-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DQ4kvBQ78k8Kqegbs5lkURikPJd/DZ6h8mPJ5WeGagoRJ7TMRkdJEFg7y0KATv10 9Gg43pzJtAU7Rq6Ahs7uNg== 0001318148-05-000413.txt : 20050824 0001318148-05-000413.hdr.sgml : 20050824 20050824121603 ACCESSION NUMBER: 0001318148-05-000413 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050630 FILED AS OF DATE: 20050824 DATE AS OF CHANGE: 20050824 EFFECTIVENESS DATE: 20050824 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: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-02677 FILM NUMBER: 051045369 BUSINESS ADDRESS: STREET 1: 5800 CORPORATE DRIVE CITY: PITTSBURGH STATE: PA ZIP: 15237-7000 BUSINESS PHONE: 8003417400 MAIL ADDRESS: STREET 1: 5800 CORPORATE DRIVE CITY: PITTSBURGH STATE: PA ZIP: 15237-7000 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 N-Q 1 fmsfform.txt United States Securities and Exchange Commission Washington, D.C. 20549 Form N-Q Quarterly Schedule of Portfolio Holdings of Registered Management Investment Companies 811-2677 (Investment Company Act File Number) Federated Municipal Securities Fund, Inc. _______________________________________________________________ (Exact Name of Registrant as Specified in Charter) Federated Investors Funds 5800 Corporate Drive Pittsburgh, Pennsylvania 15237-7000 (412) 288-1900 (Registrant's Telephone Number) John W. McGonigle, Esquire Federated Investors Tower 1001 Liberty Avenue Pittsburgh, Pennsylvania 15222-3779 (Name and Address of Agent for Service) (Notices should be sent to the Agent for Service) Date of Fiscal Year End: 3/31/06 Date of Reporting Period: Quarter ended 6/30/05 Item 1. Schedule of Investments
Federated Municipal Securities Fund, Inc. Portfolio of Investments June 30, 2005 (unaudited) Principal Credit Amount Rating Value MUNICIPAL BONDS--99.0% Alabama--1.4% $ 1,000,000 Alabama Agricultural & Mechanical University, Refunding Revenue Bonds, 5.00% (MBIA Insurance Corp. INS)/(Original Issue Yield: 5.15%), 11/1/2016 AAA / Aaa $ 1,067,370 1,400,000 Camden, AL IDB, Exempt Facilities Refunding Revenue Bonds (Series 2003A), 6.125% (Weyerhaeuser Co.), 12/1/2024 BBB / NR 1,564,878 3,000,000 Mobile County, AL IDA, IDRB (Series 2000), 6.875% TOBs (Ipsco, Inc.), Mandatory Tender 5/1/2010 NR 3,287,220 1,000,000 Tuscaloosa, AL, UT GO Warrants, 5.75% (Original Issue Yield: 5.90%), 1/1/2020 AA- / Aa3 1,106,820 Total 7,026,288 Arkansas--0.2% 1,000,000 Jefferson County, AR, Hospital Revenue Improvement and Refunding Bonds (Series 2001), 5.80% (Jefferson Regional Medical Center)/(Original Issue Yield: 5.90%), 6/1/2021 A / NR 1,082,230 California--7.5% 1,825,000 California Educational Facilities Authority, Revenue Bonds (Series 2005), 5.00% (California College of the Arts), 6/1/2030 BBB- / Baa3 1,851,298 1,000,000 California PCFA, Solid Waste Disposal Revenue Bonds (Series 2005A-2), 5.40% (Waste Management, Inc.), 4/1/2025 BBB / NR 1,044,730 3,940,000 California State Department of Veteran Affairs, Home Purpose Revenue Bonds (Series 1997C), 5.50%, 12/1/2019 AA- / Aa2 4,216,469 2,000,000 California State Department of Water Resources Power Supply Program, Power Supply Revenue Bonds (Insured Series), 5.375% (AMBAC INS), 5/1/2018 AAA / Aaa 2,225,780 5,000,000 1 California State, Economic Recovery Revenue Bonds Trust Program (Series 929) RITES, 7.99% (California State Fiscal Recovery Fund), 7/1/2013 NR / Aa3 6,260,600 3,250,000 California State, UT GO Bonds, 5.75% (Original Issue Yield: 5.75%), 5/1/2030 A / A3 3,610,782 3,000,000 California State, Various Purpose UT GO Bonds, 5.125% (Original Issue Yield: 5.16%), 4/1/2023 A / A3 3,225,180 2,000,000 California State, Various Purpose UT GO Bonds, 5.25% (Original Issue Yield: 5.32%), 11/1/2025 A / A3 2,187,340 1,495,000 California Statewide Communities Development Authority, Certificates of Participation, 6.00% (Sutter Health)/(FSA INS), 8/15/2013 AAA / Aaa 1,671,380 1,930,000 California Statewide Communities Development Authority, Certificates of Participation, 6.00% (Sutter Health)/(FSA INS), 8/15/2015 AAA / Aaa 2,165,672 1,000,000 Golden State Tobacco Securitization Corp., CA, (Series A-4), 7.80%, 6/1/2042 BBB / Baa3 1,200,400 3,000,000 Golden State Tobacco Securitization Corp., CA, Tobacco Settlement Asset-Backed Revenue Bonds (Series 2003A-1), 6.75% (Original Issue Yield: 7.00%), 6/1/2039 BBB / Baa3 3,379,380 1,250,000 Southern California Logistics Airport Authority, Tax Allocation Bonds, 5.00% (Radian Asset Assurance INS), 12/1/2035 AA / NR 1,304,613 1,500,000 University of California, General Revenue Bonds, (Series A), 5.125% (AMBAC INS), 5/15/2020 AAA / Aaa 1,632,510 2,500,000 University of California, Hospital Revenue Bonds (Series 2004A), 5.25% (UCLA Medical Center)/(AMBAC INS), 5/15/2030 AAA / Aaa 2,698,100 Total 38,674,234 Colorado--2.0% 2,000,000 Colorado Department of Transportation, Transportation Revenue Anticipation Notes (Series 2001A), 5.50% (U.S. Treasury PRF 6/15/2011@101), 6/15/2016 AAA / #Aaa 2,266,480 760,000 Colorado Health Facilities Authority, Health Facilities Revenue Bonds (Series 2004A), 5.25% (Evangelical Lutheran Good Samaritan Society)/(Original Issue Yield: 5.48%), 6/1/2034 A- / A3 798,273 6,000,000 Denver, CO Convention Center Hotel Authority, Convention Center Hotel Senior Revenue Bonds (Series 2003A), 5.00% (XL Capital Assurance Inc. INS), 12/1/2022 AAA / Aaa 6,374,400 1,000,000 Westminster, CO, Sales & Use Tax Revenue Refunding Bonds, (Series A), 5.60%, 12/1/2016 AA / NR 1,078,290 Total 10,517,443 Connecticut--0.2% 1,000,000 New Haven, CT, Prefunded UT GO Bonds, (Series B), 5.75% (U.S. Treasury PRF 11/1/2009@101)/(Original Issue Yield: 5.83%), 11/1/2018 AAA / Aaa 1,120,730 Delaware--0.7% 800,000 Delaware Health Facilities Authority, Refunding Revenue Bonds (Series 2004A), 5.50% (Beebe Medical Center), 6/1/2024 BBB / Baa1 855,480 2,500,000 Delaware State, UT GO (Series 2000A), 5.25% (U.S. Treasury PRF 4/1/2010@100)/(Original Issue Yield: 5.40%), 4/1/2016 AAA / Aaa 2,746,725 Total 3,602,205 Florida--3.6% 1,000,000 Broward County, FL Educational Facilities Authority, Educational Facilities Revenue Bonds (Series 2004B), 5.50% (Nova Southeastern University), 4/1/2024 BBB / Baa2 1,060,470 3,000,000 1 Capital Trust Agency, FL, Revenue Bonds (Series 2001), 10.00% (Seminole Tribe of Florida Convention and Resort Hotel Facilities), 10/1/2033 NR 3,344,910 665,000 Florida State Board of Education Administration, UT GO Capital Outlay Bonds, 9.125% (Florida State)/(Escrowed In Treasuries COL)/(Original Issue Yield: 9.173%), 6/1/2014 AAA / #Aaa 881,418 4,335,000 Florida State Board of Education Administration, UT GO Capital Outlay Bonds, 9.125% (Florida State)/(Original Issue Yield: 9.173%), 6/1/2014 AAA / Aa1 5,749,511 3,000,000 2 Florida State, UT GO Bonds, Broward County Expressway Authority, 10.00% (Escrowed In Treasuries COL)/(Original Issue Yield: 10.105%), 7/1/2014 AAA / #Aaa 4,199,490 1,000,000 Miami-Dade County, FL Expressway Authority, Toll System Revenue Bonds, 6.00% (FGIC INS), 7/1/2013 AAA / Aaa 1,138,020 2,255,000 St. Johns County, FL IDA, First Mortgage Revenue Bonds (Series 2004A), 5.85% (Presbyterian Retirement Communities ), 8/1/2024 NR 2,493,692 Total 18,867,511 Georgia--2.5% 5,000,000 Atlanta, GA Airport Passenger Facilities Charge Revenue, Passenger Facilities Charge Revenue Bonds, 5.00% (FSA INS), 1/1/2034 AAA / Aaa 5,300,700 1,850,000 Bibb County, GA Development Authority, Revenue Bonds, (Series 1991 IR-1), 4.85% (Temple-Inland, Inc.), 12/1/2009 BBB / NR 1,902,928 1,000,000 Chatham County, GA Hospital Authority, Hospital Improvement Revenue Bonds (Series 2004A), 5.75% (Memorial Health University Medical Center), 1/1/2029 A- / A3 1,090,090 2,000,000 Floyd County, GA Development Authority, Environmental Revenue Bonds, 5.70% (Temple-Inland, Inc.), 12/1/2015 NR / Baa3 2,152,780 2,000,000 Savannah, GA EDA, Revenue Bonds, 6.80% (Savannah College of Art and Design, Inc.)/(U.S. Treasury PRF 10/1/2009@102), 10/1/2019 NR 2,304,340 Total 12,750,838 Illinois--1.7% 1,000,000 Chicago, IL Public Building Commission, Revenue Bonds, (Series A), 7.00% (Escrowed In Treasuries COL)/(Original Issue Yield: 7.125%), 1/1/2020 AAA / Aaa 1,320,260 1,010,000 Illinois Finance Authority, Refunding Revenue Bonds (Series 2004A), 5.375% (Depaul University), 10/1/2018 NR / Baa1 1,130,150 3,165,000 Illinois Finance Authority, Refunding Revenue Bonds (Series 2004A), 5.375% (Depaul University), 10/1/2019 NR / Baa1 3,547,902 1,500,000 Illinois Finance Authority, Refunding Revenue Bonds, 5.25% (OSF Health Care Systems)/(Original Issue Yield: 5.30%), 11/15/2023 A / A2 1,584,300 1,000,000 Lake County, IL Community School District No. 116, UT GO Bonds, 7.60% (Escrowed In Treasuries COL), 2/1/2014 AAA / Aaa 1,300,720 Total 8,883,332 Indiana--3.3% 1,000,000 Indiana Development Finance Authority, Environmental Improvement Revenue Bonds, 5.25% TOBs (Marathon Oil Corp.) 12/2/2011 BBB+ / Baa1 1,087,360 2,000,000 Indiana Health Facility Financing Authority, Hospital Revenue Bonds (Series 2004A), 6.25% (Community Foundation of Northwest Indiana), 3/1/2025 BBB- / NR 2,193,360 1,000,000 Indiana Health Facility Financing Authority, Hospital Revenue Refunding Bonds, 5.25% (Floyd Memorial Hospital, IN)/(Original Issue Yield: 5.50%), 2/15/2022 A / NR 1,032,000 2,200,000 Indiana Health Facility Financing Authority, Revenue Bonds (Series 2004A), 5.375% (Deaconess Hospital)/(AMBAC INS), 3/1/2029 AAA / Aaa 2,399,452 1,725,000 Indiana State HFA, SFM Revenue Bonds (Series A), 5.30% (GNMA Collateralized Home Mortgage Program GTD), 7/1/2022 NR / Aaa 1,795,328 1,500,000 Indiana State Office Building Commission Capitol Complex, Revenue Bonds, (Series A), 7.40% (MBIA Insurance Corp. INS)/(Original Issue Yield: 7.488%), 7/1/2015 AAA / Aaa 1,943,700 2,500,000 Indianapolis, IN Airport Authority, Special Facilities Revenue Refunding Bonds (Series 2004A), 5.10% (FedEx Corp.), 1/15/2017 BBB / Baa2 2,652,125 1,500,000 Indianapolis, IN Local Public Improvement Bond Bank, Refunding Revenue Bonds, (Series D), 6.75% (Original Issue Yield: 6.90%), 2/1/2014 AA / NR 1,793,355 2,000,000 St. Joseph County, IN Hospital Authority, Health Facilities Revenue Bonds (Series 2005), 5.375% (Madison Center Obligated Group), 2/15/2034 BBB / NR 2,055,080 Total 16,951,760 Iowa--0.2% 1,000,000 Scott County, IA, Revenue Refunding Bonds (Series 2004), 5.625% (Ridgecrest Village), 11/15/2018 NR 1,054,380 Kansas--0.2% 1,150,000 University of Kansas Hospital Authority, Health Facilities Revenue Bonds, 5.50% (KU Health System)/(Original Issue Yield: 5.62%), 9/1/2022 A- / NR 1,218,644 Louisiana--1.9% 5,000,000 De Soto Parish, LA Environmental Improvement Authority, Refunding Revenue Bonds (Series 2005A), 4.75% (International Paper Co.), 3/1/2019 BBB / Baa2 5,014,300 1,500,000 Saint John the Baptist Parish, LA, Environmental Improvement Refunding Revenue Bonds (Series 1998), 5.35% (Marathon Oil Corp.), 12/1/2013 BBB+ / Baa1 1,583,865 3,000,000 St. James Parish, LA, Solid Waste Disposal Revenue Bonds, 7.70% (IMC Phosphates Co.)/(Original Issue Yield: 7.75%), 10/1/2022 NR 3,005,670 Total 9,603,835 Maine--0.5% 2,500,000 Portland, ME, General Airport Revenue Bonds (Series 2003A), 5.00% (FSA INS), 7/1/2023 AAA / Aaa 2,705,000 Massachusetts--3.9% 5,000,000 Commonwealth of Massachusetts, UT GO Bonds (Series 2000B), 6.00% (U. S. Treasury PRF 6/1/2010@100), 6/1/2016 AAA / Aa2 5,676,750 1,830,000 Massachusetts Bay Transportation Authority General Transportation System, Special Assessment Bonds, 5.75% (U.S. Treasury PRF 7/1/2010@100), 7/1/2016 AAA / Aa1 2,061,715 170,000 Massachusetts Bay Transportation Authority General Transportation System, Special Assessment Bonds, 5.75%, 7/1/2016 AAA / Aa1 189,021 2,000,000 Massachusetts HEFA, Revenue Bonds (Series 2004A), 6.375% (Northern Berkshire Health System )/(Original Issue Yield: 6.60%), 7/1/2034 BB- / NR 2,112,060 790,000 Massachusetts HEFA, Revenue Bonds (Series 2002D), 6.35% (Milford-Whitinsville Hospital)/(Original Issue Yield: 6.38%), 7/15/2032 BBB- / Baa3 849,590 1,000,000 Massachusetts HEFA, Revenue Bonds (Series 2002D), 6.50% (Milford-Whitinsville Hospital), 7/15/2023 BBB- / Baa3 1,099,210 2,000,000 Massachusetts State Development Finance Agency, Revenue Bonds, 5.00% (Seven Hills Foundation & Affiliates)/(Radian Asset Assurance INS), 9/1/2035 AA / Aa3 2,083,440 1,250,000 Massachusetts State Development Finance Agency, Solid Waste Disposal Revenue Bonds, 5.45% (Waste Management, Inc.), 6/1/2014 BBB / NR 1,348,025 40,000 Massachusetts Water Pollution Abatement Trust Pool, Program Bonds (Series 6) Revenue Bonds Unrefunded, 5.25% (Original Issue Yield: 5.50%), 8/1/2019 AAA / Aaa 43,856 2,460,000 Massachusetts Water Pollution Abatement Trust Pool, Program Series 6 Revenue Bonds Prerefunded, 5.25% (U.S. Treasury PRF 8/1/2010@101)/(Original Issue Yield: 5.50%), 8/1/2019 AAA / Aaa 2,736,922 1,000,000 Springfield, MA, UT GO Refunding Bonds, 5.00% (FSA INS)/(Original Issue Yield: 5.12%), 11/15/2018 AAA / Aaa 1,066,270 1,000,000 Sterling, MA, UT GO Bonds, 6.00% (FGIC INS), 2/15/2020 NR / Aaa 1,125,320 Total 20,392,179 Michigan--6.8% 2,090,000 Cornell Township MI, Economic Development Corp., Refunding Revenue Bonds, 5.875% (MeadWestvaco Corp.)/(U.S. Treasury PRF 5/1/2012@100), 5/1/2018 AAA / Baa2 2,419,342 2,515,000 Delta County, MI Economic Development Corp., Environmental Improvement Revenue Refunding Bonds (Series A), 6.25% (MeadWestvaco Corp.)/( U.S. Treasury PRF 4/15/2012@100), 4/15/2027 AAA / Baa2 2,966,668 3,000,000 Detroit, MI Sewage Disposal System, Senior Lien Revenue Refunding Bonds (Series 2003A), 5.00% (FSA INS), 7/1/2023 AAA / Aaa 3,246,000 1,000,000 Dexter, MI Community Schools, UT GO Bonds, 5.10% (FGIC INS), 5/1/2018 AAA / Aaa 1,129,410 500,000 Gaylord, MI Hospital Finance Authority, Hospital Revenue Refunding Bonds (Series 2004), 6.20% (Otsego Memorial Hospital Obligated Group)/(Original Issue Yield: 6.45%), 1/1/2025 NR 510,865 150,000 Gaylord, MI Hospital Finance Authority, Hospital Revenue Refunding Bonds (Series 2004), 6.50% (Otsego Memorial Hospital Obligated Group)/(Original Issue Yield: 6.70%), 1/1/2037 NR 154,257 2,000,000 Kent Hospital Finance Authority, MI, Revenue Bonds (Series 2005A), 6.00% (Metropolitan Hospital ), 7/1/2035 BBB / NR 2,179,100 2,780,000 Michigan Municipal Bond Authority, Refunding Revenue Bonds (Series 2002), 5.25% (Drinking Water Revolving Fund), 10/1/2021 AAA / Aaa 3,057,305 2,390,000 Michigan Municipal Bond Authority, Revenue Bonds (Series 2000), 5.875% (Clean Water Revolving Fund)/(U.S. Treasury PRF 10/1/2010@101), 10/1/2015 AAA / Aaa 2,726,297 2,595,000 Michigan Municipal Bond Authority, Revenue Bonds (Series 2000), 5.875% (Drinking Water Revolving Fund)/(U.S. Treasury PRF 10/1/2010@101), 10/1/2015 AAA / Aaa 2,960,142 1,950,000 Michigan State Comprehensive Transportation Board, Revenue Bonds (Series 2002B), 5.25% (FSA INS), 5/15/2020 AAA / Aaa 2,184,020 2,265,000 Michigan State Comprehensive Transportation Board, Revenue Bonds (Series 2002B), 5.25% (FSA INS), 5/15/2021 AAA / Aaa 2,536,823 1,500,000 Michigan State Hospital Finance Authority, Hospital Revenue Bonds (Series 2002A), 6.00% (Oakwood Obligated Group), 4/1/2022 A / A2 1,658,685 2,000,000 Michigan State Hospital Finance Authority, Refunding Revenue Bonds (Series 2002A), 5.50% (Crittenton Hospital, MI)/(Original Issue Yield: 5.67%), 3/1/2022 A+ / A2 2,147,400 1,000,000 Michigan State Strategic Fund, Revenue Refunding PCR Bonds (Series C), 5.45% (Detroit Edison Co.), 9/1/2029 BBB+ / A3 1,059,400 2,000,000 Michigan State, Environmental Protection Program UT GO Bonds, 5.25% (U.S. Treasury PRF 11/1/2010@100)/(Original Issue Yield: 5.34%), 11/1/2018 AA / Aa2 2,204,940 1,000,000 Northern Michigan University, Revenue Bonds, 5.125% (MBIA Insurance Corp. INS)/(Original Issue Yield: 5.35%), 12/1/2020 AAA / Aaa 1,053,580 1,000,000 Plainwell, MI Community School District, UT GO Bonds, 5.50% (U.S. Treasury PRF 11/1/2012@100), 5/1/2015 AA / Aa2 1,139,320 Total 35,333,554 Minnesota--0.6% 2,175,000 St. Paul, MN Housing & Redevelopment Authority, Hospital Revenue Refunding Bonds (Series A), 6.625% (Healtheast, MN)/(Original Issue Yield: 6.687%), 11/1/2017 BB+ / Ba1 2,184,222 1,000,000 St. Paul, MN Housing & Redevelopment Authority, Revenue Bonds (Series 1997A), 5.70% (Healtheast, MN)/(Original Issue Yield: 5.756%), 11/1/2015 BB+ / Ba1 1,012,260 Total 3,196,482 Mississippi--0.4% 2,050,000 Mississippi Business Finance Corp., Refunding PCR Bonds, 5.90% (System Energy Resources, Inc.)/(Original Issue Yield: 5.93%), 5/1/2022 BBB- / Ba1 2,085,814 Missouri--0.3% 700,000 Kansas City, MO IDA, MFH Revenue Bonds, 6.70% (Woodbridge Apartments Project), 8/1/2015 NR 669,123 460,000 Missouri State Environmental Improvement & Energy Authority, State Revolving Funds Revenue Bonds, (Series A), 5.25%, 1/1/2014 NR / Aaa 501,119 285,000 Missouri State Environmental Improvement & Energy Authority, State Revolving Funds Revenue Bonds, (Series B), 5.625% (U.S. Treasury PRF 10/1/2010@100), 7/1/2015 NR / Aaa 320,577 265,000 Missouri State Environmental Improvement & Energy Authority, State Revolving Funds Revenue Bonds, (Series B), 5.625%, 7/1/2015 NR / Aaa 294,545 Total 1,785,364 Nevada--0.4% 1,000,000 Henderson, NV, Health Facility Revenue Bonds (Series 2004A), 5.625% (Catholic Healthcare West)/(Original Issue Yield: 5.72%), 7/1/2024 A- / Baa1 1,085,220 250,000 Henderson, NV, Local Improvement District No. T-16 LT Obligation Improvement Bonds, 5.10% (The Falls at Lake Las Vegas)/(Original Issue Yield: 5.15%), 3/1/2022 NR 251,383 600,000 Henderson, NV, Local Improvement District No. T-16 LT Obligation Improvement Bonds, 5.125% (The Falls at Lake Las Vegas)/(Original Issue Yield: 5.20%), 3/1/2025 NR 603,438 Total 1,940,041 New Hampshire--0.3% 1,685,000 New Hampshire Higher Educational & Health Facilities Authority, Healthcare System Revenue Bonds (Series 2004), 5.375% (Covenant Health Systems)/(Original Issue Yield: 5.50%), 7/1/2024 A / NR 1,800,877 New Jersey--3.4% 1,100,000 New Jersey EDA, Revenue Refunding Bonds (Series A), 5.75% (Winchester Gardens at Ward Homestead)/(Original Issue Yield: 5.75%), 11/1/2024 NR 1,176,527 2,000,000 New Jersey EDA, School Facilities Construction Revenue Bonds (Series 2004I), 5.25% (New Jersey State)/(U.S. Treasury PRF 9/1/2014@100), 9/1/2024 A+ / A1 2,267,700 5,000,000 New Jersey EDA, School Facilities Revenue Bonds (Series 2003F), 5.00% (New Jersey State)/(U.S. Treasury PRF 6/15/2013@100)/(Original Issue Yield: 5.08%), 6/15/2026 A+ / A1 5,553,250 5,000,000 1 New Jersey State Transportation Trust Fund Authority, Residual Interest Tax-Exempt Securities (PA-1204), 8.47507% (FSA INS), 12/15/2013 NR 6,683,800 1,500,000 Newark, NJ Housing Authority, Revenue Bonds (Series 2004), 5.25% (Port Authority-Port Newark Marine Terminal)/(MBIA Insurance Corp. INS), 1/1/2022 AAA / Aaa 1,639,110 Total 17,320,387 New Mexico--0.8% 4,000,000 New Mexico State Finance Authority Transportation Revenue, Senior Lien Transportation Revenue Bonds (Series 2004A), 5.25% (MBIA Insurance Corp. INS), 6/15/2024 AAA / Aaa 4,403,320 New York--13.0% 700,000 Albany County, NY IDA, Industrial Development Revenue Bonds (Series 2004A), 5.625% (Albany College of Pharmacy), 12/1/2034 BBB- / NR 741,251 2,000,000 Hempstead Town, NY IDA, Civic Facility Revenue Bonds, 5.25% (Hofstra University), 7/1/2018 A / Baa1 2,164,780 5,000,000 1 Metropolitan Transportation Authority, NY, Residual Interest Tax-Exempt Securities (PA-1042R), 8.47507% (MBIA Insurance Corp. INS), 1/1/2010 NR 6,229,300 3,000,000 1 New York City, NY IDA, Liberty Revenue Bonds (Series A), 6.25% (7 World Trade Center LLC), 3/1/2015 NR 3,171,900 4,000,000 New York City, NY IDA, Special Airport Facility Revenue Bonds (Series 2001A), 5.50% (Airis JFK I LLC Project at JFK International)/(Original Issue Yield: 5.65%), 7/1/2028 BBB- / Baa3 4,073,960 3,000,000 New York City, NY Municipal Water Finance Authority, Water & Sewer System Revenue Bonds (Fiscal 2005 Series C), 5.00%, 6/15/2030 AA+ / Aa2 3,217,620 260,000 New York City, NY Transitional Finance Authority, Revenue Bonds (Series 2000C), 5.50% (Original Issue Yield: 5.68%), 11/1/2020 AAA / Aa1 285,623 4,740,000 New York City, NY Transitional Finance Authority, Revenue Bonds (Series 2000C), 5.50% (U.S. Treasury PRF 5/1/2010@101)/(Original Issue Yield: 5.68%), 11/1/2020 AAA / Aa1 5,316,289 3,000,000 New York City, NY, UT GO Bonds (Fiscal 2005 Series J), 5.00%, 3/1/2035 A+ / A1 3,177,930 2,000,000 New York City, NY, UT GO Bonds (Series 2003J), 5.50%, 6/1/2023 A+ / A1 2,199,700 2,000,000 New York City, NY, UT GO Bonds (Series 2004I), 5.00%, 8/1/2020 A+ / A1 2,143,960 800,000 New York State Dormitory Authority, Revenue Bonds (Series 2005), 5.00% (Rochester General Hospital)/(Radian Asset Assurance INS), 12/1/2035 AA / Aa3 845,224 2,500,000 New York State Dormitory Authority, Revenue Bonds (Series A), 5.50% (University of Rochester, NY)/(Original Issue Yield: 5.60%), 7/1/2016 A+ / A1 2,701,650 5,000,000 New York State Dormitory Authority, Revenue Bonds, 6.00% (State University of New York)/(MBIA Insurance Corp. INS), 5/15/2016 AAA / Aaa 5,710,050 1,510,000 New York State Environmental Facilities Corp., Clean Water & Drinking Revenue Bonds, 5.25% (Escrowed In Treasuries COL), 6/15/2014 AAA / Aaa 1,627,871 990,000 New York State Environmental Facilities Corp., Clean Water & Drinking Revenue Bonds, 5.25%, 6/15/2014 AAA / Aaa 1,062,211 3,315,000 New York State Mortgage Agency, Mortgage Revenue Bonds (Twenty-Ninth Series), 5.40%, 10/1/2022 NR / Aaa 3,457,512 4,000,000 New York State Thruway Authority, Local Highway & Bridge Service Contract Revenue Bonds (Series A-2), 5.375% (New York State)/(U.S. Treasury PRF 4/1/2008@101), 4/1/2016 AAA / Aaa 4,310,680 3,000,000 Suffolk County, NY Water Authority, Waterworks Refunding Revenue Bonds, 6.00% (MBIA Insurance Corp. INS), 6/1/2014 AAA / Aaa 3,577,350 4,000,000 Tobacco Settlement Financing Corp., NY, Asset Backed Revenue Bonds (Series 2003A-1), 5.25% (New York State)/(AMBAC INS), 6/1/2021 AAA / Aaa 4,386,160 5,320,000 Triborough Bridge & Tunnel Authority, NY, General Purpose Revenue Bonds (Series 1999B), 5.75% (Escrowed In Treasuries COL), 1/1/2015 AAA / Aa2 5,880,302 1,000,000 United Nations, NY Development Corp., Senior Lien Refunding Revenue Bonds (Series 2004A), 5.25%, 7/1/2021 NR / A3 1,039,030 Total 67,320,353 North Carolina--1.3% 3,000,000 North Carolina Eastern Municipal Power Agency, Power Supply System Revenue Refunding Bonds (Series D), 5.125% (Original Issue Yield: 5.25%), 1/1/2023 BBB / Baa2 3,117,300 1,735,000 North Carolina HFA, Home Ownership Revenue Bonds (Series 13-A), 5.25%, 1/1/2022 AA / Aa2 1,800,479 1,600,000 North Carolina Medical Care Commission, Health Care Housing Revenue Bonds (Series 2004A), 5.80% (Arc of North Carolina Projects), 10/1/2034 NR / Baa1 1,636,832 Total 6,554,611 Ohio--4.4% 1,700,000 Cleveland, OH Municipal School District, UT GO Bonds, 5.25% (FSA INS), 12/1/2024 AAA / Aaa 1,864,050 400,000 Franklin County, OH Health Care Facilities, Improvement Revenue Bonds (Series 2005A), 5.125% (Ohio Presbyterian Retirement Services)/(Original Issue Yield: 5.25%), 7/1/2035 BBB / NR 413,796 3,000,000 Franklin County, OH Health Care Facilities, Revenue Refunding Bonds, 5.50% (Ohio Presbyterian Retirement Services)/(Original Issue Yield: 5.64%), 7/1/2017 BBB / NR 3,107,490 1,360,000 Ohio HFA, Residential Mortgage Revenue Bonds (Series 2002A-2), 5.50% (GNMA Collateralized Home Mortgage Program LOC), 9/1/2022 NR / Aaa 1,438,717 4,000,000 Ohio State Air Quality Development Authority, PCR Refunding Bonds (Series 2002A), 6.00% (Cleveland Electric Illuminating Co.), 12/1/2013 BB+ / Baa3 4,180,280 4,135,000 Ohio State, Infrastructure Improvement UT GO Bonds (Series 1999A), 5.75% (U.S. Treasury PRF 2/1/2010@101), 2/1/2017 AAA / Aa1 4,652,495 5,500,000 Ohio State, Infrastructure Improvement UT GO Bonds (Series A), 5.50% (U.S. Treasury PRF 2/1/2010@101)/(Original Issue Yield: 5.65%), 2/1/2019 AAA / Aa1 6,129,860 775,000 Toledo-Lucas County, OH Port Authority, Revenue Bonds (Series 2004C), 6.375% (Northwest Ohio Bond Fund), 11/15/2032 NR 819,446 Total 22,606,134 Oklahoma--0.2% 1,000,000 Tulsa, OK Industrial Authority, Revenue Bonds, (Series A), 6.00% (University of Tulsa)/(MBIA Insurance Corp. INS), 10/1/2016 AAA / Aaa 1,191,140 Oregon--1.0% 1,500,000 Clackamas County, OR Hospital Facilities Authority, Revenue Refunding Bonds (Series 2001), 5.25% (Legacy Health System)/(Original Issue Yield: 5.50%), 5/1/2021 AA / Aa3 1,601,280 3,395,000 Multnomah County, OR Hospital Facilities Authority, Revenue Bonds (Series 2004), 5.25% (Providence Health System), 10/1/2015 AA / Aa3 3,781,419 Total 5,382,699 Pennsylvania--4.9% 3,000,000 Allegheny County, PA HDA, Health System Revenue Bonds (Series 2000B), 9.25% (West Penn Allegheny Health System)/(Original Issue Yield: 9.70%), 11/15/2030 B / B1 3,611,610 1,280,000 Allegheny County, PA HDA, Refunding Revenue Bonds (Series 1998A), 5.125% (South Hills Health System)/(Original Issue Yield: 5.40%), 5/1/2029 NR / Baa1 1,263,782 4,000,000 1 Delaware Valley, PA Regional Finance Authority, Residual Interest Tax-Exempt Securities (PA-1029), 8.90603%, 7/1/2017 NR 5,353,400 500,000 Pennsylvania EDFA, Exempt Facilities Revenue Bonds (Series 2003A), 6.75% (Reliant Energy, Inc.), 12/1/2036 NR / B1 540,315 2,000,000 Pennsylvania HFA, SFM Revenue Bonds (Series 2002-73A), 5.45%, 10/1/2032 AA+ / Aa2 2,084,360 1,000,000 Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (Series 2001A), 6.00% (UPMC Health System)/(Original Issue Yield: 6.10%), 1/15/2022 A+ / NR 1,112,600 5,000,000 Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (Series 2001A), 6.25% (UPMC Health System), 1/15/2016 A+ / NR 5,681,000 1,000,000 Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (Series 2004A), 5.25% (Philadelphia University)/(Original Issue Yield: 5.32%), 6/1/2032 BBB / Baa2 1,014,540 3,480,000 Philadelphia, PA Redevelopment Authority, Neighborhood Transformation Revenue Bonds (Series 2005C), 5.00% (FGIC INS), 4/15/2030 AAA / Aaa 3,711,490 1,000,000 Pittsburgh & Allegheny County PA, Public Auditorium Hotel Room Revenue Bonds, 5.00% (AMBAC INS)/(Original Issue Yield: 5.15%), 2/1/2017 AAA / Aaa 1,076,590 Total 25,449,687 Puerto Rico--1.0% 4,500,000 Puerto Rico Electric Power Authority, Revenue Bonds (Series II), 5.25% (XL Capital Assurance Inc. INS)/(Original Issue Yield: 5.27%), 7/1/2022 AAA / Aaa 4,976,325 Rhode Island--0.5% 2,500,000 Rhode Island State Health and Educational Building Corp., Hospital Financing Revenue Bonds (Series 2002), 6.375% (Lifespan Obligated Group)/(Original Issue Yield: 6.58%), 8/15/2021 BBB+ / Baa1 2,811,875 South Carolina--1.5% 1,395,000 Lexington County, SC Health Services District, Inc., Hospital Revenue Bonds (Series 2004), 6.00% (Lexington Medical Center), 5/1/2019 A / A2 1,581,093 2,850,000 South Carolina Jobs-EDA, Economic Development Revenue Bonds, (Series 2002A), 5.50% (Bon Secours Health System)/(Original Issue Yield: 5.75%), 11/15/2023 A- / A3 3,027,954 2,795,000 South Carolina Jobs-EDA, Health System Revenue Bonds (Series A), 5.625% (Bon Secours Health System)/(Original Issue Yield: 5.84%), 11/15/2030 A- / A3 2,985,982 Total 7,595,029 South Dakota--0.9% 2,225,000 South Dakota Housing Development Authority, Home Ownership Mortgage Revenue Bonds (Series 2002C), 5.35%, 5/1/2022 AAA / Aa1 2,371,739 2,420,000 South Dakota Housing Development Authority, Multiple Purpose Revenue Bonds (Series 2002A), 5.15% (FSA INS), 11/1/2020 NR / Aaa 2,543,759 Total 4,915,498 Tennessee--2.6% 1,000,000 Harpeth Valley Utilities District, TN, Revenue Bonds, 5.05% (MBIA Insurance Corp. INS)/(Original Issue Yield: 5.08%), 9/1/2020 AAA / Aaa 1,065,930 5,515,000 Metropolitan Government Nashville & Davidson County, TN HEFA, Hospital Revenue Bonds (Series 1998A), 4.90% (Baptist Hospital, Inc. (TN))/ (Escrowed In Treasuries COL), 11/1/2014 AAA / Aaa 6,035,892 1,120,000 Shelby County, TN Health Education & Housing Facilities Board, Hospital Revenue Bonds, 6.50% (Methodist Healthcare)/(U.S. Treasury COL)/(Original Issue Yield: 6.57%), 9/1/2021 A- / A3 1,334,480 1,880,000 Shelby County, TN Health Education & Housing Facilities Board, Hospital Revenue Bonds, 6.50% (Methodist Healthcare)/(U.S. Treasury PRF 9/1/2012@100)/(Original Issue Yield: 6.57%), 9/1/2021 A- / A3 2,254,289 2,500,000 Sullivan County, TN Health Educational & Housing Facilities Board, Hospital Revenue Bonds, 6.25% (Wellmont Health System)/(Original Issue Yield: 6.45%), 9/1/2022 BBB+ / NR 2,776,250 Total 13,466,841 Texas--10.4% 4,900,000 Aledo, TX Independent School District, School Building UT GO Bonds (Series 2005A), 5.00% (PSFG INS), 2/15/2030 AAA / Aaa 5,213,502 4,600,000 Austin, TX Electric Utility System, Refunding Revenue Bonds, 5.25% (MBIA Insurance Corp. INS), 11/15/2022 AAA / Aaa 5,059,954 3,965,000 Brazos River Authority, TX, Refunding PCR Bonds (Series 2001C), 5.75% TOBs (TXU Energy), Mandatory Tender 11/1/2011 BBB- / Baa2 4,249,330 2,845,000 Cedar Hill, TX Independent School District, School Building UT GO Bonds, 5.00% (PSFG INS), 2/15/2030 AAA / NR 2,994,903 2,000,000 Comal County, TX HFDC, Revenue Bonds (Series 2002A), 6.125% (McKenna Memorial Hospital)/(Original Issue Yield: 6.28%), 2/1/2022 BBB / Baa2 2,184,680 3,000,000 Decatur, TX Hospital Authority, Hospital Revenue Bonds (Series 2004A), 7.00% (Wise Regional Health System)/(Original Issue Yield: 7.125%), 9/1/2025 NR 3,302,220 8,170,000 Harlingen, TX Consolidated Independent School District, Refunding UT GO Bonds, 5.00% (PSFG INS), 8/15/2029 AAA / Aaa 8,714,612 2,200,000 Harris County, TX HFDC, Hospital Revenue Bonds, (Series 1997A), 6.00% (Memorial Hospital System)/(MBIA Insurance Corp. LOC), 6/1/2011 AAA / Aaa 2,518,230 4,000,000 Harris County, TX HFDC, Hospital Revenue Bonds, (Series 1997A), 6.00% (Memorial Hospital System)/(MBIA Insurance Corp. LOC), 6/1/2012 AAA / Aaa 4,630,960 600,000 Matagorda County, TX Navigation District Number One, Collateralized Refunding Revenue Bonds, 5.60% (Centerpoint Energy Houston Electric), 3/1/2027 BBB / Baa2 633,270 2,300,000 Port of Corpus Christi, TX IDC, Revenue Refunding Bonds (Series C), 5.40% (Valero Energy Corp.), 4/1/2018 BBB- / Baa3 2,403,086 2,165,000 Richardson, TX Hospital Authority, Refunding & Improvement Hospital Revenue Bonds, 5.875% (Richardson Regional Medical Center)/(Original Issue Yield: 6.05%), 12/1/2024 BBB / Baa2 2,344,024 1,000,000 Sam Rayburn, TX Municpal Power Agency, Refunding Revenue Bonds (Series 2002A), 6.00%, 10/1/2021 BBB- / Baa2 1,089,290 1,000,000 San Antonio, TX Water System, Revenue Refunding Bonds, 5.75%, 5/15/2013 AA- / Aa3 1,104,580 5,000,000 Texas State Affordable Housing Corp., MFH Revenue Bonds (Series 2002A), 5.40% (American Housing Foundation)/(MBIA Insurance Corp. INS), 9/1/2022 AAA / Aaa 5,268,600 850,000 Texas State Transportation Commission, Mobility Fund Bonds (Series 2005A), 5.00% (Texas State), 4/1/2030 AA / Aa1 908,463 1,000,000 Texas Water Development Board, State Revolving Funds Revenue Bonds, (Series B), 5.00% (Original Issue Yield: 5.28%), 7/15/2019 AAA / Aaa 1,046,560 Total 53,666,264 Utah--3.7% 13,500,000 Salt Lake City, UT Hospital Authority, Hospital Revenue Refunding Bonds (Series A), 8.125% (IHC Hospitals Inc., UT)/(Escrowed In Treasuries COL)/(Original Issue Yield: 8.17%), 5/15/2015 AAA / NR 16,857,045 2,000,000 Utah County, UT IDA, Environmental Improvement Revenue Bonds, 5.05% TOBs (Marathon Oil Corp.), Mandatory Tender 11/1/2011 BBB+ / Baa1 2,126,180 Total 18,983,225 Virginia--3.1% 3,000,000 Chesapeake, VA IDA, PCR Bonds, 5.25% (Virginia Electric & Power Co.), 2/1/2008 BBB+ / A3 3,051,870 5,000,000 Richmond, VA, UT GO Bonds, 5.50% (FSA INS)/(Original Issue Yield: 5.58%), 1/15/2018 AAA / Aaa 5,561,000 3,000,000 Tobacco Settlement Financing Corp., VA, Revenue Bonds, 5.625% (Original Issue Yield: 5.78%), 6/1/2037 BBB / Baa3 3,085,980 3,900,000 Virginia Peninsula Port Authority, Coal Terminal Revenue Refunding Bonds (Series 2003), 6.00% (Brinks Co. (The)), 4/1/2033 BBB / Baa3 4,239,066 Total 15,937,916 Washington--3.8% 4,500,000 Port of Seattle, WA, Subordinate Lien Revenue Bonds (Series 1999A), 5.25% (FGIC INS), 9/1/2021 AAA / Aaa 4,894,110 1,000,000 Seattle, WA Water System, Revenue Bonds, 5.25%, 3/1/2013 AA / Aa2 1,070,690 500,000 Skagit County, WA Public Hospital District No. 1, Revenue Bonds (Series 2005), 5.50% (Skagit Valley Hospital), 12/1/2030 NR / Baa3 523,650 5,595,000 Washington State Convention & Trade Center, Lease Revenue Certificates of Participation, 5.125% (MBIA Insurance Corp. INS)/(Original Issue Yield: 5.30%), 7/1/2013 AAA / Aaa 6,008,582 6,675,000 Washington State, UT GO Bonds, (Series A), 5.625% (Original Issue Yield: 5.66%), 7/1/2022 AA / Aa1 7,336,893 Total 19,833,925 Wisconsin--3.7% 1,000,000 Marinette County, WI, UT GO Refunding Bonds, 6.50% (FGIC INS), 9/1/2018 NR / Aaa 1,160,940 2,045,000 Wisconsin Housing & EDA, Housing Revenue Bonds (Series 2002C), 5.35% (MBIA Insurance Corp. INS), 11/1/2022 AAA / Aaa 2,155,041 5,500,000 Wisconsin State HEFA, Refunding Revenue Bonds, 5.75% (Wheaton Franciscan Services)/(Original Issue Yield: 5.96%), 8/15/2025 A / A2 5,956,665 300,000 Wisconsin State HEFA, Revenue Bonds (Series 2004), 5.50% (Blood Center of Southeastern Wisconsin, Inc.)/(Original Issue Yield: 5.583%), 6/1/2024 BBB+ / NR 320,577 430,000 Wisconsin State HEFA, Revenue Bonds (Series 2004), 5.75% (Blood Center of Southeastern Wisconsin, Inc.)/(Original Issue Yield: 5.82%), 6/1/2034 BBB+ / NR 464,327 2,000,000 Wisconsin State HEFA, Revenue Bonds (Series 2004), 5.75% (Fort Healthcare, Inc.)/(Original Issue Yield: 5.84%), 5/1/2029 BBB+ / NR 2,135,680 1,340,000 Wisconsin State HEFA, Revenue Bonds (Series 2004A), 6.75% (Beaver Dam Community Hospitals, Inc.)/(Original Issue Yield: 6.95%), 8/15/2034 NR 1,420,333 1,400,000 Wisconsin State HEFA, Revenue Bonds (Series 2005), 5.25% (Vernon Memorial Healthcare, Inc.)/(Original Issue Yield: 5.28%), 3/1/2035 BBB- / NR 1,422,400 2,000,000 Wisconsin State HEFA, Revenue Bonds, 6.00% (SynergyHealth, Inc.)/(Original Issue Yield: 6.10%), 11/15/2023 BBB+ / NR 2,196,400 1,630,000 Wisconsin State HEFA, Revenue Bonds, 6.00% (Agnesian Healthcare, Inc.)/(Original Issue Yield: 6.15%), 7/1/2030 A- / A3 1,743,236 Total 18,975,599 Wyoming--0.2% 1,000,000 University of Wyoming, University Facilities Improvement Revenue Bonds, 5.50% (MBIA Insurance Corp. INS)/(Original Issue Yield: 5.70%), 6/1/2019 AAA / Aaa 1,083,490 Total MUNICIPAL BONDS (identified cost $474,292,364) 513,067,059 other--0.3% 1,500,000 1 GMAC Municipal Mortgage Trust, Pfd., (Series B-2), 5.50%, 10/31/2040 (IDENTIFIED COST $1,500,000) NR / Baa1 1,518,810 Total municipal Investments - 99.3 (identified cost $475,792,364)3 514,585,869 OTHER ASSETS AND LIABILITIES - NET - 0.7% 3,718,051 TOTAL NET ASSETS - 100% $ 518,303,920
Securities that are subject to the federal alternative minimum tax (AMT) represent 8.1% of the portfolio as calculated based upon total portfolio market value. 1 Denotes a restricted security, including securities purchased under Rule 144A of the Securities Act of 1933. These securities, all of which have been deemed liquid by criteria approved by the Fund's Board of Directors (the "Directors"), unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. At June 30, 2005, these securities amounted to $32,562,720 which represents 6.3% of total net assets. Additional information on restricted securities, excluding securities purchased under Rule 144A that have been deemed liquid by the Directors, held at June 30, 2005 is as follows: Security Acquisition Date Acquisition Cost --------------------------------------------------------------------- --------------------------------------------------------------------- Capital Trust Agency, FL, 4/23/2002 $ 3,000,000 Revenue Bonds (Series 2001), 10.00% (Seminole Tribe of Florida Convention and Resort Hotel Facilities), 10/1/2033 --------------------------------------------------------------------- --------------------------------------------------------------------- New York City, NY IDA, 3/15/2005 $ 3,000,000 Liberty Revenue Bonds (Series A), 6.25% (7 World Trade Center LLC), 3/1/2015 --------------------------------------------------------------------- --------------------------------------------------------------------- 2 Pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding short futures contracts. Unrealized Expiration Date Contracts To Receive Position Appreciation --------------------------------------------------------------------- --------------------------------------------------------------------- Sep 2005 75 U.S. Treasury Notes Short $ 12,400 10 Year Futures --------------------------------------------------------------------- --------------------------------------------------------------------- 3 At June 30, 2005, the cost of investments for federal tax purposes was $475,778,725. The net unrealized appreciation of investments for federal tax purposes was $38,807,144. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $38,838,021 and net unrealized depreciation from investments for those securities having an excess of cost over value of $30,877. Note: The categories of investments are shown as a percentage of total net assets at June 30, 2005. Investment Valuation Municipal bonds are valued by an independent pricing service, taking into consideration yield, liquidity, risk, credit quality, coupon, maturity, type of issue, and any other factors or market data the pricing service deems relevant. Short-term securities are valued at the prices provided by an independent pricing service. However, short-term securities with remaining maturities of 60 days or less at the time of purchase may be valued at amortized cost, which approximates fair market value. Securities for which no quotations are readily available are valued at fair value as determined in accordance with procedures established by and under general supervision of the Directors. The following acronyms are used throughout this portfolio: AMBAC --American Municipal Bond Assurance Corporation COL --Collateralized EDA --Economic Development Authority EDFA --Economic Development Financing Authority FGIC --Financial Guaranty Insurance Company FSA --Financial Security Assurance GNMA --Government National Mortgage Association GO --General Obligation GTD --Guaranty HDA --Hospital Development Authority HEFA --Health and Education Facilities Authority HFA --Housing Finance Authority HFDC --Health Facility Development Corporation IDA --Industrial Development Authority IDB --Industrial Development Bond IDC --Industrial Development Corporation IDRB --Industrial Development Revenue Bond INS --Insured LOC --Letter of Credit LT --Limited Tax MFH --Multi-Family Housing PCR --Pollution Control Revenue PCFA --Pollution Control Finance Authority PRF --Prerefunded PSFG --Permanent School Fund Guarantee RITES --Residual Interest Tax-Exempt Securities SFM --Single Family Mortgage TOBs --Tender Option Bonds UT --Unlimited Tax Item 2. Controls and Procedures (a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-Q. (b) There were no changes in the registrant's internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 3. Exhibits SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Registrant Federated Municipal Securities Fund, Inc. By /S/ Richard J. Thomas, Principal Financial Officer (insert name and title) Date August 22, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By /S/ J. Christopher Donahue, Principal Executive Officer Date August 22, 2005 By /S/ Richard J. Thomas, Principal Financial Officer Date August 22, 2005 EX-99.CERT 2 fmsfcert.txt N-Q Item 3- Exhibits: Certifications I, J. Christopher Donahue, certify that: 1. I have reviewed this report on Form N-Q of Federated Municipal Securities Fund, Inc. ("registrant"); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report, fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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; c. evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d. disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: August 22, 2005 /S/ J. Christopher Donahue President - Principal Executive Officer N-Q Item 3- Exhibits: Certifications I, Richard J. Thomas, certify that: 1. I have reviewed this report on Form N-Q of Federated Municipal Securities Fund, Inc. ("registrant"); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report, fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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; c. evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d. disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: August 22, 2005 /S/ Richard J. Thomas Treasurer - Principal Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----