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 Class A Shares,  Class B Shares and Class C Shares Prospectus
and  "Independent  Auditors"  in the Class A Shares,  Class B Shares and Class C
Shares Statement of Additional Information in Post-Effective Amendment Number 59
to the  Registration  Statement (Form N-1A, No. 2-57181) of Federated  Municipal
Securities Fund, Inc. and to the  incorporation by reference of our report dated
May 10, 2004 on Federated Municipal Securities Fund, Inc. included in the Annual
Report to Shareholders for the fiscal year ended March 31, 2004.



                                                               ERNST & YOUNG LLP


Boston, Massachusetts
May 27, 2004