FEDERATED MUNICIPAL SECURITIES FUND INC
NSAR-B, 1996-05-30
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<PAGE>      PAGE  1
000 B000000 03/31/96
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<PAGE>      PAGE  2
012 A000001 FEDERATED SHAREHOLDER SERVICES COMPANY
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022 A000009 SANDLER, O'NEIL & PARTNERS, L.P.
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022 A000010 PRUDENTIAL SECURITIES, INC.
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SIGNATURE   S. ELLIOTT COHAN                             
TITLE       ASST. GEN. COUNSEL  
 


<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   001                                            
     <NAME>                     Federated Municipal Securities Fund, Inc.      
                                Class A Shares                                 
                                                                               
<PERIOD-TYPE>                   12-MOS                                         
<FISCAL-YEAR-END>               Mar-31-1996                                    
<PERIOD-END>                    Mar-31-1996                                    
<INVESTMENTS-AT-COST>           719,348,580                                    
<INVESTMENTS-AT-VALUE>          732,780,763                                    
<RECEIVABLES>                   17,074,378                                     
<ASSETS-OTHER>                  100,273                                        
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  749,955,414                                    
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       2,207,170                                      
<TOTAL-LIABILITIES>             2,207,170                                      
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        727,630,560                                    
<SHARES-COMMON-STOCK>           61,344,756                                     
<SHARES-COMMON-PRIOR>           64,904,435                                     
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         6,666,727                                      
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        13,432,183                                     
<NET-ASSETS>                    663,537,987                                    
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               52,709,355                                     
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  7,960,058                                      
<NET-INVESTMENT-INCOME>         44,749,297                                     
<REALIZED-GAINS-CURRENT>        7,079,845                                      
<APPREC-INCREASE-CURRENT>       (13,521,713)                                   
<NET-CHANGE-FROM-OPS>           38,307,429                                     
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       41,611,908                                     
<DISTRIBUTIONS-OF-GAINS>        894,502                                        
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         23,530,576                                     
<NUMBER-OF-SHARES-REDEEMED>     29,468,002                                     
<SHARES-REINVESTED>             2,377,750                                      
<NET-CHANGE-IN-ASSETS>          (1,553,724)                                    
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       556,412                                        
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           4,644,716                                      
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 8,888,165                                      
<AVERAGE-NET-ASSETS>            753,112,728                                    
<PER-SHARE-NAV-BEGIN>           10.920                                         
<PER-SHARE-NII>                 0.660                                          
<PER-SHARE-GAIN-APPREC>         0.090                                          
<PER-SHARE-DIVIDEND>            0.660                                          
<PER-SHARE-DISTRIBUTIONS>       0.010                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             10.820                                         
<EXPENSE-RATIO>                 0.98                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   002                                            
     <NAME>                     Federated Municipal Securities Fund, Inc.      
                                Class B Shares                                 
                                                                               
<PERIOD-TYPE>                   12-MOS                                         
<FISCAL-YEAR-END>               Mar-31-1996                                    
<PERIOD-END>                    Mar-31-1996                                    
<INVESTMENTS-AT-COST>           719,348,580                                    
<INVESTMENTS-AT-VALUE>          732,780,763                                    
<RECEIVABLES>                   17,074,378                                     
<ASSETS-OTHER>                  100,273                                        
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  749,955,414                                    
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       2,207,170                                      
<TOTAL-LIABILITIES>             2,207,170                                      
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        727,630,560                                    
<SHARES-COMMON-STOCK>           5,389,543                                      
<SHARES-COMMON-PRIOR>           1,666,993                                      
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         6,666,727                                      
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        13,432,183                                     
<NET-ASSETS>                    58,296,233                                     
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               52,709,355                                     
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  7,960,058                                      
<NET-INVESTMENT-INCOME>         44,749,297                                     
<REALIZED-GAINS-CURRENT>        7,079,845                                      
<APPREC-INCREASE-CURRENT>       (13,521,713)                                   
<NET-CHANGE-FROM-OPS>           38,307,429                                     
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       1,898,925                                      
<DISTRIBUTIONS-OF-GAINS>        44,667                                         
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         4,157,827                                      
<NUMBER-OF-SHARES-REDEEMED>     526,969                                        
<SHARES-REINVESTED>             91,690                                         
<NET-CHANGE-IN-ASSETS>          (1,553,724)                                    
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       556,412                                        
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           4,644,716                                      
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 8,888,165                                      
<AVERAGE-NET-ASSETS>            753,112,728                                    
<PER-SHARE-NAV-BEGIN>           10.920                                         
<PER-SHARE-NII>                 0.560                                          
<PER-SHARE-GAIN-APPREC>         0.090                                          
<PER-SHARE-DIVIDEND>            0.560                                          
<PER-SHARE-DISTRIBUTIONS>       0.010                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             10.820                                         
<EXPENSE-RATIO>                 1.86                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   003                                            
     <NAME>                     Federated Municipal Securities Fund, Inc.      
                                Class C Shares                                 
                                                                               
<PERIOD-TYPE>                   12-MOS                                         
<FISCAL-YEAR-END>               Mar-31-1996                                    
<PERIOD-END>                    Mar-31-1996                                    
<INVESTMENTS-AT-COST>           719,348,580                                    
<INVESTMENTS-AT-VALUE>          732,780,763                                    
<RECEIVABLES>                   17,074,378                                     
<ASSETS-OTHER>                  100,273                                        
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  749,955,414                                    
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       2,207,170                                      
<TOTAL-LIABILITIES>             2,207,170                                      
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        727,630,560                                    
<SHARES-COMMON-STOCK>           2,395,801                                      
<SHARES-COMMON-PRIOR>           2,050,571                                      
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         6,666,727                                      
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        13,432,183                                     
<NET-ASSETS>                    25,914,024                                     
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               52,709,355                                     
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  7,960,058                                      
<NET-INVESTMENT-INCOME>         44,749,297                                     
<REALIZED-GAINS-CURRENT>        7,079,845                                      
<APPREC-INCREASE-CURRENT>       (13,521,713)                                   
<NET-CHANGE-FROM-OPS>           38,307,429                                     
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       1,219,692                                      
<DISTRIBUTIONS-OF-GAINS>        30,361                                         
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         797,328                                        
<NUMBER-OF-SHARES-REDEEMED>     511,334                                        
<SHARES-REINVESTED>             59,235                                         
<NET-CHANGE-IN-ASSETS>          (1,553,724)                                    
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       556,412                                        
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           4,644,716                                      
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 8,888,165                                      
<AVERAGE-NET-ASSETS>            753,112,728                                    
<PER-SHARE-NAV-BEGIN>           10.920                                         
<PER-SHARE-NII>                 0.560                                          
<PER-SHARE-GAIN-APPREC>         0.090                                          
<PER-SHARE-DIVIDEND>            0.560                                          
<PER-SHARE-DISTRIBUTIONS>       0.010                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             10.820                                         
<EXPENSE-RATIO>                 1.82                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>


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