WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

 

<ARTICLE>                         6
<CIK>                             0000201801
<NAME>                            Federated Municpal Securities Fund, Inc.

     <NUMBER>                     003
     <NAME>                       Federated Municpal Securities Fund, Inc.-Class C

                               
<PERIOD-TYPE>                     6-mos
<FISCAL-YEAR-END>                 Mar-31-2001
<PERIOD-END>                      Sep-30-2000
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<ACCUMULATED-NII-CURRENT>         0
<OVERDISTRIBUTION-NII>            1,573,343
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<OVERDISTRIBUTION-GAINS>          0
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<OTHER-INCOME>                    0
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<EQUALIZATION>                    0
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<NUMBER-OF-SHARES-SOLD>           1,777,156
<NUMBER-OF-SHARES-REDEEMED>       (1,964,734)
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<NET-CHANGE-IN-ASSETS>            (24,121,810)
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[AVG-DEBT-OUTSTANDING]            0
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