NSAR-A/A

      PAGE  1
000 A000000 09/30/1999
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 3122886653
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
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007 B000000  0
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007 C010200  2
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007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A000001 FEDERATED INVESTMENT MANAGEMENT COMPANY
008 B000001 A
008 C000001 801-34612
008 D010001 PITTSBURGH
008 D020001 PA
008 D030001 15222
008 D040001 3779
010 A000001 FEDERATED SERVICES COMPANY
010 C010001 PITTSBURGH
010 C020001 PA
010 C030001 15222
010 C040001 3779
011 A000001 FEDERATED SECURITIES CORP.
011 B000001 8-15561
011 C010001 PITTSBURGH
011 C020001 PA
011 C030001 15222
011 C040001 3779
      PAGE  2
012 A000001 FEDERATED SHAREHOLDERS SERVICES COMPANY
012 B000001 84-1869
012 C010001 PITTSBURGH
012 C020001 PA
012 C030001 15222
012 C040001 3779
013 A000001 ERNST & YOUNG
013 B010001 BOSTON
013 B020001 MA
013 B030001 02116
013 B040001 5072
015 A000001 STATE STREET BANK AND TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02266
015 C040001 8600
015 E010001 X
015 A000002 BANKERS TRUST CO.
015 B000002 S
015 C010002 NEW YORK
015 C020002 NY
015 C030002 10015
015 E010002 X
015 A000003 BANK OF NEW YORK
015 B000003 S
015 C010003 NEW YORK
015 C020003 NY
015 C030003 10006
015 E010003 X
015 A000004 THE CHASE MANHATTAN CORP.
015 B000004 S
015 C010004 NEW YORK
015 C020004 NY
015 C030004 10006
015 E010004 X
015 A000005 MORGAN GUARANTY BANK & TRUST CO.
015 B000005 S
015 C010005 NEW YORK
015 C020005 NY
015 C030005 10015
015 E010005 X
015 A000006 NATIONSBANK OF NORTH CAROLINA
015 B000006 S
015 C010006 CHARLOTTE
015 C020006 NC
015 C030006 28255
015 E010006 X
015 A000007 PNC BANK, NA
015 B000007 S
015 C010007 PITTSBURGH
      PAGE  3
015 C020007 PA
015 C030007 15265
015 E010007 X
018  000000 Y
019 A000000 N
019 B000000    0
020 C000001      0
020 C000002      0
020 C000003      0
020 C000004      0
020 C000005      0
020 C000006      0
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000        0
022 A000001 LEHMAN BROS INC.
022 B000001 13-2518466
022 C000001    172545
022 D000001     93138
022 A000002 INTERMEDIATE MUNI TRUST
022 C000002     47700
022 D000002     42950
022 A000003 PAINE WEBBER INCORPORATED
022 C000003     41762
022 D000003     47070
022 A000004 FORTESS HIGH YIELD TAX F
022 C000004     33300
022 D000004     47065
022 A000005 TAX FREE OBLIGATIONS FUND
022 C000005     37900
022 D000005     37100
022 A000006 FEDERATED SHORT INTERMEDIATE FUND
022 C000006     33100
022 D000006     35600
022 A000007 MERRILL LYNCH PIERCE FENNER & SMITH,INC.
022 C000007     46116
022 D000007     22500
022 A000008 FLEET NORTHSTAR FINANCIAL GROUP
022 C000008      6499
022 D000008     50658
022 A000009 PRUDENTIAL SECURITIES, INC.
022 C000009      9872
022 D000009     42586
022 A000010 LIMITED TERM MUNICIPAL FUND
022 C000010     24500
022 D000010     24800
023 C000000     624915
023 D000000     601854
024  000000 N
      PAGE  4
025 D000001       0
025 D000002       0
025 D000003       0
025 D000004       0
025 D000005       0
025 D000006       0
025 D000007       0
025 D000008       0
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 Y
026 F000000 N
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026 G020000 N
026 H000000 N
027  000000 Y
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028 B010000     11925
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028 C010000     16273
028 C020000      1640
028 C030000         0
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028 D010000      9239
028 D020000      1540
028 D030000         0
028 D040000     16395
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028 E020000      1453
028 E030000         0
028 E040000     12042
028 F010000      4706
028 F020000      1466
028 F030000         0
028 F040000     12585
028 G010000     54943
028 G020000      7768
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028 H000000     21663
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030 A000000    444
030 B000000  4.50
030 C000000  0.00
      PAGE  5
031 A000000     38
031 B000000      0
032  000000    406
033  000000      0
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035  000000    200
036 A000000 N
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038  000000      0
039  000000 N
040  000000 Y
041  000000 Y
042 A000000   0
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042 C000000 100
042 D000000   0
042 E000000   0
042 F000000   0
042 G000000   0
042 H000000   0
043  000000    377
044  000000      0
045  000000 Y
046  000000 N
047  000000 N
048  000000  0.000
048 A010000        0
048 A020000 0.000
048 B010000        0
048 B020000 0.000
048 C010000        0
048 C020000 0.000
048 D010000        0
048 D020000 0.000
048 E010000        0
048 E020000 0.000
048 F010000        0
048 F020000 0.000
048 G010000        0
048 G020000 0.000
048 H010000        0
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048 J020000 0.000
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048 K020000 0.000
049  000000 N
050  000000 Y
      PAGE  6
051  000000 N
052  000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 N
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 N
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054 J000000 N
054 K000000 N
054 L000000 N
054 M000000 N
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056  000000 N
057  000000 N
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060 A000000 Y
060 B000000 Y
061  000000      500
062 A000000 Y
062 B000000   0.0
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062 L000000   0.0
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062 N000000   0.0
062 O000000  98.8
062 P000000   0.0
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062 R000000   0.0
063 A000000   0
063 B000000 11.9
064 A000000 Y
064 B000000 N
      PAGE  7
066 A000000 N
067  000000 N
068 A000000 N
068 B000000 N
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070 A010000 Y
070 A020000 N
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 N
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000    226400
071 B000000    280299
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      PAGE  8
072 G000000      239
072 H000000        0
072 I000000      292
072 J000000       23
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072 L000000       53
072 M000000        9
072 N000000       18
072 O000000       25
072 P000000        0
072 Q000000       66
072 R000000       11
072 S000000        3
072 T000000     1170
072 U000000        0
072 V000000        0
072 W000000       11
072 X000000     3687
072 Y000000      374
072 Z000000    14886
072AA000000        0
072BB000000    20889
072CC010000        0
072CC020000    29542
072DD010000    12904
072DD020000     1982
072EE000000        0
073 A010000   0.2600
073 A020000   0.2100
073 B000000   0.0000
073 C000000   0.0000
074 A000000        0
074 B000000        0
074 C000000        0
074 D000000   588709
074 E000000        0
074 F000000        0
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074 H000000        0
074 I000000        0
074 J000000    10204
074 K000000        0
074 L000000    10657
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074 N000000   609570
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074 P000000        0
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      PAGE  9
074 R040000     2989
074 S000000        0
074 T000000   595802
074 U010000    49887
074 U020000     9435
074 V010000    10.01
074 V020000    10.04
074 W000000   0.0000
074 X000000    15571
074 Y000000        0
075 A000000        0
075 B000000   684022
076  000000     0.00
077 A000000 Y
077 B000000 N
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 Y
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078  000000 N
080 C000000        0
081 B000000   0
082 B000000        0
086 A010000      0
086 A020000      0
086 B010000      0
086 B020000      0
086 C010000      0
086 C020000      0
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
086 F020000      0
SIGNATURE   STEVE KEANE
TITLE       GENERAL COUNSEL

EX-27

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

 

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

     <NUMBER>                     101
     <NAME>                       Federated Municpal Securities Fund, Class A

                               
<PERIOD-TYPE>                     6-mos
<FISCAL-YEAR-END>                 Mar-31-2000
<PERIOD-END>                      Sep-30-1999
<INVESTMENTS-AT-COST>             579,945,451
<INVESTMENTS-AT-VALUE>            588,709,141
<RECEIVABLES>                     20,860,544
<ASSETS-OTHER>                    0
<OTHER-ITEMS-ASSETS>              0
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<TOTAL-LIABILITIES>               13,767,370
<SENIOR-EQUITY>                   0
<PAID-IN-CAPITAL-COMMON>          623,947,843
<SHARES-COMMON-STOCK>             49,887,235
<SHARES-COMMON-PRIOR>             51,772,752
<ACCUMULATED-NII-CURRENT>         0
<OVERDISTRIBUTION-NII>            (3,185,244)
<ACCUMULATED-NET-GAINS>           (33,723,974)
<OVERDISTRIBUTION-GAINS>          0
<ACCUM-APPREC-OR-DEPREC>          8,763,690
<NET-ASSETS>                      501,041,151
<DIVIDEND-INCOME>                 0
<INTEREST-INCOME>                 18,198,745
<OTHER-INCOME>                    0
<EXPENSES-NET>                    (3,312,689)
<NET-INVESTMENT-INCOME>           14,886,056
<REALIZED-GAINS-CURRENT>          (20,888,810)
<APPREC-INCREASE-CURRENT>         (29,541,927)
<NET-CHANGE-FROM-OPS>             (35,544,681)
<EQUALIZATION>                    0
<DISTRIBUTIONS-OF-INCOME>         (12,904,032)
<DISTRIBUTIONS-OF-GAINS>          0
<DISTRIBUTIONS-OTHER>             0
<NUMBER-OF-SHARES-SOLD>           4,499,487
<NUMBER-OF-SHARES-REDEEMED>       (7,048,980)
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<INTEREST-EXPENSE>                0
<GROSS-EXPENSE>                   3,687,201
<AVERAGE-NET-ASSETS>              533,892,597
<PER-SHARE-NAV-BEGIN>             10.870
<PER-SHARE-NII>                   0.260
<PER-SHARE-GAIN-APPREC>           (0.830)
<PER-SHARE-DIVIDEND>              (0.260)
<PER-SHARE-DISTRIBUTIONS>         0.000
<RETURNS-OF-CAPITAL>              0.000
<PER-SHARE-NAV-END>               10.040
<EXPENSE-RATIO>                   0.90
[AVG-DEBT-OUTSTANDING]            0
[AVG-DEBT-PER-SHARE]              0.000



 

EX-27

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

 

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

     <NUMBER>                     102
     <NAME>                       Federated Municpal Securities Fund, Class B

                               
<PERIOD-TYPE>                     6-mos
<FISCAL-YEAR-END>                 Mar-31-2000
<PERIOD-END>                      Sep-30-1999
<INVESTMENTS-AT-COST>             579,945,451
<INVESTMENTS-AT-VALUE>            588,709,141
<RECEIVABLES>                     20,860,544
<ASSETS-OTHER>                    0
<OTHER-ITEMS-ASSETS>              0
<TOTAL-ASSETS>                    609,569,685
<PAYABLE-FOR-SECURITIES>          10,778,362
<SENIOR-LONG-TERM-DEBT>           0
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<TOTAL-LIABILITIES>               13,767,370
<SENIOR-EQUITY>                   0
<PAID-IN-CAPITAL-COMMON>          623,947,843
<SHARES-COMMON-STOCK>             8,027,506
<SHARES-COMMON-PRIOR>             8,163,539
<ACCUMULATED-NII-CURRENT>         0
<OVERDISTRIBUTION-NII>            (3,185,244)
<ACCUMULATED-NET-GAINS>           (33,723,974)
<OVERDISTRIBUTION-GAINS>          0
<ACCUM-APPREC-OR-DEPREC>          8,763,690
<NET-ASSETS>                      80,623,688
<DIVIDEND-INCOME>                 0
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<EXPENSES-NET>                    (3,312,689)
<NET-INVESTMENT-INCOME>           14,886,056
<REALIZED-GAINS-CURRENT>          (20,888,810)
<APPREC-INCREASE-CURRENT>         (29,541,927)
<NET-CHANGE-FROM-OPS>             (35,544,681)
<EQUALIZATION>                    0
<DISTRIBUTIONS-OF-INCOME>         (1,671,183)
<DISTRIBUTIONS-OF-GAINS>          0
<DISTRIBUTIONS-OTHER>             0
<NUMBER-OF-SHARES-SOLD>           592,379
<NUMBER-OF-SHARES-REDEEMED>       (789,032)
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<INTEREST-EXPENSE>                0
<GROSS-EXPENSE>                   3,687,201
<AVERAGE-NET-ASSETS>              84,765,112
<PER-SHARE-NAV-BEGIN>             10.870
<PER-SHARE-NII>                   0.210
<PER-SHARE-GAIN-APPREC>           (0.830)
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<EXPENSE-RATIO>                   1.79
[AVG-DEBT-OUTSTANDING]            0
[AVG-DEBT-PER-SHARE]              0.000



 

EX-27

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

 

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

     <NUMBER>                     103
     <NAME>                       Federated Municpal Securities Fund, Class C

                               
<PERIOD-TYPE>                     6-mos
<FISCAL-YEAR-END>                 Mar-31-2000
<PERIOD-END>                      Sep-30-1999
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<INVESTMENTS-AT-VALUE>            588,709,141
<RECEIVABLES>                     20,860,544
<ASSETS-OTHER>                    0
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<PAYABLE-FOR-SECURITIES>          10,778,362
<SENIOR-LONG-TERM-DEBT>           0
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<SENIOR-EQUITY>                   0
<PAID-IN-CAPITAL-COMMON>          623,947,843
<SHARES-COMMON-STOCK>             1,407,611
<SHARES-COMMON-PRIOR>             1,551,636
<ACCUMULATED-NII-CURRENT>         0
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<NET-CHANGE-FROM-OPS>             (35,544,681)
<EQUALIZATION>                    0
<DISTRIBUTIONS-OF-INCOME>         (310,841)
<DISTRIBUTIONS-OF-GAINS>          0
<DISTRIBUTIONS-OTHER>             0
<NUMBER-OF-SHARES-SOLD>           160,476
<NUMBER-OF-SHARES-REDEEMED>       (321,447)
<SHARES-REINVESTED>               16,946
<NET-CHANGE-IN-ASSETS>            (72,707,123)
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<INTEREST-EXPENSE>                0
<GROSS-EXPENSE>                   3,687,201
<AVERAGE-NET-ASSETS>              15,732,731
<PER-SHARE-NAV-BEGIN>             10.870
<PER-SHARE-NII>                   0.210
<PER-SHARE-GAIN-APPREC>           (0.830)
<PER-SHARE-DIVIDEND>              (0.210)
<PER-SHARE-DISTRIBUTIONS>         0.000
<RETURNS-OF-CAPITAL>              0.000
<PER-SHARE-NAV-END>               10.040
<EXPENSE-RATIO>                   1.78
[AVG-DEBT-OUTSTANDING]            0
[AVG-DEBT-PER-SHARE]              0.000



 

EX-99

November 30, 1999

Office of the Chief Accountant
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549

Dear Sir:

We have read and agree with the statements contained in Sub-Item 77k of
Form N-SAR for the semi-annual period ended  September 30, 1999 of the
Federated Municipal Securities Fund, Inc.

Very truly yours,

Deloitte & Touche LLP

EX-99

77C. Matters Submitted to a Vote of Security Holders

The Special Meeting of Shareholders of Federated Municipal Securities Fund,
Inc. (the "Fund") was held on June 30, 1999.  The following items were
approved by shareholders at this meeting.

1. ELECTION OF DIRECTORS. 1

Shares Voted Affirmatively
Shares Withheld
John F. Cunningham
44,127,562
979,099
Charles F. Mansfield, Jr.
44,149,187
957,474
John S. Walsh
44,174,466
932,195

1 The following Directors continued their terms as Directors:  John F. Donahue,
Thomas G. Bigley, John T. Conroy, Nicholas P. Constantakis, J. Christopher
Donahue, Lawrence D. Ellis, M.D., Peter E. Madden, John E. Murray, Jr., and
Marjorie P. Smuts.

2. TO RATIFY THE SELECTION OF DELOITTE & TOUCHE LLP AS THE FUND'S INDEPENDENT
AUDITORS.

SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
43,345,620
362,713
1,398,328

3. TO MAKE CHANGES TO THE FUND'S FUNDAMENTAL INVESTMENT POLICIES:
a. To approve amending the Fund's fundamental investment policy regarding
diversification.

SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
33,876,423
1,291,520
2,370,152

b. To approve amending the Fund's fundamental investment policy regarding
borrowing money and issuing senior securities.

SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
32,868,723
2,323,780
2,645,593

c. To approve amending the Fund's fundamental investment policy regarding
investments in real estate.

SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
33,022,028
2,301,341
2,514,727

d. To approve amending the Fund's fundamental investment policy concerning
investments in commodities.

SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
32,332,705
2,849,503
2,655,888

e. To approve amending the Fund's fundamental investment policy regarding
underwriting securities.
SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
33,281,313
2,018,272
2,538,510

f. To approve amending the Fund's fundamental investment policy regarding
lending by the Fund.
SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
32,707,007
2,370,372
2,760,716

g. To approve amending the Fund's fundamental investment policy regarding
concentration of the Fund's investments in the securities of companies in the
same industry.
SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
33,219,925
2,099,241
2,518,930

h. To approve amending the Fund's fundamental investment policy regarding
investments in municipal securities.
SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
34,024,862
1,504,770
2,308,464

i. To approve amending and making non-fundamental, the Fund's fundamental
investment policy regarding buying securities on margin.
SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
31,970,723
3,055,625
2,811,747

j. To approve amending and making non-fundamental, the Fund's fundamental
investment policy regarding pledging assets.

SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
32,178,686
2,881,539
2,777,871

k. To make non-fundamental the Fund's current fundamental investment policies
regarding permissible investments.

SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
32,640,857
2,353,418
2,844,820


l. To make non-fundamental the Fund's current fundamental investment policy
regarding temporary investments.
SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
32,983,279
2,128,564
2,726,252

m. To make non-fundamental the Fund's current fundamental investment policy
regarding engaging in when-issued and delayed delivery transactions.
SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
32,873,734
2,046,460
2,917,902

n. To make non-fundamental the Fund's current fundamental investment policy
regarding investing in securities of other investment companies.
SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
32,676,806
2,342,71
2,818,619

o. To approve eliminating the Fund's fundamental investment policy on
investments in oil, gas and minerals.

SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
32,613,713
2,701,398
2,522,984

p. To approve eliminating the Fund's fundamental investment policy on selling
securities short.
SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
32,181,728
2,969,319
2,687,049




q. To approve eliminating the Fund's fundamental investment policy regarding
trading portfolio securities.

SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
32,856,376
2,289,302
2,692,418



(4) To approve amendments to the Fund's Articles of Incorporation to permit
the Board of Directors to liquidate assets of a series or class without
seeking shareholder approval to the extent permitted under Maryland law.
SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
32,192,752
3,130,435
2,514,909

EX-99

Item 77K
Changes in Registrant's Certifying Accountant

On May 19, 1999, the Fund's Board of Directors, upon the recommendation of the
Audit Committee of the Board of Directors, requested and subsequentially
accepted the resignation of  Deloitte & Touche LLP ("D & T") as the Fund's
independent auditors.  During the six month period ending September 30, 1999
(the "Period"), (i ) D & T did not issue any report on the Fund's financial
statements, (ii) 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 them to make reference to the
subject matter of the disagreements in connection with their report on the
financial statements for such period, and (iii) there were no "reportable
events" of the kind described in Item 304(a)(1)(v) of Regulation S-K under
the Securities Exchange Act of 1934, as amended.

The Fund, by action of its Board of Directors, engaged Ernst & Young LLP
("E & Y) as the independent auditors for purposes of auditing the Fund's
financial statements for the fiscal year ending March 31, 2000. During the
Period, neither the Fund, nor anyone on the Fund's 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) or reportable events ( as described in
paragraph (a)(1)(v)of said Item 304).