FEDERATED AMERICAN LEADERS FUND, INC.
Class A Shares
Class B Shares
Class C Shares
Class F Shares
SUPPLEMENT TO PROSPECTUSES DATED MAY 31, 1996
Please delete the third and fourth paragraphs under the section entitled
"Adviser's Background" and replace them with the following:
"Scott B. Schermerhorn has been the Fund's portfolio manager since July,
1996. Mr. Schermerhorn joined Federated
Investors in 1996 as a Vice President of the Fund's investment adviser.
From 1990 through 1996, Mr. Schermerhorn was a Senior Vice President and
Senior Investment Officer at J W Seligman & Co., Inc. Mr. Schermerhorn
received his M.B.A. in Finance and International Business from Seton
Hall University.
Peter R. Anderson has been the Fund's portfolio manager since 1989. Mr.
Anderson joined Federated Investors in 1972 as, and is presently, a
Senior Vice President of the Fund's investment adviser. Mr. Anderson is
a Chartered Financial Analyst and received his M.B.A in Finance from the
University of Wisconsin."
July 26, 1996
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 027128107
Cusip 027128404
Cusip 027128206
Cusip 027128305
G00982-06 (7/96)
