LIBERTY MUNICIPAL SECURITIES FUND, INC.
Class B Shares
Supplement to the Prospectus dated July 31, 1994
1. On page 18 of the Prospectus, please add the following sentence to the
end of the second paragraph of the section entitled "Distribution of
Class B Shares":
"Dealers may voluntarily waive receipt of all or any portion of these
payments."
2. On page 19 of the Prospectus, please add the following sentence to the
end of the first paragraph of the subsection entitled "Distribution
and Shareholder Services Plan":
"The distributor may pay a portion of this amount to financial
institutions that waive all or any portion of the payments discussed
in the preceding paragraph."
September 2, 1994
FEDERATED SECURITIES CORP.
Distributor
A subsidiary of Federated Investors
Federated Investors Tower
Pittsburgh, PA 15222-3779
530900406
G00637-03-B (9/94)
