Exhibit (j) under Form N-1A
                                                               Exhibit
(23) under Item 601/Reg. S-K

           Consent of Ernst & Young LLP, Independent Auditors


We consent to the  references  to our firm under the caption  "Financial
Highlights"  in  the  Prospectus,  and  "Independent  Auditors"  in  the
Statement of Additional  Information  and to the use of our report dated
May  15,  2001,  in  the  Post-Effective  Amendment  Number  56  to  the
Registration   Statement  (Form  N-1A  No.  2-57181)  of  the  Federated
Municipal Securities Fund, Inc. dated May 31, 2001.



                                                /s/ Ernst & Young LLP
                                                ERNST & YOUNG LLP


Boston, Massachusetts
May 24, 2001