FEDERATED MUNICIPAL SECURITIES FUND, INC.
Class A Shares
Class B Shares
Class C Shares
Supplement to Prospectus dated July 31, 1997
On July 21, 1998, the Fund will hold a Special Meeting of shareholders for the
following purposes:
1) To elect three Directors.
2) To make changes to the Fund's fundamental investment policies:
a) To amend and to change from a fundamental to an operating policy the
Fund's ability to invest in restricted securities;
b) To amend and to change from a fundamental to an operating policy the
Fund's ability to invest in the securities of other investment companies;
c) To amend and to change from a fundamental to an operating policy
the Fund's ability to invest in non-investment grade municipal bonds;
d) To remove the Fund's fundamental investment policy on investing
in puts and calls; and
e) To remove the Fund's fundamental investment policy on investing in
issuers whose securities are owned by Officers and Directors.
May 22 , 1998
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Cusip 313913105
313913204
313913303
G01281-04 (5/98)
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