FEDERATED MUNICIPAL OPPORTUNITIES FUND, INC.
(formerly, Fortress Municipal Income Fund, Inc.)
Class A Shares
Class B Shares
Class C Shares
Class F Shares
SUPPLEMENT TO PROSPECTUSES DATED OCTOBER 31, 1996
On page 25 of the Class A Shares, Class B Shares and Class C Shares
prospectus and page 16 of the Class F Shares prospectus, under the
sub-heading `Adviser's Background,'' please delete the biography for
Jonathan C. Conley in its entirety. Mary Jo Ochson and J. Scott
Albrecht remain as the Fund's portfolio managers.
January 9, 1997
FEDERATED INVESTORS
Federated Investors Tower
Pittsburgh, PA 15222-3779
Federated Securities Corp. is the distributor of the Fund
and is a subsidiary of Federated Investors.
Cusip 313910200
Cusip 313910309
Cusip 313910408
Cusip 313910101
G01615-03 (1/97)
CMR612040
