Exhibit 11 under Form N-14


                          LEGALITY OF SHARES OPINION

                  FEDERATED MUNICIPAL SECURITIES FUND, INC.
                             5800 CORPORATE DRIVE
                     PITTSBURGH, PENNSYLVANIA 15237-7000
                                (800) 341-7400

                                 May 20, 2005



The Directors of

Federated Municipal Securities Fund, Inc.
5800 Corporate Drive
Pittsburgh, PA 15237-7000

Ladies and Gentlemen:

      Federated Municipal Securities Fund, Inc. (the "Fund"), a Maryland
corporation, proposes to acquire the assets of North Track Tax Exempt Fund, a
portfolio of North Track Funds, Inc., in exchange for Class A Shares of the
Fund ("Shares") pursuant to the Agreement and Plan of Reorganization dated
February 2, 2005 ("Agreement"), included as an exhibit to the registration
statement of the Fund filed on Form N-14 (Securities Act of 1933 No.
333-122486) under the Securities Act of 1933, as amended ("N-14
Registration").

        As counsel I have reviewed the appropriate documents relating to the
organization of the Fund, its registration under the Investment Company Act
of 1940, the registration of its securities on Form N-1A under the Securities
Act of 1933 and participated in the drafting of the N-14 Registration.
Specifically, I have examined and am familiar with the written Articles of
Restatement dated April 30, 1993 ("Articles"), the Bylaws of the Fund, and
such other documents and records deemed relevant for the purpose of rendering
this opinion.  I have also reviewed questions of law and consulted with
counsel thereon as deemed necessary or appropriate by me for the purposes of
this opinion.

        Based upon the foregoing, it is my opinion that:

       1.       The Fund is duly organized and validly existing pursuant to
        the Articles.

     2.         The Shares which are currently being registered by the N-14
        Registration may be legally and validly issued in accordance with the
        Articles upon receipt of consideration sufficient to comply with the
        provisions of the Articles and subject to compliance with the
        Investment Company Act of 1940, as amended, and applicable state laws
        regulating the sale of securities. Such Shares, when so issued, will
        be fully paid and non-assessable.

        I hereby consent to the filing of this opinion as an exhibit to the
N-14 Registration referred to above and to any application or registration
statement filed under the securities laws of any of the States of the United
States.

                                                   Very truly yours,


                                                   /s/ George F. Magera
                             George F. Magera
                                                   Assistant Secretary
                                                   Federated Municipal
Securities Fund, Inc.