<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   002                                            
     <NAME>                     Federated Municipal Securities Fund, Inc.      
                                Class B Shares                                 
                                                                               
<PERIOD-TYPE>                   6-Mos                                          
<FISCAL-YEAR-END>               Mar-31-1998                                    
<PERIOD-END>                    Sep-30-1997                                    
<INVESTMENTS-AT-COST>           692,288,766                                    
<INVESTMENTS-AT-VALUE>          680,278,125                                    
<RECEIVABLES>                   16,686,171                                     
<ASSETS-OTHER>                  241,903                                        
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  697,206,199                                    
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       3,611,351                                      
<TOTAL-LIABILITIES>             3,611,351                                      
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        708,965,828                                    
<SHARES-COMMON-STOCK>           7,521,540                                      
<SHARES-COMMON-PRIOR>           5,389,543                                      
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          (3,325,545)                                    
<ACCUMULATED-NET-GAINS>         (34,795)                                       
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        (12,010,640)                                   
<NET-ASSETS>                    77,535,846                                     
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               45,675,471                                     
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  7,604,574                                      
<NET-INVESTMENT-INCOME>         38,070,897                                     
<REALIZED-GAINS-CURRENT>        (30,587)                                       
<APPREC-INCREASE-CURRENT>       (25,442,823)                                   
<NET-CHANGE-FROM-OPS>           12,597,487                                     
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       3,157,991                                      
<DISTRIBUTIONS-OF-GAINS>        332,555                                        
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         3,354,939                                      
<NUMBER-OF-SHARES-REDEEMED>     1,426,287                                      
<SHARES-REINVESTED>             203,345                                        
<NET-CHANGE-IN-ASSETS>          (54,153,394)                                   
<ACCUMULATED-NII-PRIOR>         18,772                                         
<ACCUMULATED-GAINS-PRIOR>       6,666,727                                      
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           4,379,885                                      
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 8,489,957                                      
<AVERAGE-NET-ASSETS>            702,746,051                                    
<PER-SHARE-NAV-BEGIN>           10.820                                         
<PER-SHARE-NII>                 0.470                                          
<PER-SHARE-GAIN-APPREC>         0.370                                          
<PER-SHARE-DIVIDEND>            0.470                                          
<PER-SHARE-DISTRIBUTIONS>       0.100                                          
<RETURNS-OF-CAPITAL>            0.040                                          
<PER-SHARE-NAV-END>             10.310                                         
<EXPENSE-RATIO>                 1.82                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>