Report of Independent Registered Public Accounting Firm

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. (the "Fund") as of and for the year ended
March 31, 2006, in accordance with the standards of the Public Company
Accounting Oversight Board (United States), we considered its internal control
over financial reporting, including control activities for safeguarding
securities, as a basis for designing our auditing procedures for the purpose
of expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, but not for the purpose of expressing an opinion
on the effectiveness of Fund's internal control over financial reporting.
Accordingly, we express no such opinion.

The management of Fund is responsible for establishing and maintaining
effective internal control over financial reporting. In fulfilling this
responsibility, estimates and judgments by management are required to assess
the expected benefits and related costs of controls. A company's internal
control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally
accepted accounting principles. Such internal control includes policies and
procedures that provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of a company's assets
that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting
may not prevent or detect misstatements. Also, projections of any evaluation
of effectiveness to future periods are subject to the risk that controls may
become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.

A control deficiency exists when the design or operation of a control does not
allow management or employees, in the normal course of performing their
assigned functions, to prevent or detect misstatements on a timely basis. A
significant deficiency is a control deficiency, or combination of control
deficiencies, that adversely affects the company's ability to initiate,
authorize, record, process or report external financial data reliably in
accordance with generally accepted accounting principles such that there is
more than a remote likelihood that a misstatement of the company's annual or
interim financial statements that is more than inconsequential will not be
prevented or detected. A material weakness is a significant deficiency, or
combination of significant deficiencies, that results in more than a remote
likelihood that a material misstatement of the annual or interim financial
statements will not be prevented or detected.

Our consideration of Fund's internal control over financial reporting was for
the limited purpose described in the first paragraph and would not necessarily
disclose all deficiencies in internal control that might be significant
deficiencies or material weaknesses under standards established by the Public
Company Accounting Oversight Board (United States). In our report to you dated
May 10, 2006, we reported that there were no deficiencies in Fund's internal
control over financial reporting and its operation, including controls for
safeguarding securities, that we considered to be a material weakness as
defined above as of March 31, 2006.

However, subsequent to the filing of the Fund's Form N-SAR for its fiscal year
ended March 31, 2006, we noted the following matter involving internal control
over financial reporting and its operation that we consider to be a material
weakness, as defined above.  The Fund's controls related to the review and
analysis of the relevant terms and conditions of certain transfers of
securities did not operate effectively to appropriately determine whether the
transfers qualified for sale accounting under the provisions of Statement of
Financial Accounting Standards No. 140, Accounting for Transfers and Servicing
of Financial Assets and Extinguishments of Liabilities. As a result of this
material weakness, the statement of assets and liabilities, including the
portfolio of investments, as of March 31, 2006, the related statement of
operations and statement of changes in net assets for the year then ended and
the financial highlights for each of five years in the period then ended of the
Fund were restated in order to appropriately account for such transfers of
securities as secured borrowings and report the related interest income and
expense.

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 10, 2006
except for the  5th and 6th paragraphs,
as to which the date is February 23, 2007