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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 7
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SIGNATURE STEVE KEANE
TITLE GEN. COUNSEL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000005352
<NAME> Federated American Leaders Fund, Inc. - Class A
<SERIES>
<NUMBER> 101
<NAME>
<S> <C>
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<FISCAL-YEAR-END> Mar-31-1999
<PERIOD-END> Mar-31-1999
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<INVESTMENTS-AT-VALUE> 3,661,484,793
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[AVG-DEBT-OUTSTANDING] 0
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0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000005352
<NAME> Federated American Leaders Fund, Inc. - Class B
<SERIES>
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<NAME>
<S> <C>
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<DISTRIBUTIONS-OF-GAINS> (168,304,148)
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000005352
<NAME> Federated American Leaders Fund, Inc. - Class C
<SERIES>
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<NAME>
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000005352
<NAME> Federated American Leaders Fund, Inc. - Class F
<SERIES>
<NUMBER> 101
<NAME>
<S> <C>
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Mar-31-1999
<PERIOD-END> Mar-31-1999
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<SHARES-COMMON-PRIOR> 4,865,873
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<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 604,336,538
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<DISTRIBUTIONS-OF-INCOME> (1,055,791)
<DISTRIBUTIONS-OF-GAINS> (15,130,507)
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<NUMBER-OF-SHARES-REDEEMED> (744,093)
<SHARES-REINVESTED> 630,147
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 20,575,888
<INTEREST-EXPENSE> 0
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<PER-SHARE-NAV-BEGIN> 26.610
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<EXPENSE-RATIO> 1.11
[AVG-DEBT-OUTSTANDING] 0
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0
</TABLE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Shareholders and Board of Trustees of
Federated American Leaders Fund, Inc.:
We have audited the accompanying statement of assets and liabilities of
Federated American Leaders Fund, Inc. (a Maryland Corporation), including the
portfolio of investments, as of March 31, 1999, and the related statement of
operations for the year then ended, the statement of changes in net assets for
each of the two years in the period then ended, and the financial highlights
for each of the periods presented. These financial statements and the
financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and the
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 and the
financial highlights 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 securities
owned as of March 31, 1999 by correspondence with the custodian. 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, the financial statements and the financial highlights referred
to above present fairly, in all material respects, the financial position of
Federated American Leaders Fund, Inc. as of March 31, 1999, and the results of
its operations for the year then ended, the changes in its net assets for each
of the two years in the period then ended, and the financial highlights for
each of the periods presented, in conformity with generally accepted accounting
principles.
ARTHUR ANDERSEN LLP
Boston, Massachusetts
May 20, 1999
EXHIBIT 77C
The Annual Meeting of Shareholders of Federated American Leaders Fund, Inc.
(the "Fund")
was held on March 26, 1999. The following items were submitted to shareholders
for approval.
The meeting was adjourned to May 12, 1999 where all items were approved as
follows:
1. Election of Directors:
Shares Shares
Voted Affirmatively Withheld
Thomas G. Bigley 120,607,014 2,471,631
John T. Conroy, Jr. 120,635,777 2,442,868
John F. Cunningham 120,656,795 2,421,850
Peter E. Madden 120,688,447 2,390,198
Charles F. Mansfield, Jr. 120,695,438 2,383,207
John E. Murray, Jr. 120,701,739 2,376,906
John S. Walsh 120,711,125 2,367,520
2. To ratify the selection of Arthur Andersen LLP as the Fund's independent
public accounts:
Shares Shares Shares
voted affirmatively voted negatively abstaining
117,788,701 806,394 4,483,549
3. To make changes to the Fund's fundamental investment policies:
a. To approve amending the Fund's fundamental investment policy with regard to
diversification of its investments:
Shares Shares Shares
voted affirmatively voted negatively abstaining
75,911,773 2,529,684 5,120,040
b. To approve making non-fundamental, and amending, the Fund's fundamental
investment
policy regarding investing in restricted securities:
Shares Shares Shares
voted affirmatively voted negatively abstaining
74,006,884 3,863,559 5,691,054
c. To approve amending the Fund's fundamental investment policy regarding
borrowing to
permit the purchase of securities while borrowings are outstanding:
Shares Shares Shares
voted affirmatively voted negatively abstaining
72,927,044 5,028,999 5,605,454
d. To approve making non-fundamental, and amending, the Fund's fundamental
investment
policy to permit the Fund to invest in the securities of other investment
companies:
Shares Shares Shares
voted affirmatively voted negatively abstaining
75,062,530 3,208,164 5,290,803
e. To approve making non-fundamental the Fund's fundamental investment policy
prohibiting investment in securities to exercise control of an issuer:
Shares Shares Shares
voted affirmatively voted negatively abstaining
73,830,385 3,523,754 6,207,358
f. To approve making non-fundamental the Fund's fundamental investment policy
regarding the description of "The Leaders List":
Shares Shares Shares
voted affirmatively voted negatively abstaining
74,708,685 3,019,564 5,833,248
g. To approve amending the Fund's fundamental investment policy regarding
investment in
real estate:
Shares Shares Shares
voted affirmatively voted negatively abstaining
73,024,510 5,014,449 5,522,538
4. To eliminate certain of the Fund's fundamental investment policies:
a. To approve removing the Fund's fundamental investment policy on investing
in new
issuers:
Shares Shares Shares
voted affirmatively voted negatively abstaining
73,454,822 4,487,304 5,619,371
b. To approve removing the Fund's fundamental investment policy on investing
in issuers
whose securities are owned by Officers and Directors:
Shares Shares Shares
voted affirmatively voted negatively abstaining
71,619,124 6,139,297 5,803,076
