-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KO2NSqUD4UOIeEaiBduF37QI+QujUUkYM9QqWkJe5Id1SLsr2Pf9HFeUcSkZ7Zy8 uLStLiniQrzvfw2TYbGM1g== 0000201801-00-000001.txt : 20000526 0000201801-00-000001.hdr.sgml : 20000526 ACCESSION NUMBER: 0000201801-00-000001 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000525 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FEDERATED MUNICIPAL SECURITIES FUND INC CENTRAL INDEX KEY: 0000201801 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 251304971 STATE OF INCORPORATION: MD FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: NSAR-B SEC ACT: SEC FILE NUMBER: 811-02677 FILM NUMBER: 643881 BUSINESS ADDRESS: STREET 1: FEDERATED INVESTORS TWR CITY: PITTSBURGH STATE: PA ZIP: 15222-3779 BUSINESS PHONE: 8003417400 MAIL ADDRESS: STREET 1: FEDERATED INVESTORS TWR CITY: PITTSBURGH STATE: PA ZIP: 15222-3779 FORMER COMPANY: FORMER CONFORMED NAME: LIBERTY MUNICIPAL SECURITIES FUND INC DATE OF NAME CHANGE: 19930517 FORMER COMPANY: FORMER CONFORMED NAME: FEDERATED TAX FREE INCOME FUND INC DATE OF NAME CHANGE: 19920703 NSAR-B 1 N-SAR (6.1) PAGE 1 000 B000000 03/31/2000 000 C000000 0000201801 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 FEDERATED MUNICIPAL SECURITES FUND, INC. 001 B000000 811-2677 001 C000000 4122886653 002 A000000 FEDERATED INVESTORS TOWER 002 B000000 PITTSBURGH 002 C000000 PA 002 D010000 15222 002 D020000 3779 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 N 007 B000000 0 007 C010100 1 007 C010200 2 007 C010300 3 007 C010400 4 007 C010500 5 007 C010600 6 007 C010700 7 007 C010800 8 007 C010900 9 007 C011000 10 008 A000001 FEDERATED 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CO. 080 C000000 70000 081 A000000 Y 081 B000000 165 082 A000000 N 082 B000000 0 083 A000000 N 083 B000000 0 084 A000000 N 084 B000000 0 085 A000000 Y 085 B000000 N SIGNATURE STEPHEN A. KEEN TITLE GENERAL COUNSEL EX-27 2 WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
6 0000201801 Federated Municpal Securities Fund, Inc. 001 Federated Municpal Securities Fund, Inc.-Class A 12-mos Mar-31-2000 Mar-31-2000 546,801,015 558,564,312 10,829,647 0 0 569,393,959 12,617,499 0 2,604,532 15,222,031 0 587,871,301 47,619,224 51,772,752 1,573,343 0 (47,036,013) 0 11,763,297 471,475,129 0 34,926,033 0 (6,347,252) 28,578,781 (30,801,658) (26,542,320) (28,765,197) 0 (24,804,613) (1,587,020) 0 9,897,073 (15,749,468) 1,698,867 (114,337,510) 0 (12,835,164) (3,185,244) 0 3,369,773 0 7,056,799 505,824,595 10.870 0.580 (1.020) (0.500) (0.030) 0.000 9.900 0.92 [AVG-DEBT-OUTSTANDING] 0 [AVG-DEBT-PER-SHARE] 0.000

EX-27 3 WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
6 0000201801 Federated Municpal Securities Fund, Inc. 002 Federated Municpal Securities Fund, Inc.-Class B 12-mos Mar-31-2000 Mar-31-2000 546,801,015 558,564,312 10,829,647 0 0 569,393,959 12,617,499 0 2,604,532 15,222,031 0 587,871,301 7,281,605 8,163,539 1,573,343 0 (47,036,013) 0 11,763,297 72,095,338 0 34,926,033 0 (6,347,252) 28,578,781 (30,801,658) (26,542,320) (28,765,197) 0 (3,215,677) (249,229) 0 1,034,706 (2,075,020) 158,380 (114,337,510) 0 (12,835,164) (3,185,244) 0 3,369,773 0 7,056,799 80,149,355 10.870 0.480 (1.010) (0.410) (0.030) 0.000 9.900 1.81 [AVG-DEBT-OUTSTANDING] 0 [AVG-DEBT-PER-SHARE] 0.000

EX-27 4 WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
6 0000201801 Federated Municpal Securities Fund, Inc. 003 Federated Municpal Securities Fund, Inc.-Class C 12-mos Mar-31-2000 Mar-31-2000 546,801,015 558,564,312 10,829,647 0 0 569,393,959 12,617,499 0 2,604,532 15,222,031 0 587,871,301 1,070,672 1,551,636 1,573,343 0 (47,036,013) 0 11,763,297 10,601,461 0 34,926,033 0 (6,347,252) 28,578,781 (30,801,658) (26,542,320) (28,765,197) 0 (558,491) (45,144) 0 1,858,031 (2,376,325) 37,330 (114,337,510) 0 (12,835,164) (3,185,244) 0 3,369,773 0 7,056,799 13,931,950 10.870 0.480 (1.010) (0.410) (0.030) 0.000 9.900 1.80 [AVG-DEBT-OUTSTANDING] 0 [AVG-DEBT-PER-SHARE] 0.000

EX-99 5 Item 77K: Change of Independent Auditor On May 19, 1999, the Fund's Board of Directors, (the "Directors") upon the recommendation of the Audit Committee of the Directors, requested and subsequently accepted the resignation of Deloitte & Touche LLP ("D&T") as the Fund's independent auditors. D&T's reports on the fund's financial statements for the fiscal years ended March 31, 1998 and March 31, 1999, contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principles. During the Fund's fiscal years ended March 31, 1998 and March 31, 1999: (i) there were no disagreements with D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of D&T, would have caused it to make reference to the subject matter of the disagreements in connection with its reports on the financial statements for such years; and (ii) there were no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Act of 1934, as amended. The Fund, by action of its Directors, upon the recommendation of the Audit Committee of the Directors, has engaged Ernst & Young LLP ("E&Y") as the independent auditors to audit the fund's financial statements for the fiscal year ended March 31, 2000. During the Fund's fiscal years ended March 31, 1998 and March 31, 1999, neither the Fund nor anyone on its behalf has consulted E&Y on items which (i) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Fund's financial statements or (ii) concerned the subject of a disagreement (as defined in paragraph (a) (1) (iv) of Item 304 of Regulation S-K) of reportable events (as described in paragraph (a)(1)(v) of said Item 304). EX-99 6 Report of Ernst & Young LLP, Independent Auditors To the Board of Directors of Federated Municipal Securities Fund, Inc. In planning and performing our audit of the financial statements of Federated Municipal Securities Fund, Inc. (the "Fund") for the year ended March 31, 2000, we considered its internal control, including control activities for safeguarding securities, to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, and not to provide assurance on internal control. The management of the Fund is responsible for establishing and maintaining internal control. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control. Generally, internal controls that are relevant to an audit pertain to the Fund's objective of preparing financial statements for external purposes that are fairly presented in conformity with generally accepted accounting principles. Those internal controls include the safeguarding of assets against unauthorized acquisition, use, or disposition. Because of inherent limitations in any internal control, misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of internal control to future periods are subject to the risk that internal control may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Our consideration of internal control would not necessarily disclose all matters in internal control that might be material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a condition in which the design or operation of one or more of the specific internal control components does not reduce to a relatively low level the risk that error or fraud in amounts that would be material in relation to the consolidated financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. However, we noted no matters involving internal control, including control activities for safeguarding securities, and its operation that we consider to be material weaknesses as defined above as of March 31, 2000. This report is intended solely for the information and use of the board of directors and management of Federated Municipal Securities Fund, Inc. and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. ERNST & YOUNG LLP May 15, 2000 EX-99 7 May 26, 2000 Securities and Exchange Commission Mail Stop 11-3 450 5th Street, N.W. Washington, D.C. 20549 Dear Sirs/Madams: We have read and agree with the comments in Sub-Item 77K of Federated Municipal Securities Fund, Inc. N-SAR for the year ended March 31, 2000. Yours truly, Deloitte & Touche LLP ~~-----END PRIVACY-ENHANCED MESSAGE-----~~