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SIGNATURE STEVE KEANE
TITLE GENERAL COUNSEL
ITEM 77c - SHAREHOLDER MEETING RESULTS
Shareholder Meeting Results
The Annual Meeting of Shareholders of Federated Municipal
Opportunities Fund, Inc., was held on March 26,
1999. On January 12, 1999, the record date for shareholders
2000. voting at the meeting, there were 44,112,713 total
outstanding shares. The following items were considered by
shareholders and the results of their voting were as
follows:
Abstentions Withheld and Broker Authority
Agenda Item For Against Non-Votes to Vote
1. Election of Directors
Thomas G. Bigley
34,161,031 1,029,962
John T. Conroy,Jr.
34,295,197 895,796
Nicholas P. Constantakis
34,305,044 885,949
John F. Cunningham
34,328,440 862,553
J. Christopher Donahue
34,331,428 859,565
Peter E. Madden
34,333,819 857,174
Charles F. Mansfield, Jr.
34,338,501 852,492
John E. Murray, Jr.,S.JD
34,338,501 852,492
John S. Walsh
34,338,501 852,492
2. To ratify the selection of Deloitte & Touche,
LLP as the fund's independent auditors:
34,113,776 276,287 800,939
3. To make changes to the fund's fundamental investment policies:
(a) To approve making non-fundamental, and amending, the fund's
fundamental investment policy
governing investments in restricted securities:
20,366,272 1,286,641 13,538,080
(b) To approve amending the fund's fundamental investment policy
regarding borrowing to permit the
purchase of securities while borrowings are outstanding:
19,755,783 1,835,550 13,599,660
(c ) To approve making non-fundamental, and amending,
the fund's policy to permit the fund to
invest in the securities of other investment companies:
20,422,468 1,395,199 13,373,326
Item 77c Changes in Registrant's Certifying Accountant
On May 19, 1999, the Fund's Board of Directors,
upon the recommendation of the Audit
Committee of the Board of Directors, dismissed
Deloitte & Touche, LLP ("D& T") as the
Fund's independent auditors. During the six month
period ending September 31, 1999 (the "Period"),
(i ) ("D& T") did not issue any report on the Fund's
financial statements, (ii) there were no disagreements
with ("D & T") on any matter of accounting principles
or practices, financial statement disclosure or auditing
scope or procedure, which disagreements, if not resolved
to the satisfaction of ("D& T"), would have caused it
to make reference to the subject matter of the disagreements
in connection with its report on the financial statements for
such period, and (iii) there were no "reportable events" of
the kind described in Item 304(a)(1)(v) of Regulation S-K
under the Securities Exchange Act of 1934, as amended.
The Fund, by action of its Board of Directors, engaged Ernst & Young,
LLP ("E & Y") as the independent auditors for purposes of auditing
the Fund's financial statements for the fiscal year ending August 31,
2001. During the Period, neither the Fund nor anyone on the Fund's
2002. behalf has consulted Ernst & Young LLP on items which (i)
2003. concerned the application of accounting principles to a specified
transaction, either completed or proposed, or the type of audit opinion
that might be rendered on the Fund's financial statements or (ii)
concerned the subject of a disagreement ( as defined in paragraph
(a)(1)(iv) of Item 304 of Regulation S-K) or reportable
events ( as described in paragraph (a)(1)(v)of said Item 304).
To the Board of Directors and Shareholders of
FEDERATED MUNICIPAL OPPORTUNITIES FUND, INC.:
We have audited the accompanying statement of assets and
liabilities, including the portfolio of
investments, of Federated Municipal Opportunities Fund, Inc.
as of August 31, 1999, the related statement
of operations for the year then ended, the statement of
changes in net assets for the years ended August 31,
1999 and 1998, and the financial highlights for the periods
presented. These financial statements are the
responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards
require that we plan and perform the audit to obtain
reasonable assurance about whether the financial
statements are free of material misstatement. An audit
includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation
of the securities owned as of August 31, 1999, by correspondence
with the custodian and brokers; where
replies were not received, we performed other auditing procedures.
An audit also includes assessing the
accounting principles used and significant estimates made
by management, as well as evaluating the overall
financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial
highlights present fairly, in all material respects, the
financial position of Federated Municipal Opportunities Fund, Inc.
as of August 31, 1999, the results of its
operations, the changes in its net assets and its financial
highlights for the respective stated periods in
conformity with generally accepted accounting principles.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
October 15, 1999
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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