REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM
TO THE SHAREHOLDERS AND BOARD OF
DIRECTORS OF FEDERATED MUNICIPAL
SECURITIES FUND, INC.:
We have audited the accompanying statement of assets
and liabilities of Federated Municipal Securities Fund,
Inc. (the "Fund"), including the portfolio of investments,
as of March 31, 2011, and the related statement of
operations for the year then ended, the statement of
changes in net assets for each of the two years in the
period then ended and the financial highlights for each of
the five years in the period then ended. These financial
statements and financial highlights are the responsibility
of the Fund's management. Our responsibility is to
express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with standards
of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance
about whether the financial statements and financial
highlights are free of material misstatement. We were
not engaged to perform an audit of the Fund's internal
control over financial reporting. Our audits included
consideration of internal control over financial reporting
as a basis for designing audit procedures that are
appropriate in the circumstances, 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. An audit also
includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements
and financial highlights, assessing the accounting
principles used and significant estimates made by
management, and evaluating the overall financial
statement presentation. Our procedures included
confirmation of securities owned as of March 31, 2011,
by correspondence with the custodian and others or by
other appropriate auditing procedures where replies from
others were not received. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material
respects, the financial position of Federated Municipal
Securities Fund, Inc. at March 31, 2011, the results of its
operations for the year then ended, the changes in its
net assets for each of the two years in the period then
ended, and the financial highlights for each of the five
years in the period then ended, in conformity with
U.S. generally accepted accounting principles.
ernstyoungsig
Boston, Massachusetts
May 24, 2011