485B24E

                                   1933 Act File No. 33-11410
                                   1940 Act File No. 811-4533

                    SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C. 20549

                                 Form N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933         x

   Pre-Effective Amendment No.          ..........

   Post-Effective Amendment No.   15    ..........         x

                                  and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

   Amendment No.       ...........................

               FEDERATED MUNICIPAL OPPORTUNITIES FUND, INC.
            (Exact Name of Registrant as Specified in Charter)

      Federated Investors Tower, Pittsburgh, Pennsylvania 15222-3779
                 (Address of Principal Executive Offices)

                              (412) 288-1900
                      (Registrant's Telephone Number)

                        John W. McGonigle, Esquire,
                        Federated Investors Tower,
                    Pittsburgh, Pennsylvania 15222-3779
                  (Name and Address of Agent for Service)

It is proposed that this filing will become effective:

 x  immediately upon filing pursuant to paragraph (b)
    on                   pursuant to paragraph (b)
       -----------------
    60 days after filing pursuant to paragraph (a) (i)
    on                 pursuant to paragraph (a) (i).
    75 days after filing pursuant to paragraph (a)(ii)
    on                   pursuant to paragraph (a)(ii) of Rule 485.
       -----------------

If appropriate, check the following box:

    This post-effective amendment designates a new effective date for a
previously filed post-effective amendment.

Registrant has filed with the Securities and Exchange Commission a
declaration pursuant to Rule 24f-2 under the Investment Company Act of
1940, and:

    filed the Notice required by that Rule on October 15, 1996; or
    intends to file the Notice required by that Rule on or about
               ; or
   ------------
 X  during the most recent fiscal year did not sell any securities pursuant
 to Rule 24f-2 under the Investment Company Act of 1940, and, pursuant to
 Rule 24f-2(b)(2), need not file the Notice.


                         Copies To:

Matthew G. Maloney, Esquire
Dickstein Shapiro Morin & Oshinsky L.L.P.
2101 L Street, N.W.
Washington, D.C.  20037




CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933


                                      Proposed
Title of                 Proposed     Maximum
Securities   Amount      Maximum      Aggregate    Amount of
Being        Being       Offering Price            Offering Registration
Registered   Registered  Per Unit     Price*       Fee

Capital Stock  5,975,778 $10.93         $65,315,254         $100.00
($0.001) Par Value


*Registrant has elected to calculate its filing fee in the manner described
in Rule 24e-2 of the Investment Company Act of 1940.  The total amount of
securities redeemed during the previous fiscal year was 5,975,778. The
total amount of redeemed securities used for reductions pursuant to
paragraph (a) of Rule 24e-2 or paragraph (c) of Rule 24f-2 during the
current year was 0.  The amount of redeemed securities being used for
reduction of the registration fee in this Amendment is 5,975,778.



                           CONTENTS OF AMENDMENT

  This Post-Effective Amendment No. 15 to the Registration Statement of
Federated Municipal Opportunities Fund, Inc. is comprised of the following
papers and documents:

     1.The facing sheet to register a definite
       number of shares of capital stock, $0.001
,      par value, of Federated Municipal Opportunities Fund, Inc.;

     2.The legal opinion of counsel for the Registrant, as
       to the legality of shares being offered; and as to
       the eligibility to become effective pursuant to
       Paragraph (b) of Rule 485; and

     3.Signature page.


                                SIGNATURES

  Pursuant to the requirements of the Securities Act of 1933, the
Registrant, Federated Municipal Opportunities Fund, Inc. certifies that it
meets all of the requirements for effectiveness of this Amendment to its
Registration Statement pursuant to Rule 485(b) under the Securities Act of
1933 and has duly caused this Amendment to its Registration Statement to be
signed on its behalf by the undersigned, thereunto duly authorized, in the
City of Pittsburgh and Commonwealth of Pennsylvania on the 15th day of
October, 1996.

               FEDERATED MUNICIPAL OPPORTUNITIES FUND, INC.

          BY:  /s/ S. Elliott Cohan
             S. Elliott Cohan, Assistant Secretary
             Attorney in Fact for John F. Donahue
             October 15, 1996
  Pursuant to the requirements of the Securities Act of 1933, this
Amendment to its Registration Statement has been signed below by the
following person in the capacity and on the date indicated:

   NAME                     TITLE              DATE

By:  /s/ S. Elliott Cohan
   S. Elliott Cohan        Attorney In Fact    October 15, 1996
   Assistant Secretary     For the Persons
                           Listed Below

   NAME                     TITLE

John F. Donahue*           Chairman and Director
                           (Chief Executive Officer)

Richard Fisher*            President and Director

John W. McGonigle*         Treasurer

Thomas G. Bigley *         Director

John T. Conroy, Jr.*       Director

William J. Copeland*       Director

James E. Dowd*             Director

Lawrence D. Ellis, M.D.*   Director

Edward L. Flaherty, Jr.*   Director

Peter E. Madden*           Director

Gregor F. Meyer*           Director

Wesley W. Posvar*          Director

Marjorie P. Smuts*         Director

* By Power of Attorney

EX-99.OPINIONLETTER

   FEDERATED ADMINISTRATIVE
             SERVICES

                                          FEDERATED INVESTORS TOWER
                                          PITTSBURGH, PA 15222-3779
                                          412-288-1900

                                          October 15, 1996



Federated Municipal Opportunities Fund, Inc.
Federated Investors Tower
Pittsburgh, PA  15222-3779

Gentlemen:

     You have requested my opinion in conjunction with the registration by
Federated Municipal Opportunities Fund, Inc. (the `Corporation'') of an
additional 5,975,778 shares of its common stock pursuant to Post-effective
Amendment No. 15 to the Corporation's registration statement filed with the
Securities and Exchange Commission under the Securities Act of 1933 (File No.33-
11410). The subject Post-effective Amendment will be filed pursuant to Paragraph
(b) of Rule 485 and become effective pursuant to said Rule immediately upon
filing.

     As counsel I have participated in the preparation and filing of the
Corporation's amended registration statement under the Securities Act of 1933
referred to above. Further, I have examined and am familiar with the
Corporation's Articles of Incorporation dated December 2, 1986 (`Articles of
Incorporation'), its Bylaws and other corporate documents and records deemed
relevant. I have also reviewed questions of law and consulted with counsel
thereon as deemed necessary or appropriate by me for the purpose of this
opinion.

     On the basis of the foregoing, it is my opinion that:

     1.   The Corporation is duly organized and validly existing under the laws
of the State of Maryland.

     2.   The Corporation is authorized to issue 2,000,000,000 shares of common
stock of a par value of $0.001 per share.

     3.   The Shares which are currently being registered by the Registration
Statement referred to above may be legally and validly issued from time to time
in accordance with the Articles of Incorporation upon receipt of consideration
sufficient to comply with the Articles of Incorporation and subject to
compliance with the Securities Act of 1933, as amended, the Investment Company
Act of 1940, as amended, and applicable state laws regulating the sale of
securities. Such Shares, when so issued, will be fully paid and non-assessable.

     I hereby consent to the filing of this opinion as part of the Corporation's
registration statement referred to above and as a part of any application or
registration statement filed under the securities laws of the States of the
United States.

     The foregoing opinion is limited to the Federal laws of the United States
and the laws of the State of Maryland, and I am expressing no opinion as to the
effect of the laws of any other jurisdiction.

                                   Very truly yours,


                                   /s/ S. Elliott Cohan
                                       S. Elliott Cohan
                                       Fund Attorney

EX-27.FINANCIALDATA

 

                                                                               
                                                                         
                                                                               
<ARTICLE>                       6                                              
                                                                       
     <NUMBER>                   001                                            
     <NAME>                     Federated Municipal Opportunities Fund, Inc.   
                                Class A Shares                                 
                                                                               
<PERIOD-TYPE>                   12-Mos                                         
<FISCAL-YEAR-END>               Aug-31-1996                                    
<PERIOD-END>                    Aug-31-1996                                    
<INVESTMENTS-AT-COST>           379,738,281                                    
<INVESTMENTS-AT-VALUE>          376,220,136                                    
<RECEIVABLES>                   7,171,496                                      
<ASSETS-OTHER>                  32,391                                         
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  383,424,023                                    
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       394,845                                        
<TOTAL-LIABILITIES>             394,845                                        
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        396,114,211                                    
<SHARES-COMMON-STOCK>           29                                             
<SHARES-COMMON-PRIOR>           0                                              
<ACCUMULATED-NII-CURRENT>       773,562                                        
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         (10,340,450)                                   
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        (3,518,145)                                    
<NET-ASSETS>                    296                                            
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               28,818,178                                     
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  4,439,817                                      
<NET-INVESTMENT-INCOME>         24,378,361                                     
<REALIZED-GAINS-CURRENT>        (116,813)                                      
<APPREC-INCREASE-CURRENT>       (13,721,870)                                   
<NET-CHANGE-FROM-OPS>           10,539,678                                     
<EQUALIZATION>                  (42,870)                                       
<DISTRIBUTIONS-OF-INCOME>       0                                              
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         29                                             
<NUMBER-OF-SHARES-REDEEMED>     0                                              
<SHARES-REINVESTED>             0                                              
<NET-CHANGE-IN-ASSETS>          (42,980,463)                                   
<ACCUMULATED-NII-PRIOR>         1,409,125                                      
<ACCUMULATED-GAINS-PRIOR>       (10,885,008)                                   
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           2,475,132                                      
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 4,481,069                                      
<AVERAGE-NET-ASSETS>            412,468,319                                    
<PER-SHARE-NAV-BEGIN>           10.420                                         
<PER-SHARE-NII>                 0.080                                          
<PER-SHARE-GAIN-APPREC>         (0.120)                                        
<PER-SHARE-DIVIDEND>            0.050                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             10.330                                         
<EXPENSE-RATIO>                 0.15                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

 

EX-27.FDS

 

                                                                               
                                                                         
                                                                               
<ARTICLE>                       6                                              
                                                                       
     <NUMBER>                   002                                            
     <NAME>                     Federated Municipal Opportunities Fund, Inc.   
                                Class B Shares                                 
                                                                               
<PERIOD-TYPE>                   12-Mos                                         
<FISCAL-YEAR-END>               Aug-31-1996                                    
<PERIOD-END>                    Aug-31-1996                                    
<INVESTMENTS-AT-COST>           379,738,281                                    
<INVESTMENTS-AT-VALUE>          376,220,136                                    
<RECEIVABLES>                   7,171,496                                      
<ASSETS-OTHER>                  32,391                                         
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  383,424,023                                    
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       394,845                                        
<TOTAL-LIABILITIES>             394,845                                        
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        396,114,211                                    
<SHARES-COMMON-STOCK>           29                                             
<SHARES-COMMON-PRIOR>           0                                              
<ACCUMULATED-NII-CURRENT>       773,562                                        
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         (10,340,450)                                   
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        (3,518,145)                                    
<NET-ASSETS>                    296                                            
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               28,818,178                                     
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  4,439,817                                      
<NET-INVESTMENT-INCOME>         24,378,361                                     
<REALIZED-GAINS-CURRENT>        (116,813)                                      
<APPREC-INCREASE-CURRENT>       (13,721,870)                                   
<NET-CHANGE-FROM-OPS>           10,539,678                                     
<EQUALIZATION>                  (42,870)                                       
<DISTRIBUTIONS-OF-INCOME>       0                                              
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         29                                             
<NUMBER-OF-SHARES-REDEEMED>     0                                              
<SHARES-REINVESTED>             0                                              
<NET-CHANGE-IN-ASSETS>          (42,980,463)                                   
<ACCUMULATED-NII-PRIOR>         1,409,125                                      
<ACCUMULATED-GAINS-PRIOR>       (10,885,008)                                   
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           2,475,132                                      
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 4,481,069                                      
<AVERAGE-NET-ASSETS>            412,468,319                                    
<PER-SHARE-NAV-BEGIN>           10.420                                         
<PER-SHARE-NII>                 0.080                                          
<PER-SHARE-GAIN-APPREC>         (0.120)                                        
<PER-SHARE-DIVIDEND>            0.050                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             10.330                                         
<EXPENSE-RATIO>                 0.15                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

 

EX-27.FDS

 

                                                                               
                                                                         
                                                                               
<ARTICLE>                       6                                              
                                                                       
     <NUMBER>                   003                                            
     <NAME>                     Federated Municipal Opportunities Fund, Inc.   
                                Class C Shares                                 
                                                                               
<PERIOD-TYPE>                   12-Mos                                         
<FISCAL-YEAR-END>               Aug-31-1996                                    
<PERIOD-END>                    Aug-31-1996                                    
<INVESTMENTS-AT-COST>           379,738,281                                    
<INVESTMENTS-AT-VALUE>          376,220,136                                    
<RECEIVABLES>                   7,171,496                                      
<ASSETS-OTHER>                  32,391                                         
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  383,424,023                                    
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       394,845                                        
<TOTAL-LIABILITIES>             394,845                                        
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        396,114,211                                    
<SHARES-COMMON-STOCK>           29                                             
<SHARES-COMMON-PRIOR>           0                                              
<ACCUMULATED-NII-CURRENT>       773,562                                        
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         (10,340,450)                                   
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        (3,518,145)                                    
<NET-ASSETS>                    296                                            
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               28,818,178                                     
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  4,439,817                                      
<NET-INVESTMENT-INCOME>         24,378,361                                     
<REALIZED-GAINS-CURRENT>        (116,813)                                      
<APPREC-INCREASE-CURRENT>       (13,721,870)                                   
<NET-CHANGE-FROM-OPS>           10,539,678                                     
<EQUALIZATION>                  (42,870)                                       
<DISTRIBUTIONS-OF-INCOME>       0                                              
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         29                                             
<NUMBER-OF-SHARES-REDEEMED>     0                                              
<SHARES-REINVESTED>             0                                              
<NET-CHANGE-IN-ASSETS>          (42,980,463)                                   
<ACCUMULATED-NII-PRIOR>         1,409,125                                      
<ACCUMULATED-GAINS-PRIOR>       (10,885,008)                                   
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           2,475,132                                      
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 4,481,069                                      
<AVERAGE-NET-ASSETS>            412,468,319                                    
<PER-SHARE-NAV-BEGIN>           10.420                                         
<PER-SHARE-NII>                 0.080                                          
<PER-SHARE-GAIN-APPREC>         (0.120)                                        
<PER-SHARE-DIVIDEND>            0.050                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             10.330                                         
<EXPENSE-RATIO>                 0.15                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

 

EX-27.FDS

 

                                                                               
                                                                         
                                                                               
<ARTICLE>                       6                                              
                                                                       
     <NUMBER>                   004                                            
     <NAME>                     Federated Municipal Opportunities Fund, Inc.   
                                Class F Shares                                 
                                                                               
<PERIOD-TYPE>                   12-Mos                                         
<FISCAL-YEAR-END>               Aug-31-1996                                    
<PERIOD-END>                    Aug-31-1996                                    
<INVESTMENTS-AT-COST>           379,738,281                                    
<INVESTMENTS-AT-VALUE>          376,220,136                                    
<RECEIVABLES>                   7,171,496                                      
<ASSETS-OTHER>                  32,391                                         
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  383,424,023                                    
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       394,845                                        
<TOTAL-LIABILITIES>             394,845                                        
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        396,114,211                                    
<SHARES-COMMON-STOCK>           37,075,241                                     
<SHARES-COMMON-PRIOR>           39,766,557                                     
<ACCUMULATED-NII-CURRENT>       773,562                                        
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         (10,340,450)                                   
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        (3,518,145)                                    
<NET-ASSETS>                    383,028,290                                    
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               28,818,178                                     
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  4,439,817                                      
<NET-INVESTMENT-INCOME>         24,378,361                                     
<REALIZED-GAINS-CURRENT>        (116,813)                                      
<APPREC-INCREASE-CURRENT>       (13,721,870)                                   
<NET-CHANGE-FROM-OPS>           10,539,678                                     
<EQUALIZATION>                  (42,870)                                       
<DISTRIBUTIONS-OF-INCOME>       24,971,054                                     
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         1,882,962                                      
<NUMBER-OF-SHARES-REDEEMED>     5,975,778                                      
<SHARES-REINVESTED>             1,401,501                                      
<NET-CHANGE-IN-ASSETS>          (42,980,463)                                   
<ACCUMULATED-NII-PRIOR>         1,409,125                                      
<ACCUMULATED-GAINS-PRIOR>       (10,885,008)                                   
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           2,475,132                                      
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 4,481,069                                      
<AVERAGE-NET-ASSETS>            412,468,319                                    
<PER-SHARE-NAV-BEGIN>           10.710                                         
<PER-SHARE-NII>                 0.690                                          
<PER-SHARE-GAIN-APPREC>         (0.420)                                        
<PER-SHARE-DIVIDEND>            0.650                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             10.330                                         
<EXPENSE-RATIO>                 1.08                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000