Exhibit j under Form N-1A
                                              Exhibit 23 under Item 601/Reg. S-K




               Consent of Ernst & Young LLP, Independent Auditors


We  consent  to the  references  to  our  firm  under  the  captions  "Financial
Highlights" in the Prospectuses  and "Independent  Auditors" in the Statement of
Additional   Information   in   Post-Effective   Amendment   Number  26  to  the
Registration  Statement (Form N-1A No.  33-11410),  and to the  incorporation by
reference  therein  of our  report  dated  October  11,  2001  on the  financial
statements  of Federated  Municipal  Opportunities  Fund,  Inc.  included in its
Annual Report to shareholders for the year ended August 31, 2001.


                                                       ERNST & YOUNG LLP

Boston, Massachusetts
October 22, 2001