EX-99

Report of Ernst & Young LLP, Independent Auditors

To the Shareholders and
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. for the year ended March 31,
2003, we considered its internal control, including control activities
for safeguarding securities, in order 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, not to
provide assurance on internal control.

The management of Federated Municipal Securities Fund, Inc. 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
controls. Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with accounting
principles generally accepted in the United States of America. Those
controls include the safeguarding of assets against unauthorized
acquisition, use, or disposition.

Because of inherent limitations in internal control, error or fraud
may occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the
effectiveness of the design and operation 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 internal control components
does not reduce to a relatively low level the risk that misstatements
caused by error or fraud in amounts that would be material in relation
to the 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 and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as
defined above as of March 31, 2003.

This report is intended solely for the information and use of
management and the Board of Directors 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

Boston, Massachusetts
May 12, 2003

EX-99

Exhibit Q1 (a)
Federated Municipal Securities Fund, Inc.
Amendment #14
to the By-Laws

(effective August 23, 2002)

Strike Section 1 - Article IV - OFFICERS and replace it with the following:

         Section 1.  GENERAL PROVISIONS.  The Officers of the Corporation
shall be a President, one or more Vice Presidents, a Treasurer, and a
Secretary.  The Board of Directors, in its discretion, may elect or
appoint a Chairman of the Board of Directors, one or more Vice Chairmen
of the Board of Directors, and other Officers or agents, including one
or more Assistant Vice Presidents, one or more Assistant Secretaries,
and one or more Assistant Treasurers.  A Vice President, the Secretary
or the Treasurer may appoint an Assistant Vice President, an Assistant
Secretary or an Assistant Treasurer, respectively, to serve until the
next election of Officers.  Two or more offices may be held by a single
person except the offices of President and Vice President may not be
held by the same person concurrently.  It shall not be necessary for any
Director or any Officer to be a holder of shares in any Series or Class
of the Corporation.

Strike Sections 7 - 13 from Article IV - OFFICERS and replace it with the
following:

         Section 7.  VICE CHAIRMAN OF THE BOARD OF DIRECTORS:
The Vice Chairman, in the absence of the Chairman, shall perform
such duties as may be assigned to him from time to time by the
Board of Directors of the Corporation.  The Vice Chairman need
not be a Director.

         Section 8.  PRESIDENT.  The President for Federated
Municipal Securities Fund, Inc. shall be the principal
executive officer of the Corporation.  He shall, unless
other provisions are made therefore by the Board or Executive
Committee, employ and define the duties of all employees of
the Corporation, shall have the power to discharge any such
employees, shall exercise general supervision over the affairs
of the Corporation and shall perform such other duties as may
be assigned to him from time to time by the Board of Directors.
In the absence of the Chairman of the Board of Directors, the
President or an officer or Director appointed by the President,
shall preside at all meetings of Shareholders.

	Section 9.  VICE PRESIDENT.  The Vice President (or if more than one,
the senior Vice President) in the absence of the President shall perform all
duties and may exercise any of the powers of the President subject to the
control of the Board.  Each Vice President shall perform such other duties as
may be assigned to him from time to time by the Board of Directors, the
Executive Committee, or the President.



	Section 10.  SECRETARY.  The Secretary shall keep or cause to be kept in
books provided for the purpose the Minutes of the Meetings of the
Shareholders, and of the Board of Directors; shall see that all Notices are
duly given in accordance with the provisions of these By-Laws and as required
by Law; shall be custodian of the records and of the Seal of the Corporation
and see that the Seal is affixed to all documents the execution of which on
behalf of the Corporation under its seal is duly authorized; shall keep
directly or through a transfer agent a register of the post office address of
each Shareholder, and make all proper changes in such register, retaining and
filing his authority for such entries; shall see that the books, reports,
statements, certificates and all other documents and records required by law
are properly kept and filed; and in general shall perform all duties incident
to the Office of Secretary and such other duties as may, from time to time, be
assigned to him by the Board of Directors, the Executive Committee, or the
President.

	Section 11.  TREASURER.  The Treasurer shall be the principal financial
and accounting officer of the Corporation and have supervision of the custody
of all funds and securities of the Corporation, subject to applicable law.  He
shall perform such other duties as may be from time to time assigned to him by
the Board of Directors, the Executive Committee, or the President.

	Section 12.  ASSISTANT VICE PRESIDENT.  The Assistant Vice President or
Vice Presidents of the Corporation shall have such authority and perform such
duties as may be assigned to them by the Board of Directors, the Executive
Committee, or the President of the Corporation.

	Section 13.  ASSISTANT SECRETARIES AND ASSISTANT TREASURERS.  The
Assistant Secretary or Secretaries and the Assistant Treasurer or Treasurers
shall perform the duties of the Secretary and of the Treasurer respectively,
in the absence of those Officers and shall have such further powers and
perform such other duties as may be assigned to them respectively by the Board
of Directors or the Executive Committee or by the President.

	Section 14.  SALARIES.  The salaries of the Officers shall be fixed from
time to time by the Board of Directors.  No Officer shall be prevented from
receiving such salary by reason of the fact that he is also a Director of the
Corporation.

EX-99.77Q3 CERT

Exhibit 77Q3 to Form N-SAR for
Federated Municipal Securities Fund, Inc.

PEO Certifications

(a) (i):  The registrant's President and Treasurer have concluded that the
            registrant's disclosure controls and procedures (as defined in rule
            30a-2 under the Investment Company Act of 1940 (the "Act") )
            are effective in design and operation and are sufficient
 		to form the basis of the certifications required by
		Rule 30a-2 under the Act, based on their evaluation
 		of these disclosure controls and procedures within 90
		days of the filing date of this report on Form N-SAR.

(a) (ii): There were no significant changes in the registrant's internal
           controls, or the internal controls of its service providers, or in
           other factors that could significantly affect these controls
           subsequent to the date of their evaluation, including any
           corrective actions with regard to significant deficiencies and
           material weaknesses.

(a) (iii): CERTIFICATIONS

I, J. Christopher Donahue, certify that:

1.   I have reviewed this report on Form N-SAR of Federated Municipal
     Securities Fund, Inc. ("registrant");

2.   Based on my knowledge, this report does not contain any untrue statement of
     a material fact or omit to state a material fact necessary to make the
     statements made, in light of the circumstances under which such statements
     were made, not misleading with respect to the period covered by this
     report;

3.   Based on my knowledge, the financial information included in this report,
     and the financial statements on which the financial information is based,
     fairly present in all material respects the financial condition, results of
     operations, changes in net assets, and cash flows (if the financial
     statements are required to include a statement of cash flows) of the
     registrant as of, and for, the periods presented in this report;

4.   The registrant's other certifying officers and I are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in rule 30a-2(c) under the Investment Company Act) for the registrant
     and have:

a)   designed such disclosure controls and procedures to ensure that material
     information relating to the registrant, including its consolidated
     subsidiaries, is made known to us by others within those entities,
     particularly during the period in which this report is being prepared;

b)   evaluated the effectiveness of the registrant's disclosure controls
     and procedures as of a date within 90 days prior to the filing date
     of this report (the "Evaluation Date"); and

c)   presented in this report our conclusions about the effectiveness
     of the disclosure controls and procedures based on our evaluation
     as of the Evaluation Date;

5.   The registrant's other certifying officers and I have disclosed, based
     on our most recent evaluation, to the registrant's auditors and the
     audit committee of the registrant's board of directors (or persons
     performing the equivalent functions):

a)   all significant deficiencies in the design or operation of internal
     controls which could adversely affect the registrant's ability to
     record, process, summarize, and report financial data and have
     identified for the registrant's auditors any material weaknesses in
     internal controls; and

b)   any fraud, whether or not material, that involves management or other
     employees who have a significant role in the registrant's internal
     controls; and

6.   The registrant's other certifying officers and I have indicated in this
     report whether or not there were significant changes in internal controls
     or in other factors that could significantly affect internal controls
     subsequent to the date of our most recent evaluation, including any
     corrective actions with regard to significant deficiencies and material
     weaknesses.


Date: May 27, 2003
/S/ J. Christopher Donahue
President - Principal Executive Officer


Exhibit 77Q3 to Form N-SAR for
Federated Municipal Securities Fund, Inc.

PFO Certifications

 (a) (i): The registrant's President and Treasurer have concluded that the
            registrant's disclosure controls and procedures (as defined in rule
            30a-2 under the Investment Company Act of 1940 (the "Act") )
            are effective in design and operation and are sufficient
		to form the basis of the certifications required by Rule
 		30a-2 under the Act, based on their evaluation of these
 		disclosure controls and procedures within 90 days of
		the filing date of this report on Form N-SAR.

(a) (ii): There were no significant changes in the registrant's internal
           controls, or the internal controls of its service providers, or in
           other factors that could significantly affect these controls
           subsequent to the date of their evaluation, including any
           corrective actions with regard to significant deficiencies and
           material weaknesses.

(a) (iii): CERTIFICATIONS

I, Richard J. Thomas certify that:

1.   I have reviewed this report on Form N-SAR of Federated Municipal
     Securities Fund, Inc. ("registrant");

2.   Based on my knowledge, this report does not contain any untrue statement of
     a material fact or omit to state a material fact necessary to make the
     statements made, in light of the circumstances under which such statements
     were made, not misleading with respect to the period covered by this
     report;

3.   Based on my knowledge, the financial information included in this report,
     and the financial statements on which the financial information is based,
     fairly present in all material respects the financial condition, results of
     operations, changes in net assets, and cash flows (if the financial
     statements are required to include a statement of cash flows) of the
     registrant as of, and for, the periods presented in this report;

4.   The registrant's other certifying officers and I are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in rule 30a-2(c) under the Investment Company Act) for the registrant
     and have:

a)   designed such disclosure controls and procedures to ensure that material
     information relating to the registrant, including its consolidated
     subsidiaries, is made known to us by others within those entities,
     particularly during the period in which this report is being prepared;

b)   evaluated the effectiveness of the registrant's disclosure controls
     and procedures as of a date within 90 days prior to the filing date
     of this report (the "Evaluation Date"); and

c)   presented in this report our conclusions about the effectiveness
     of the disclosure controls and procedures based on our evaluation
     as of the Evaluation Date;

5.   The registrant's other certifying officers and I have disclosed, based
     on our most recent evaluation, to the registrant's auditors and the
     audit committee of the registrant's board of directors (or persons
     performing the equivalent functions):

a)   all significant deficiencies in the design or operation of internal
     controls which could adversely affect the registrant's ability to
     record, process, summarize, and report financial data and have
     identified for the registrant's auditors any material weaknesses in
     internal controls; and

b)   any fraud, whether or not material, that involves management or other
     employees who have a significant role in the registrant's internal
     controls; and

6.   The registrant's other certifying officers and I have indicated in this
     report whether or not there were significant changes in internal controls
     or in other factors that could significantly affect internal controls
     subsequent to the date of our most recent evaluation, including any
     corrective actions with regard to significant deficiencies and material
     weaknesses.


Date: May 27, 2003
/S/ Richard J. Thomas
Treasurer - Principal Financial Officer