FEDERATED MUNICIPAL OPPORTUNITIES FUND, INC.

Class A Shares

SUPPLEMENT TO PROSPECTUS DATED OCTOBER 31, 1997


1. Effective August 3, 1998, please delete the following disclosure in the
prospectus section entitled "Dealer Concession" on page 10:

   "On purchases of $1 million or more, the investor pays no sales charge;
   however, the distributor will make twelve monthly payments to the dealer
   totaling 0.25% of the public offering price over the first year following the
   purchase. Such payments are based on the original purchase price of Shares
   outstanding at each month end."

and insert the following language in its place:

   "Financial intermediaries purchasing Class A Shares for their customers in
   amounts of $1 million or more are eligible to receive an advance commission
   from the distributor based on the following breakpoints:

                              ADVANCE COMMISSION
                                 AS A PERCENTAGE OF
      TRANSACTION AMOUNT            PUBLIC OFFERING PRICE

      First $1 - $5 million               0.75%
      Next $5 - $20 million               0.50%
      Over $20 million                    0.25%

   For accounts with assets over $1 million, the dealer commission resets
   annually to the first breakpoint on the anniversary of the first purchase.

   Class A Share purchases under this program may be made by Letter of Intent or
   by combining concurrent purchases. The above commission will be paid only on
   those purchases that were not previously subject to a front-end sales charge
   and dealer commission. Certain retirement accounts may not be eligible for
   this program. Financial intermediaries must notify the Fund once an account
   reaches $1 million in order to qualify for advance commissions.

   A contingent deferred sales charge of 0.75% of the redemption amount applies
   to Class A Shares redeemed up to 24 months after purchase if a financial
   intermediary received an advance commission on the transaction."


2. The "Summary of Fund Expenses" table on page 1 of the Fund's prospectus is
amended.

a. Under "Shareholder Transaction Expenses," for Class A Shares, the line item
on the contingent deferred sales charge is deleted and replaced with:

   "Contingent Deferred Sales Charge (as a percentage of original       0.00% +
    purchase price or redemption proceeds, as applicable)"

b. Add the following as the first footnote:

   "+ Shareholders who purchased $1 million or more of Class A Shares through a
   financial intermediary on or after August 3, 1998, may be charged a
   contingent deferred sales charge of 0.75% for redemptions made within 24
   months of purchase if the financial intermediary received an advance
   commission."

                                                      July 31, 1998
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     Cusip  313910200
     G00570-04 (7/98)






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