FEDERATED MUNICIPAL OPPORTUNITIES FUND, INC.
CLASS A SHARES
CLASS B SHARES
CLASS C SHARES
CLASS F SHARES
SUPPLEMENT TO THE PROSPECTUSES DATED NOVEMBER 30, 1998

At the March 26, 1999 shareholder meeting, shareholders approved the following
changes:

1.      Elected nine Directors.

2. Ratified the selection of the Fund's independent auditors.

The meeting was adjourned to May 12, 1999, 2:00 p.m. (Eastern time), at 2800
Corporate Drive, Pittsburgh, PA 15237-7000 with respect to the following
proposals:

1.   To make changes to the Fund's fundamental investment policies:

     a)   To make non-fundamental and to amend the Fund's fundamental investment
          policy governing 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.



                                                                  March 26, 1999

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Federated Investors

Federated Securities Corp., Distributor

Federated Investors, Inc.
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, PA 15222-3779
www.federatedinvestors.com

Cusip 313910200
Cusip 313910309
Cusip 313910408
Cusip 313910101