Exhibit (b) (iii) under Form N-1A
                                          Exhibit 3 (ii) under Item 601/Reg. S-K


                    Federated Municipal Securities Fund, Inc.



                                  Amendment #15
                                 to the By-Laws


                            Effective August 25, 2003



Insert the  following  into Article IV,  Officers,  and  renumber  Section 14 as
Section 15:



Section 14. Chief Legal  Officer.  The Chief Legal  Officer shall serve as Chief
Legal  Officer for the  Corporation,  solely for purposes of complying  with the
attorney  conduct rules  ("Attorney  Conduct  Rules")  enacted by the Securities
Exchange  Commission  pursuant to Section 307 of the  Sarbanes-Oxley Act of 2002
(the "Act").  The Chief Legal  Officer  shall have the authority to exercise all
powers  permitted to be exercised by a chief legal  officer  pursuant to Section
307 of the Act. The Chief Legal Officer,  in his sole  discretion,  may delegate
his  responsibilities as Chief Legal Officer under the Attorney Conduct Rules to
another attorney or firm of attorneys.