0000940400-14-000284.txt : 20140528
0000940400-14-000284.hdr.sgml : 20140528
20140528090948
ACCESSION NUMBER: 0000940400-14-000284
CONFORMED SUBMISSION TYPE: NSAR-B
PUBLIC DOCUMENT COUNT: 2
CONFORMED PERIOD OF REPORT: 20140331
FILED AS OF DATE: 20140528
DATE AS OF CHANGE: 20140528
EFFECTIVENESS DATE: 20140528
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: FEDERATED MUNICIPAL SECURITIES FUND INC
CENTRAL INDEX KEY: 0000201801
IRS NUMBER: 251304971
STATE OF INCORPORATION: MD
FISCAL YEAR END: 0331
FILING VALUES:
FORM TYPE: NSAR-B
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-02677
FILM NUMBER: 14871457
BUSINESS ADDRESS:
STREET 1: 4000 ERICSSON DRIVE
CITY: WARRENDALE
STATE: PA
ZIP: 15086-7561
BUSINESS PHONE: 8003417400
MAIL ADDRESS:
STREET 1: 4000 ERICSSON DRIVE
CITY: WARRENDALE
STATE: PA
ZIP: 15086-7561
FORMER COMPANY:
FORMER CONFORMED NAME: LIBERTY MUNICIPAL SECURITIES FUND INC
DATE OF NAME CHANGE: 19930517
FORMER COMPANY:
FORMER CONFORMED NAME: FEDERATED TAX FREE INCOME FUND INC
DATE OF NAME CHANGE: 19920703
0000201801
S000009070
FEDERATED MUNICIPAL SECURITIES FUND INC
C000024642
Class A Shares
LMSFX
C000024643
Class B Shares
LMSBX
C000024644
Class C Shares
LMSCX
C000051334
Class F Shares
LMFFX
NSAR-B
1
MunicipalSecurities.fil
PAGE 1
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PAGE 2
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PAGE 3
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PAGE 4
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PAGE 5
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PAGE 6
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PAGE 7
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PAGE 8
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PAGE 9
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SIGNATURE LORI HENSLER
TITLE TREASURER
EX-99.77B ACCT LTTR
2
FedMuni77B.txt
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, 2014,
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
company'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, 2014.
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 22, 2014