EX-99.77B ACCT LTTR

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 audits
of the financial statements of Federated Municipal
Securities Fund, Inc. (the "Fund") as of
and for the year ended March 31, 2009, in
accordance with the standards of the Public
Company Accounting Oversight Board
(United States), we considered the Fund's
internal control over financial reporting,
including controls over 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 the Fund's
internal control over financial reporting.
Accordingly, we express no such opinion.

The management of the 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.  A company's
internal control over financial reporting
includes those policies and procedures that (1)
pertain to the maintenance of records that,
in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the
assets of the company; (2) provide reasonable
assurance that transactions are recorded as
necessary to permit preparation of financial
statements in accordance with generally
accepted accounting principles, and that receipts
and expenditures of the company are
being made only in accordance with authorizations
of management and directors of the
company; and (3) 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 deficiency in internal control over financial
reporting 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 material weakness is a deficiency, or a
combination of deficiencies, in internal control
over financial reporting, such that there is a
reasonable possibility that a material
misstatement of the Fund's annual or interim
financial statements will not be prevented
or detected on a timely basis.



Our consideration of the 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 material weaknesses under standards
established by the Public Company Accounting
Oversight Board (United States).
However, we noted no deficiencies in the
Fund's internal control over financial reporting
and its operation, including controls over
safeguarding securities that we consider to be a
material weakness as defined above as of March 31, 2009.

This report is intended solely for the
information and use of management and the Board
of Directors of the Fund 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 19, 2009

EX-99.77E LEGAL

SUB-ITEM 77E:  LEGAL PROCEEDINGS

Since October 2003, Federated and related
entities (collectively, "Federated"), and
various Federated funds ("Funds"), have been named
as defendants in several class action lawsuits
now pending in the United States District Court
for the District of Maryland. The lawsuits
were purportedly filed on behalf of people who
purchased, owned and/or redeemed shares of
Federated-sponsored mutual funds during
specified periods beginning November 1, 1998.
The suits are generally similar in alleging that
Federated engaged in illegal and
improper trading practices including market timing
and late trading in concert with certain
institutional traders, which allegedly caused
financial injury to the mutual fund shareholders.
These lawsuits began to be filed shortly after
Federated's first public announcement
that it had received requests for information on
shareholder trading activities in the Funds from
the SEC, the Office of the New York
State Attorney General ("NYAG"), and other authorities.
In that regard, on November 28, 2005,
Federated announced that it had
reached final settlements with the SEC and the
NYAG with respect to those matters. Specifically,
the SEC and NYAG settled
proceedings against three Federated subsidiaries
involving undisclosed market timing arrangements
and late trading. The SEC made
findings: that Federated Investment Management
Company ("FIMC"), an SEC-registered investment
adviser to various Funds, and
Federated Securities Corp., an SEC-registered
broker-dealer and distributor for the Funds,
violated provisions of the Investment Advisers
Act and Investment Company Act by approving,
but not disclosing, three market timing arrangements,
or the associated conflict of
interest between FIMC and the funds involved in the
arrangements, either to other fund shareholders or
to the funds' board; and that
Federated Shareholder Services Company, formerly an
SEC-registered transfer agent, failed to prevent
a customer and a Federated
employee from late trading in violation of provisions
of the Investment Company Act. The NYAG found
that such conduct violated
provisions of New York State law. Federated entered
into the settlements without admitting or denying the
regulators' findings. As
Federated previously reported in 2004, it has already
paid approximately $8.0 million to certain funds as
determined by an independent
consultant. As part of these settlements, Federated
agreed to pay disgorgement and a civil money
penalty in the aggregate amount of
an additional $72 million and, among other things,
agreed that it would not serve as investment
adviser to any registered investment
company unless (i) at least 75% of the fund's
directors are independent of Federated, (ii)
the chairman of each such fund is
independent of Federated, (iii) no action may
be taken by the fund's board or any committee
thereof unless approved by a majority of
the independent trustees of the fund or committee,
respectively, and (iv) the fund appoints a
"senior officer" who reports to the
independent trustees and is responsible for
monitoring compliance by the fund with applicable
laws and fiduciary duties and for
managing the process by which management fees
charged to a fund are approved. The settlements
are described in Federated's
announcement which, along with previous press
releases and related communications on those
matters, is available in the "About Us"
section of Federated's website at FederatedInvestors.com.
Federated entities have also been named as
defendants in several additional lawsuits
that are now pending in the United States
District Court for the Western District of
Pennsylvania, alleging, among other things,
excessive advisory and Rule 12b-1 fees.
The Board of the Funds retained the law firm of
Dickstein Shapiro LLP to represent the Funds in
each of the lawsuits described in
the preceding two paragraphs. Federated and the
Funds, and their respective counsel, have been
defending this litigation, and none of
the Funds remains a defendant in any of the lawsuits
(though some could potentially receive any recoveries
as nominal defendants).
Additional lawsuits based upon similar allegations
may be filed in the future. The potential impact of
these lawsuits, all of which seek
unquantified damages, attorneys' fees, and expenses,
and future potential similar suits is uncertain.
Although we do not believe that
these lawsuits will have a material adverse effect
on the Funds, there can be no assurance that
these suits, ongoing adverse publicity
and/or other developments resulting from the
regulatory investigations will not result in
increased Fund redemptions, reduced sales of
Fund shares, or other adverse consequences for the Funds.

EX-99.77H CHNG CNTRL

SUB-ITEM 77H:
CHANGES IN CONTROL OF REGISTRANT


Federated Municipal Securities Fund, Inc.
(Registrant)




As of March 31, 2009, Edward Jones & Company
has attained control of the Registrant by
acquiring 31.91%* of the voting securities
of the Registrant.

* Must be greater than 25%.





Current as of:  8/18/94