EXHIBIT 17.1

KNOW  ALL  PERSONS  BY  THESE  PRESENTS  that  the  undersigned  Shareholders of
Federated Vermont Municipal Income Fund (the "Fund"), a portfolio  of  Federated
Municipal  Securities  Income  Trust (the "Trust"), hereby designate and appoint
George Magera, Justine Patrick,  James  Whetzel,  Maureen  Ferguson,  Heather A.
Eastgate, Megan Clement and Erin Dugan, as proxies to act at the Special Meeting
of Shareholders (the "Special Meeting") to be held on August 17, 2007,  at  5800
Corporate  Drive,  Pittsburgh,  Pennsylvania, 15237-7000, at 2:00 p.m.  (Eastern
Time) and at any adjournment thereof.

The proxies are hereby authorized and instructed to vote upon the matters
specified in the notice of meeting in accordance with the choices made on this
ballot.   If no choice is indicated as to a proposal, this proxy will be voted
affirmatively on the matters.  The proxies may vote in their discretion on any
other matter which may properly come before the Special Meeting.

THIS PROXY IS SOLICITED ON BEHALF  OF  THE BOARD OF TRUSTEES OF THE TRUST.  THIS
PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED  IN  THE  MANNER  DIRECTED  BY  THE
UNDERSIGNED SHAREHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED "FOR"
THE PROPOSAL.



PROPOSAL:   To approve or disapprove a proposed Agreement and Plan of
            Reorganization pursuant to which Federated Municipal Securities
            Fund, Inc. would acquire all of the assets of Federated Vermont
            Municipal Income Fund in exchange for Class A Shares of Federated
            Municipal Securities Fund, Inc.  to be distributed pro rata by
            Federated Vermont Municipal Income Fund in complete liquidation and
            termination of Federated Vermont Municipal Income Fund.

            FOR                [   ]



            AGAINST            [   ]


            ABSTAIN            [   ]




                               YOUR VOTE IS IMPORTANT
                         Please complete, sign and return this card as soon as
                         possible.



                                           Dated


                                           Signature


                                           Signature (Joint Owners)


Please  sign  this proxy exactly as your name appears on the books of the Trust.
Joint owners should  each sign personally. Trustees and other fiduciaries should
indicate the capacity  in which they sign, and where more than one name appears,
a majority must sign. If  a  corporation,  this  signature  should be that of an
authorized officer who should state his or her title.









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