% Crop Marks
.5 setlinewidth
/markl 9 def
/whitel 4 def
/top 72 def
/bottom 122 def
/left 45 def
/right 45 def
%horizontals
left markl sub whitel sub wp$y wp$top sub moveto markl 0 rlineto
wp$x right sub left sub whitel 2 mul add 0 rmoveto markl 0 rlineto
left markl sub whitel sub bottom moveto markl 0 rlineto
wp$x right sub left sub whitel 2 mul add 0 rmoveto markl 0 rlineto
%verticals
left bottom markl sub whitel sub moveto 0 markl rlineto
0 wp$y wp$top sub bottom sub whitel 2 mul add rmoveto 0 markl rlineto
wp$x right sub bottom markl sub whitel sub moveto 0 markl rlineto
0 wp$y wp$top sub bottom sub whitel 2 mul add rmoveto 0 markl rlineto
stroke
LIBERTY MUNICIPAL SECURITIES FUND, INC.
Class A Shares
Supplement to Prospectus dated July 31, 1994
1. On page 4 of the prospectus, please delete the last paragraph of the
section entitled "Liberty Family of Funds" which begins on page 3.
2. Please delete the table in the section entitled "What Shares Cost" on
page 10 and insert the following table in its place:
Sales Load as Sales Load as Dealer Concession
Amount of a Percentage of a Percentage ofas a Percentage of
Transaction Offering Price Net Amount Invested Public Off
ering Price
Less than $100,000 4.50% 4.71% 4.00%
$100,000 but less than $250,000 3.75% 3.90%
3.25%
$250,000 but less than $500,000 2.50% 2.56%
2.25%
$500,000 but less than $1,000,000 2.00% 2.04%
1.80%
$1,000,000 or greater 0.00% 0.00% 0.25%*
*See sub-section entitled "Dealer Concession"
below.
3. Please delete the first three sentences of the sub-section entitled
"Dealer Concession" on page 10 and insert the following as the first
sentence:
"In addition to the dealer concession as noted in the table
above, the distributor may offer to pay dealers up to 100% of
the sales load retained by it."
September 30, 1994
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
530900109
G00671-09 (9/94)
