Pursuant to the Securities Act of 1933, as
amended, and the General Rules and
Regulations thereunder, a Registration
Statement on Form N-14, SEC File No. 333-
161551, was filed on August 26, 2009. This
filing relates to an Agreement and Plan of
Reorganization whereby Federated
Municipal Securities Fund, Inc.(Surviving
Fund) acquired all of the assets of
Federated California Municipal Income
Fund and Federated North Carolina
Municipal Income Fund (Acquired Funds),
portfolios of Federated Municipal Securities
Income Trust, in exchange for shares of the
Surviving Fund. Shares of the Surviving
Fund were distributed on a pro rata basis
to the shareholders of the Acquired Funds
in complete liquidation and termination of
the Acquired Funds.  As a result, effective
December 4, 2009, each shareholder of the
Acquired Funds became the owner of
Surviving Fund shares having a total net
asset value equal to the total net asset
value of his or her holdings in the Acquired
Funds.

The Agreement and Plan of Reorganization
providing for the transfer of the assets of
the Acquired Funds to the Surviving Fund
was approved by the Board of Directors at
their Regular Meeting held on August 14,
2009 and was also approved by Acquired
Fund shareholders at a Regular Meeting
held on August 14, 2009.

The Agreement and Plan of Reorganization
for this merger is hereby incorporated by
reference from the definitive
Prospectus/Proxy Statement filed with the
SEC on August 26, 2009.