AMERICAN LEADERS FUND INC, 497, 1994-09-02

AMERICAN LEADERS FUND INC
497, 1994-09-02

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AMERICAN LEADERS FUND, INC.

Class B Shares
Supplement to the Prospectus dated July 31, 1994

1.   On page 17 of the Prospectus, please add the following
     sentence to the end of the second paragraph of the section
     entitled "Distribution of Class B Shares":
     "Dealers may voluntarily waive receipt of all or any
     portion of these payments."
2.   On page 17 of the Prospectus, please add the following
     sentence to the end of the first paragraph of the
     subsection entitled "Distribution and Shareholder Services
     Plans":
     "The distributor may pay a portion of this amount to
     financial institutions that waive all or any portion of the
     payments discussed in the preceding paragraph."

                                               September 2, 1994

   FEDERATED SECURITIES CORP.

   Distributor
   A subsidiary of Federated
   Investors
   Federated Investors Tower
   Pittsburgh, PA  15222-3779
   027128404
   G00637-01-B (9/94)