UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, DC  20549

                                   FORM N-PX

                      ANNUAL REPORT OF PROXY VOTING RECORD
                                       OF
                    REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-2677


Federated Municipal Securities Fund, Inc.
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)

5800 Corporate Drive
Pittsburgh, PA  15237-7000
- --------------------------------------------------------------------------------
(Address of principal executive offices)

John W. McGonigle, Esquire
Federated Investors, Inc.
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, PA  15222-3779
- --------------------------------------------------------------------------------

(Name and address of agent for service)

Registrant's telephone number, including area code:  412-288-1900

Date of reporting period: 7/1/2006 - 6/30/2007

Federated Municipal Securities Fund, Inc.

There were no matters relating to a portfolio security considered at any
shareholder meeting held during the period covered by this report and with
respect to which the fund named above was entitled to vote.







                                   SIGNATURES

     Pursuant to the requirements of 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 (Signature and Title)/s/ J. Christopher Donahue
                     J. Christopher Donahue
                     Principal Executive Officer and President

Date:  August 21, 2007