FEDERATED AMERICAN LEADERS FUND, INC.
Class A Shares
Class B Shares
Class C Shares
Class F Shares
Supplement to Prospectuses dated May 31, 1998
At a meeting to be held on March 26, 1999, shareholders of the Fund will be
asked to vote on the changes described below. If approved by shareholders, these
changes will take effect as of April 1, 1999. Shareholders will be notified if
any of these changes are not approved. Please keep this supplement for your
records.
Shareholders will be asked to consider the following proposals:
1. To elect seven Directors.
2. To ratify the selection of the Fund's independent public accountants.
3. To make the following changes to the Fund's fundamental policies:
(a) To amend the Fund's fundamental investment policy on diversification
of its investments;
(b) To make non-fundamental, and to amend, the Fund's policy regarding
investing in restricted securities;
(c) To amend the Fund's fundamental investment policy regarding borrowing
to permit the purchase of securities while borrowings are outstanding;
(d) To make non-fundamental, and to amend, the Fund's fundamental
investment policy to permit the Fund to invest in the securities of
other investment companies;
(e) To make non-fundamental the prohibition on the Fund's fundamental
investment policy prohibiting investment in securities to exercise
control of an issuer;
(f) To make non-fundamental the Fund's fundamental investment policy
regarding the description of "The Leaders List;" and
(g) To amend the Fund's fundamental policy regarding investment in real
estate.
4. To eliminate the following fundamental policies:
(a) To remove the Fund's fundamental investment policy on investing in new
issuers; and
(b) To remove the Fund's fundamental investment policy on investing in
issuers whose securities are owned by Officers and Directors of the
Fund.
January 12, 1999
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Federated Investors
Federated Securities Corp., Distributor
Federated Investors, Inc.
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, PA 15222-3779
www.federatedinvestors.com
Cusip 313914103
Cusip 313914202
Cusip 313914301
Cusip 313914400
G02534-02 (1/99)
