FEDERATED MUNICIPAL OPPORTUNITIES FUND, INC.
(formerly, Fortress Municipal Income Fund, Inc.)
Class A Shares
SUPPLEMENT TO PROSPECTUS DATED OCTOBER 31, 1996
Effective August 1, 1997, the program allowing an exemption
from the front-end sales charge for purchases of Class A
Shares of the Fund with proceeds from redemptions of
unaffiliated investment companies (the "NAV Exchange
Program") will be discontinued. Please delete all references
to the NAV Exchange Program where they appear in the Fund's
prospectus. Of course, other exemptions from the sales charge
may apply. See the section entitled "Reducing or Eliminating
the Sales Charge."
July 30, 1997
FEDERATED INVESTORS
Federated Securities Corp., Distributor
Cusip 313910200
G01615-05 (7/97)
