<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   002                                            
     <NAME>                                                                    
                                Federated Municipal Securities Fund, Inc.      
                                B Shares                                       
<PERIOD-TYPE>                   12-Mos                                         
<FISCAL-YEAR-END>               Mar-31-1998                                    
<PERIOD-END>                    Mar-31-1998                                    
<INVESTMENTS-AT-COST>           694,344,458                                    
<INVESTMENTS-AT-VALUE>          724,749,481                                    
<RECEIVABLES>                   13,226,554                                     
<ASSETS-OTHER>                  0                                              
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  737,976,035                                    
<PAYABLE-FOR-SECURITIES>        39,478,519                                     
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       2,267,440                                      
<TOTAL-LIABILITIES>             41,745,959                                     
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        672,001,933                                    
<SHARES-COMMON-STOCK>           8,005,162                                      
<SHARES-COMMON-PRIOR>           7,521,540                                      
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          (3,851,364)                                    
<ACCUMULATED-NET-GAINS>         (2,325,516)                                    
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        30,405,023                                     
<NET-ASSETS>                    87,304,060                                     
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               39,150,357                                     
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  7,004,385                                      
<NET-INVESTMENT-INCOME>         32,145,972                                     
<REALIZED-GAINS-CURRENT>        (664,845)                                      
<APPREC-INCREASE-CURRENT>       42,415,663                                     
<NET-CHANGE-FROM-OPS>           73,896,790                                     
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       3,245,800                                      
<DISTRIBUTIONS-OF-GAINS>        204,140                                        
<DISTRIBUTIONS-OTHER>           66,543                                         
<NUMBER-OF-SHARES-SOLD>         2,304,892                                      
<NUMBER-OF-SHARES-REDEEMED>     1,983,725                                      
<SHARES-REINVESTED>             162,455                                        
<NET-CHANGE-IN-ASSETS>          2,635,228                                      
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       (34,795)                                       
<OVERDISTRIB-NII-PRIOR>         (3,325,545)                                    
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           3,872,458                                      
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 7,845,975                                      
<AVERAGE-NET-ASSETS>            702,466,607                                    
<PER-SHARE-NAV-BEGIN>           10.310                                         
<PER-SHARE-NII>                 0.380                                          
<PER-SHARE-GAIN-APPREC>         0.640                                          
<PER-SHARE-DIVIDEND>            0.380                                          
<PER-SHARE-DISTRIBUTIONS>       0.030                                          
<RETURNS-OF-CAPITAL>            0.010                                          
<PER-SHARE-NAV-END>             10.910                                         
<EXPENSE-RATIO>                 1.75                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>