FEDERATED AMERICAN LEADERS FUND, INC.
Class A Shares
Class B Shares
Class C Shares
Class F Shares
SUPPLEMENT TO PROSPECTUSES DATED MAY 31, 1998
Scott B. Schermerhorn is no longer a portfolio manager for Federated American
Leaders Fund, Inc. In the subsection of the prospectuses entitled "Adviser's
Background," please delete the biography of Scott B. Schermerhorn in its
entirety. Michael P. Donnelly remains as portfolio manager of the Fund.
Following the section containing Mr. Donnelly's biography please add the
following:
"Arthur J. Barry has been the Fund's portfolio manager since October
1998. Mr. Barry joined Federated Investors, Inc. in 1994 as an
Investment Analyst. He served as an Assistant Vice President of the
Fund's investment adviser from 1997 through June 1998 and has been a
Vice President of the adviser since July 1998. Mr. Barry is a
Chartered Financial Analyst. He earned his M.S.I.A. with
concentrations in finance and accounting from Carnegie Mellon
University."
October 29, 1998
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Cusip 313914103
Cusp 313914202
Cusp 313914301
Cusip 313914400
G00982-08 (10/98) 502898
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