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002 A000000 FEDERATED INVESTORS TOWER
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<PAGE> PAGE 2
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013 A000001 ERNST & YOUNG
013 B010001 BOSTON
013 B020001 MA
013 B030001 02116
013 B040001 5072
015 A000001 STATE STREET BANK AND TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02266
015 C040001 8600
015 E010001 X
015 A000002 BANKERS TRUST CO.
015 B000002 S
015 C010002 NEW YORK
015 C020002 NY
015 C030002 10015
015 E010002 X
015 A000003 BANK OF NEW YORK
015 B000003 S
015 C010003 NEW YORK
015 C020003 NY
015 C030003 10006
015 E010003 X
015 A000004 THE CHASE MANHATTAN CORP.
015 B000004 S
015 C010004 NEW YORK
015 C020004 NY
015 C030004 10006
015 E010004 X
015 A000005 MORGAN GUARANTY BANK & TRUST CO.
015 B000005 S
015 C010005 NEW YORK
015 C020005 NY
015 C030005 10015
015 E010005 X
015 A000006 NATIONSBANK OF NORTH CAROLINA
015 B000006 S
015 C010006 CHARLOTTE
015 C020006 NC
015 C030006 28255
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<PAGE> PAGE 3
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022 A000001 LEHMAN BROS INC.
022 B000001 13-2518466
022 C000001 172545
022 D000001 93138
022 A000002 INTERMEDIATE MUNI TRUST
022 C000002 47700
022 D000002 42950
022 A000003 PAINE WEBBER INCORPORATED
022 C000003 41762
022 D000003 47070
022 A000004 FORTESS HIGH YIELD TAX F
022 C000004 33300
022 D000004 47065
022 A000005 TAX FREE OBLIGATIONS FUND
022 C000005 37900
022 D000005 37100
022 A000006 FEDERATED SHORT INTERMEDIATE FUND
022 C000006 33100
022 D000006 35600
022 A000007 MERRILL LYNCH PIERCE FENNER & SMITH,INC.
022 C000007 46116
022 D000007 22500
022 A000008 FLEET NORTHSTAR FINANCIAL GROUP
022 C000008 6499
022 D000008 50658
022 A000009 PRUDENTIAL SECURITIES, INC.
022 C000009 9872
022 D000009 42586
022 A000010 LIMITED TERM MUNICIPAL FUND
022 C000010 24500
022 D000010 24800
023 C000000 624915
023 D000000 601854
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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SIGNATURE STEVE KEANE
TITLE GENERAL COUNSEL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000201801
<NAME> Federated Municpal Securities Fund, Inc.
<SERIES>
<NUMBER> 101
<NAME> Federated Municpal Securities Fund, Class A
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Mar-31-2000
<PERIOD-END> Sep-30-1999
<INVESTMENTS-AT-COST> 579,945,451
<INVESTMENTS-AT-VALUE> 588,709,141
<RECEIVABLES> 20,860,544
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 609,569,685
<PAYABLE-FOR-SECURITIES> 10,778,362
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,989,008
<TOTAL-LIABILITIES> 13,767,370
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 623,947,843
<SHARES-COMMON-STOCK> 49,887,235
<SHARES-COMMON-PRIOR> 51,772,752
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (3,185,244)
<ACCUMULATED-NET-GAINS> (33,723,974)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,763,690
<NET-ASSETS> 501,041,151
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 18,198,745
<OTHER-INCOME> 0
<EXPENSES-NET> (3,312,689)
<NET-INVESTMENT-INCOME> 14,886,056
<REALIZED-GAINS-CURRENT> (20,888,810)
<APPREC-INCREASE-CURRENT> (29,541,927)
<NET-CHANGE-FROM-OPS> (35,544,681)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (12,904,032)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,499,487
<NUMBER-OF-SHARES-REDEEMED> (7,048,980)
<SHARES-REINVESTED> 663,976
<NET-CHANGE-IN-ASSETS> (72,707,123)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (12,835,164)
<OVERDISTRIB-NII-PRIOR> (3,185,244)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,767,448
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,687,201
<AVERAGE-NET-ASSETS> 533,892,597
<PER-SHARE-NAV-BEGIN> 10.870
<PER-SHARE-NII> 0.260
<PER-SHARE-GAIN-APPREC> (0.830)
<PER-SHARE-DIVIDEND> (0.260)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.040
<EXPENSE-RATIO> 0.90
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000201801
<NAME> Federated Municpal Securities Fund, Inc.
<SERIES>
<NUMBER> 102
<NAME> Federated Municpal Securities Fund, Class B
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Mar-31-2000
<PERIOD-END> Sep-30-1999
<INVESTMENTS-AT-COST> 579,945,451
<INVESTMENTS-AT-VALUE> 588,709,141
<RECEIVABLES> 20,860,544
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 609,569,685
<PAYABLE-FOR-SECURITIES> 10,778,362
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,989,008
<TOTAL-LIABILITIES> 13,767,370
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 623,947,843
<SHARES-COMMON-STOCK> 8,027,506
<SHARES-COMMON-PRIOR> 8,163,539
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (3,185,244)
<ACCUMULATED-NET-GAINS> (33,723,974)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,763,690
<NET-ASSETS> 80,623,688
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 18,198,745
<OTHER-INCOME> 0
<EXPENSES-NET> (3,312,689)
<NET-INVESTMENT-INCOME> 14,886,056
<REALIZED-GAINS-CURRENT> (20,888,810)
<APPREC-INCREASE-CURRENT> (29,541,927)
<NET-CHANGE-FROM-OPS> (35,544,681)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,671,183)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 592,379
<NUMBER-OF-SHARES-REDEEMED> (789,032)
<SHARES-REINVESTED> 60,620
<NET-CHANGE-IN-ASSETS> (72,707,123)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (12,835,164)
<OVERDISTRIB-NII-PRIOR> (3,185,244)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,767,448
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,687,201
<AVERAGE-NET-ASSETS> 84,765,112
<PER-SHARE-NAV-BEGIN> 10.870
<PER-SHARE-NII> 0.210
<PER-SHARE-GAIN-APPREC> (0.830)
<PER-SHARE-DIVIDEND> (0.210)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.040
<EXPENSE-RATIO> 1.79
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000201801
<NAME> Federated Municpal Securities Fund, Inc.
<SERIES>
<NUMBER> 103
<NAME> Federated Municpal Securities Fund, Class C
<S> <C>
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Mar-31-2000
<PERIOD-END> Sep-30-1999
<INVESTMENTS-AT-COST> 579,945,451
<INVESTMENTS-AT-VALUE> 588,709,141
<RECEIVABLES> 20,860,544
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 609,569,685
<PAYABLE-FOR-SECURITIES> 10,778,362
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,989,008
<TOTAL-LIABILITIES> 13,767,370
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 623,947,843
<SHARES-COMMON-STOCK> 1,407,611
<SHARES-COMMON-PRIOR> 1,551,636
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (3,185,244)
<ACCUMULATED-NET-GAINS> (33,723,974)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,763,690
<NET-ASSETS> 14,137,476
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 18,198,745
<OTHER-INCOME> 0
<EXPENSES-NET> (3,312,689)
<NET-INVESTMENT-INCOME> 14,886,056
<REALIZED-GAINS-CURRENT> (20,888,810)
<APPREC-INCREASE-CURRENT> (29,541,927)
<NET-CHANGE-FROM-OPS> (35,544,681)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (310,841)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 160,476
<NUMBER-OF-SHARES-REDEEMED> (321,447)
<SHARES-REINVESTED> 16,946
<NET-CHANGE-IN-ASSETS> (72,707,123)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (12,835,164)
<OVERDISTRIB-NII-PRIOR> (3,185,244)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,767,448
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,687,201
<AVERAGE-NET-ASSETS> 15,732,731
<PER-SHARE-NAV-BEGIN> 10.870
<PER-SHARE-NII> 0.210
<PER-SHARE-GAIN-APPREC> (0.830)
<PER-SHARE-DIVIDEND> (0.210)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.040
<EXPENSE-RATIO> 1.78
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
77C. Matters Submitted to a Vote of Security Holders
The Special Meeting of Shareholders of Federated Municipal Securities Fund,
Inc. (the "Fund") was held on June 30, 1999. The following items were
approved by shareholders at this meeting.
1. ELECTION OF DIRECTORS. 1
Shares Voted Affirmatively
Shares Withheld
John F. Cunningham
44,127,562
979,099
Charles F. Mansfield, Jr.
44,149,187
957,474
John S. Walsh
44,174,466
932,195
1 The following Directors continued their terms as Directors: John F. Donahue,
Thomas G. Bigley, John T. Conroy, Nicholas P. Constantakis, J. Christopher
Donahue, Lawrence D. Ellis, M.D., Peter E. Madden, John E. Murray, Jr., and
Marjorie P. Smuts.
2. TO RATIFY THE SELECTION OF DELOITTE & TOUCHE LLP AS THE FUND'S INDEPENDENT
AUDITORS.
SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
43,345,620
362,713
1,398,328
3. TO MAKE CHANGES TO THE FUND'S FUNDAMENTAL INVESTMENT POLICIES:
a. To approve amending the Fund's fundamental investment policy regarding
diversification.
SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
33,876,423
1,291,520
2,370,152
b. To approve amending the Fund's fundamental investment policy regarding
borrowing money and issuing senior securities.
SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
32,868,723
2,323,780
2,645,593
c. To approve amending the Fund's fundamental investment policy regarding
investments in real estate.
SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
33,022,028
2,301,341
2,514,727
d. To approve amending the Fund's fundamental investment policy concerning
investments in commodities.
SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
32,332,705
2,849,503
2,655,888
e. To approve amending the Fund's fundamental investment policy regarding
underwriting securities.
SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
33,281,313
2,018,272
2,538,510
f. To approve amending the Fund's fundamental investment policy regarding
lending by the Fund.
SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
32,707,007
2,370,372
2,760,716
g. To approve amending the Fund's fundamental investment policy regarding
concentration of the Fund's investments in the securities of companies in the
same industry.
SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
33,219,925
2,099,241
2,518,930
h. To approve amending the Fund's fundamental investment policy regarding
investments in municipal securities.
SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
34,024,862
1,504,770
2,308,464
i. To approve amending and making non-fundamental, the Fund's fundamental
investment policy regarding buying securities on margin.
SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
31,970,723
3,055,625
2,811,747
j. To approve amending and making non-fundamental, the Fund's fundamental
investment policy regarding pledging assets.
SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
32,178,686
2,881,539
2,777,871
k. To make non-fundamental the Fund's current fundamental investment policies
regarding permissible investments.
SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
32,640,857
2,353,418
2,844,820
l. To make non-fundamental the Fund's current fundamental investment policy
regarding temporary investments.
SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
32,983,279
2,128,564
2,726,252
m. To make non-fundamental the Fund's current fundamental investment policy
regarding engaging in when-issued and delayed delivery transactions.
SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
32,873,734
2,046,460
2,917,902
n. To make non-fundamental the Fund's current fundamental investment policy
regarding investing in securities of other investment companies.
SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
32,676,806
2,342,71
2,818,619
o. To approve eliminating the Fund's fundamental investment policy on
investments in oil, gas and minerals.
SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
32,613,713
2,701,398
2,522,984
p. To approve eliminating the Fund's fundamental investment policy on selling
securities short.
SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
32,181,728
2,969,319
2,687,049
q. To approve eliminating the Fund's fundamental investment policy regarding
trading portfolio securities.
SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
32,856,376
2,289,302
2,692,418
(4) To approve amendments to the Fund's Articles of Incorporation to permit
the Board of Directors to liquidate assets of a series or class without
seeking shareholder approval to the extent permitted under Maryland law.
SHARES VOTED AFFIRMATIVELY
SHARES VOTED NEGATIVELY
SHARES ABSTAINING
32,192,752
3,130,435
2,514,909
Item 77K
Changes in Registrant's Certifying Accountant
On May 19, 1999, the Fund's Board of Directors, upon the recommendation of the
Audit Committee of the Board of Directors, requested and subsequentially
accepted the resignation of Deloitte & Touche LLP ("D & T") as the Fund's
independent auditors. During the six month period ending September 30, 1999
(the "Period"), (i ) D & T did not issue any report on the Fund's financial
statements, (ii) there were no disagreements with D & T on any matter of
accounting principles or practices, financial statement disclosure or
auditing scope or procedure, which disagreements, if not resolved to the
satisfaction of D & T, would have caused them to make reference to the
subject matter of the disagreements in connection with their report on the
financial statements for such period, and (iii) there were no "reportable
events" of the kind described in Item 304(a)(1)(v) of Regulation S-K under
the Securities Exchange Act of 1934, as amended.
The Fund, by action of its Board of Directors, engaged Ernst & Young LLP
("E & Y) as the independent auditors for purposes of auditing the Fund's
financial statements for the fiscal year ending March 31, 2000. During the
Period, neither the Fund, nor anyone on the Fund's behalf has consulted E & Y
on items which (i) concerned the application of accounting principles to a
specified transaction, either completed or proposed, or the type of audit
opinion that might be rendered on the Fund's financial statements or (ii)
concerned the subject of a disagreement ( as defined in paragraph (a)(1)(iv)
of Item 304 of Regulation S-K) or reportable events ( as described in
paragraph (a)(1)(v)of said Item 304).
