SUB-ITEM 77E:  LEGAL PROCEEDINGS


Like many other mutual fund companies, in September 2003, Federated
Investors, Inc., the parent company of the Federated funds' advisers and
distributor (collectively, "Federated"), received detailed requests for
information on shareholder trading activities in the Federated funds
("Funds") from the Securities and Exchange Commission, the New York State
Attorney General, and the National Association of Securities Dealers.  Since
that time, Federated has received additional inquiries from regulatory
authorities on these and related matters, and more such inquiries may be
received in the future.
As a result of these inquiries, Federated and the Funds have conducted an
internal investigation of the matters raised, which revealed instances in
which a few investors were granted exceptions to Federated's internal
procedures for limiting frequent transactions and that one of these investors
made an additional investment in another Federated fund.  The investigation
has also identified inadequate procedures which permitted a limited number of
investors (including several employees) to engage in undetected frequent
trading activities and/or the placement and acceptance of orders to purchase
shares of fluctuating net asset value funds after the funds' closing times.
Federated has issued a series of press releases describing these matters in
greater detail and emphasizing that it is committed to compensating the Funds
for any detrimental impact these transactions may have had on them.  In that
regard, on February 3, 2004, Federated and the independent directors of the
Funds announced the establishment by Federated of a restoration fund that is
intended to cover any such detrimental impact.  The press releases and
related communications are available in the "About Us" section of Federated's
website www.federatedinvestors.com, and any future press releases on this
subject will also be posted there.
Shortly after Federated's first public announcement concerning the
foregoing matters, and notwithstanding Federated's commitment to taking
remedial actions, Federated and various Funds were named as defendants in
several class action lawsuits now pending in the United States District
Court for the District of Maryland seeking damages of unspecified amounts.
The lawsuits were purportedly filed on behalf of people who purchased,
owned and/or redeemed shares of Federated-sponsored mutual funds during
specified periods beginning November 1, 1998.  The suits are generally
similar in alleging that Federated engaged in illegal and improper trading
practices including market timing and late trading in concert with certain
institutional traders, which allegedly caused financial injury to the
mutual fund shareholders.
Federated and various Funds have also been named as defendants in several
additional lawsuits, the majority of which are now pending in the United
States District Court for the Western District of Pennsylvania, alleging,
among other things, excessive advisory and rule 12b-1 fees, and seeking
damages of unspecified amounts.
The board of the Funds has retained the law firm of Dickstein, Shapiro
Morin & Oshinsky LLP to represent the Funds in these lawsuits.  Federated
and the Funds, and their respective counsel, are reviewing the allegations
and will respond appropriately.  Additional lawsuits based upon similar
allegations may be filed in the future. The potential impact of these
recent lawsuits and future potential similar suits is uncertain. Although
we do not believe that these lawsuits will have a material adverse effect
on the Funds, there can be no assurance that these suits, the ongoing
adverse publicity and/or other developments resulting from the regulatory
investigations will not result in increased Fund redemptions, reduced
sales of Fund shares, or other adverse consequences for the Funds.





SUB-ITEM 77Q1:  Exhibits




AMENDMENT #11
TO THE BY-LAWS
OF
FEDERATED MUNICIPAL HIGH YIELD ADVANTAGE FUND, INC.
Effective September 21, 2004

Insert the following into Article IV, Officers and renumber Section 15 as
Section 16:
Section 15.  Chief Compliance Officer.  The Chief Compliance
Officer shall be responsible for administering the Trust's
policies and procedures approved by the Board under Rule 38a-1 of
the Investment Company Act of 1940, as amended.  Notwithstanding
any other provision of these By-Laws, the designation, removal
and compensation of Chief Compliance Officer are subject to Rule
38a-1 under the Investment Company Act of 1940, as amended.



SUB-ITEM 77Q1:  Exhibits


FEDERATED MUNICIPAL OPPORTUNITIES FUND, INC.

ARTICLES OF AMENDMENT


	FEDERATED MUNICIPAL OPPORTUNITIES FUND, INC., a Maryland corporation
(hereinafter called the "Corporation"), hereby certifies to the State
Department of Assessments and Taxation that:

	FIRST:	The Articles of Incorporation of the Corporation are hereby
amended by striking Article FIRST and inserting the following in its place:

		"FIRST:  The name of the Corporation is Federated Municipal High
Yield Advantage Fund, Inc."

	SECOND:	The foregoing amendment to the charter of the Corporation
was approved by a majority of the entire Board of Directors of the
Corporation; the charter amendment is limited to a change expressly permitted
by Section 2-605 of the Maryland General Corporation Law to be made without
action by stockholders; and the Corporation is registered as an open-end
company under the Investment Company Act of 1940, as amended.

	THIRD:	These Articles of Amendment shall become effective as of
August 1, 2004.


	IN WITNESS WHEREOF, Federated Municipal Opportunities Fund, Inc. has
caused these Articles of Amendment to be signed in its name and on its behalf
as of July 26, 2004, by its President and Assistant Secretary, who
acknowledge that these Articles of Amendment are the act of the Corporation,
that to the best of their knowledge, information and belief, all matters and
facts set forth therein relating to the authorization and approval of these
Articles are true in all material respects, and that this statement is made
under the penalties of perjury.


Witness:


/s/  Andrew P. Cross		By:  /s/ J. Christopher Donahue
Name:  Andrew P. Cross		Name:  J. Christopher Donahue
Title:  Assistant Secretary		Title:  President









Current as of:  8/18/94