EXHIBIT 11

                                                                  Reed Smith LLP
                                                                  Liberty Tower
                                                                      12th Floor
                                                            1001 Liberty Avenue
                                                       Pittsburgh, PA 15222-3779
                                                                    412.288.3131
                                                                Fax 412.288.3063

May 30, 2007

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 Federated Vermont  Municipal
Income  Fund, a portfolio of Federated Municipal  Securities  Income  Trust,  in
exchange for Class A Shares of the Fund ("Shares") pursuant to the Agreement and
Plan of Reorganization  dated May 31, 2007 ("Agreement"), included as an exhibit
to the registration statement  of  the  Fund  filed  on  Form  N-14   under  the
Securities Act of 1933, as amended ("N-14 Registration").

        As  counsel  we  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,
we  have examined and are familiar with the written  Articles  of  Incorporation
dated  April  30,  1993  ("Articles") and the Bylaws of the Fund, and such other
documents and records deemed relevant for the purpose of rendering this opinion.
We have also reviewed questions  of law as deemed necessary or appropriate by us
for the purposes of this opinion.

        Based upon the foregoing, it is our 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.









        We 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/Reed Smith LLP
                                  Reed Smith LLP