE>                 6,901,070
<AVERAGE-NET-ASSETS>            725,166,805
<PER-SHARE-NAV-BEGIN>           0.000
<PER-SHARE-NII>                 0.000
<PER-SHARE-GAIN-APPREC>         0.000
<PER-SHARE-DIVIDEND>            0.000
<PER-SHARE-DISTRIBUTIONS>       0.000
<RETURNS-OF-CAPITAL>            0.000
<PER-SHARE-NAV-END>             0.000
<EXPENSE-RATIO>                 0
<AVG-DEBT-OUTSTANDING>          0
<AVG-DEBT-PER-SHARE>            0.000