FEDERATED MUNICIPAL OPPORTUNITIES FUND, INC.
Class A Shares
Class B Shares
Class C Shares
Class F Shares
Supplement to Prospectuses dated November 30, 1998

At a meeting  to be held on March  26,  1999,  shareholders  of the Fund will be
asked to vote on the changes described below. If approved by shareholders, these
changes will take effect as of April 1, 1999.  Shareholders  will be notified if
any of these  changes are not  approved.  Please keep this  supplement  for your
records.

Shareholders will be asked to consider proposals:

1.       To elect nine Directors.
2.       To ratify the selection of the Fund's independent auditors.
3.       To make changes to the Fund's fundamental investment policies:

a)   To make  non-fundamental  and to amend the  Fund's  fundamental  investment
     policy regarding investments in restricted securities;

b)   To amend the Fund's  fundamental  investment policy regarding  borrowing to
     permit the purchase of securities while borrowings are outstanding; and

c)   To make  non-fundamental  and to amend  the  Fund's  fundamental  policy to
     permit the Fund to invest in the securities of other investment companies.

4.   To delete the Fund's fundamental  investment policy on concentration of its
     investments and to reserve  freedom to concentrate in the domestic  banking
     industry.


                                                                January 12, 1999







Cusip 313910200
Cusip 313910309
Cusip 313910408
Cusip 313910101
G02538-02 (1/99)