FEDERATED MUNICIPAL OPPORTUNITIES
FUND, INC.
Class A Shares
Class B Shares
Class C Shares
Class F Shares
--------------------------------------------------------------------------------
Supplement to the Statement of Additional Information dated October 31, 2001




Please  delete  the  following  paragraph  under the "  Investment  Limitations"
section of the Statement of Additional Information on page 4:

"Diversification

With respect to securities  comprising 75% of the value of its total assets, the
Fund will not  purchase  securities  of any one issuer  (other  than cash;  cash
items; securities issued or guaranteed by the government of the United States or
its agencies or instrumentalities  and repurchase  agreements  collateralized by
such U.S. government  securities;  and securities of other investment companies)
if, as a result,  more than 5% of the value of the Fund's  total assets would be
invested in the  securities of that issuer,  or the Fund would own more than 10%
of the outstanding voting securities of that issuer."





                                                      November 19, 2001









Cusip  313910200
Cusip  313910309
Cusip  313910408
Cusip  313910101
26896 (11/01)