FEDERATED MUNICIPAL OPPORTUNITIES FUND INC
NSAR-A, 1997-04-29
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SIGNATURE   S.ELLIOTT COHAN                              
TITLE       ASST. GEN COUNSEL   
 


<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   001                                            
     <NAME>                     Federated Municipal Opportunity Fund, Inc.     
                                Class A Shares                                 
                                                                               
<PERIOD-TYPE>                   6-mos                                          
<FISCAL-YEAR-END>               Aug-31-1997                                    
<PERIOD-END>                    Feb-28-1997                                    
<INVESTMENTS-AT-COST>           459,476,371                                    
<INVESTMENTS-AT-VALUE>          465,689,326                                    
<RECEIVABLES>                   14,259,119                                     
<ASSETS-OTHER>                  0                                              
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  479,948,445                                    
<PAYABLE-FOR-SECURITIES>        15,037,099                                     
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       719,564                                        
<TOTAL-LIABILITIES>             15,756,663                                     
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        466,548,067                                    
<SHARES-COMMON-STOCK>           9,232,510                                      
<SHARES-COMMON-PRIOR>           29                                             
<ACCUMULATED-NII-CURRENT>       159,557                                        
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         (8,728,797)                                    
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        6,212,955                                      
<NET-ASSETS>                    96,863,344                                     
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               13,222,003                                     
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  2,319,986                                      
<NET-INVESTMENT-INCOME>         10,902,017                                     
<REALIZED-GAINS-CURRENT>        1,611,653                                      
<APPREC-INCREASE-CURRENT>       9,731,100                                      
<NET-CHANGE-FROM-OPS>           22,244,770                                     
<EQUALIZATION>                  77,406                                         
<DISTRIBUTIONS-OF-INCOME>       899,697                                        
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         9,829,885                                      
<NUMBER-OF-SHARES-REDEEMED>     658,677                                        
<SHARES-REINVESTED>             61,273                                         
<NET-CHANGE-IN-ASSETS>          81,162,604                                     
<ACCUMULATED-NII-PRIOR>         773,562                                        
<ACCUMULATED-GAINS-PRIOR>       (10,340,450)                                   
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           1,253,756                                      
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 2,338,554                                      
<AVERAGE-NET-ASSETS>            422,178,993                                    
<PER-SHARE-NAV-BEGIN>           10.330                                         
<PER-SHARE-NII>                 0.300                                          
<PER-SHARE-GAIN-APPREC>         0.150                                          
<PER-SHARE-DIVIDEND>            0.290                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             10.490                                         
<EXPENSE-RATIO>                 1.11                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   002                                            
     <NAME>                     Federated Municipal Opportunity Fund, Inc.     
                                Class B Shares                                 
                                                                               
<PERIOD-TYPE>                   6-mos                                          
<FISCAL-YEAR-END>               Aug-31-1997                                    
<PERIOD-END>                    Feb-28-1997                                    
<INVESTMENTS-AT-COST>           459,476,371                                    
<INVESTMENTS-AT-VALUE>          465,689,326                                    
<RECEIVABLES>                   14,259,119                                     
<ASSETS-OTHER>                  0                                              
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  479,948,445                                    
<PAYABLE-FOR-SECURITIES>        15,037,099                                     
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       719,564                                        
<TOTAL-LIABILITIES>             15,756,663                                     
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        466,548,067                                    
<SHARES-COMMON-STOCK>           850,556                                        
<SHARES-COMMON-PRIOR>           29                                             
<ACCUMULATED-NII-CURRENT>       159,557                                        
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         (8,728,797)                                    
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        6,212,955                                      
<NET-ASSETS>                    8,922,000                                      
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               13,222,003                                     
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  2,319,986                                      
<NET-INVESTMENT-INCOME>         10,902,017                                     
<REALIZED-GAINS-CURRENT>        1,611,653                                      
<APPREC-INCREASE-CURRENT>       9,731,100                                      
<NET-CHANGE-FROM-OPS>           22,244,770                                     
<EQUALIZATION>                  77,406                                         
<DISTRIBUTIONS-OF-INCOME>       87,315                                         
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         870,013                                        
<NUMBER-OF-SHARES-REDEEMED>     24,126                                         
<SHARES-REINVESTED>             4,640                                          
<NET-CHANGE-IN-ASSETS>          81,162,604                                     
<ACCUMULATED-NII-PRIOR>         773,562                                        
<ACCUMULATED-GAINS-PRIOR>       (10,340,450)                                   
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           1,253,756                                      
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 2,338,554                                      
<AVERAGE-NET-ASSETS>            422,178,993                                    
<PER-SHARE-NAV-BEGIN>           10.330                                         
<PER-SHARE-NII>                 0.260                                          
<PER-SHARE-GAIN-APPREC>         0.160                                          
<PER-SHARE-DIVIDEND>            0.260                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             10.490                                         
<EXPENSE-RATIO>                 1.87                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   003                                            
     <NAME>                     Federated Municipal Opportunity Fund, Inc.     
                                Class C Shares                                 
                                                                               
<PERIOD-TYPE>                   6-mos                                          
<FISCAL-YEAR-END>               Aug-31-1997                                    
<PERIOD-END>                    Feb-28-1997                                    
<INVESTMENTS-AT-COST>           459,476,371                                    
<INVESTMENTS-AT-VALUE>          465,689,326                                    
<RECEIVABLES>                   14,259,119                                     
<ASSETS-OTHER>                  0                                              
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  479,948,445                                    
<PAYABLE-FOR-SECURITIES>        15,037,099                                     
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       719,564                                        
<TOTAL-LIABILITIES>             15,756,663                                     
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        466,548,067                                    
<SHARES-COMMON-STOCK>           155,526                                        
<SHARES-COMMON-PRIOR>           29                                             
<ACCUMULATED-NII-CURRENT>       159,557                                        
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         (8,728,797)                                    
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        6,212,955                                      
<NET-ASSETS>                    1,631,197                                      
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               13,222,003                                     
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  2,319,986                                      
<NET-INVESTMENT-INCOME>         10,902,017                                     
<REALIZED-GAINS-CURRENT>        1,611,653                                      
<APPREC-INCREASE-CURRENT>       9,731,100                                      
<NET-CHANGE-FROM-OPS>           22,244,770                                     
<EQUALIZATION>                  77,406                                         
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<DISTRIBUTIONS-OTHER>           0                                              
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<PER-SHARE-NAV-BEGIN>           10.330                                         
<PER-SHARE-NII>                 0.270                                          
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<PER-SHARE-DIVIDEND>            0.260                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             10.490                                         
<EXPENSE-RATIO>                 1.60                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   004                                            
     <NAME>                     Federated Municipal Opportunity Fund, Inc.     
                                Class F Shares                                 
                                                                               
<PERIOD-TYPE>                   6-mos                                          
<FISCAL-YEAR-END>               Aug-31-1997                                    
<PERIOD-END>                    Feb-28-1997                                    
<INVESTMENTS-AT-COST>           459,476,371                                    
<INVESTMENTS-AT-VALUE>          465,689,326                                    
<RECEIVABLES>                   14,259,119                                     
<ASSETS-OTHER>                  0                                              
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  479,948,445                                    
<PAYABLE-FOR-SECURITIES>        15,037,099                                     
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       719,564                                        
<TOTAL-LIABILITIES>             15,756,663                                     
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        466,548,067                                    
<SHARES-COMMON-STOCK>           34,014,120                                     
<SHARES-COMMON-PRIOR>           37,075,241                                     
<ACCUMULATED-NII-CURRENT>       159,557                                        
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         (8,728,797)                                    
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        6,212,955                                      
<NET-ASSETS>                    356,775,241                                    
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               13,222,003                                     
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  2,319,986                                      
<NET-INVESTMENT-INCOME>         10,902,017                                     
<REALIZED-GAINS-CURRENT>        1,611,653                                      
<APPREC-INCREASE-CURRENT>       9,731,100                                      
<NET-CHANGE-FROM-OPS>           22,244,770                                     
<EQUALIZATION>                  77,406                                         
<DISTRIBUTIONS-OF-INCOME>       10,581,771                                     
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         707,452                                        
<NUMBER-OF-SHARES-REDEEMED>     4,368,155                                      
<SHARES-REINVESTED>             599,582                                        
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<PER-SHARE-GAIN-APPREC>         0.190                                          
<PER-SHARE-DIVIDEND>            0.290                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             10.490                                         
<EXPENSE-RATIO>                 1.10                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>


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