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<PAGE> PAGE 2
020 C000001 309
020 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
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020 B000003 04-1867445
020 C000003 89
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020 A000005 SG COWEN SECURITIES CORP.
020 C000005 79
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020 C000006 74
020 A000007 PRUDENTIAL SECURITIES INC.
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020 C000007 64
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020 C000008 57
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<PAGE> PAGE 3
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SIGNATURE STEVE KEANE
TITLE GEN. COUNSEL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000005352
<NAME> Federated American Leaders Fund, Inc. - Class A
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<NAME>
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<NET-ASSETS> 1,640,269,048
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> Federated American Leaders Fund, Inc. - Class B
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<DISTRIBUTIONS-OF-GAINS> (32,812,319)
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<SHARES-REINVESTED> 1,172,474
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<ACCUMULATED-NII-PRIOR> 1,083,696
<ACCUMULATED-GAINS-PRIOR> 68,609,095
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 12,476,116
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<GROSS-EXPENSE> 30,353,769
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<PER-SHARE-NAV-BEGIN> 24.870
<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> (0.500)
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000005352
<NAME> Federated American Leaders Fund, Inc. - Class C
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<NAME>
<S> <C>
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<PERIOD-END> Sep-30-1999
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<ACCUMULATED-NET-GAINS> 25,794,301
<OVERDISTRIBUTION-GAINS> 0
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (3,309,288)
<DISTRIBUTIONS-OTHER> 0
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<SHARES-REINVESTED> 119,400
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 12,476,116
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 30,353,769
<AVERAGE-NET-ASSETS> 195,301,599
<PER-SHARE-NAV-BEGIN> 24.880
<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> (0.500)
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</TABLE>
November 24, 1999
Office of the Chief Accountant
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Dear Sir:
We have read and agree with the statements contained in Sub-Item 77k of
Form N-SAR of the Federated American Leaders Fund, Inc.
Very truly yours,
Arthur Andersen LLP
Mr. Sean Fitzsimons
Page 2
September 30, 1999
Form N-SAR
Sub-Item 77K: Changes in registrant"s certifying accountant
On May 19, 1999, the Fund"s Board of Directors, upon the recommendation of
the Audit Committee of the Board of Directors, requested and subsequently
accepted the resignation of Arthur Andersen LLP, ("AA") as the Fund"s
independent auditors. During the six month period ending September 30, 1999
(the "Period"), (i) AA did not issue any report on the Fund's financial
statements, (ii) there were no disagreements with AA on any matter of
accounting principles or practices, financial statement disclosure or auditing
scope or procedure, which disagreements, if not resolved to the satisfaction
of AA, would have caused them to make reference to the subject matter of the
disagreements in connection with their report on the financial statements for
such period, and (iii) there were no "reportable events" of the kind
described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange
Act of 1934, as amended.
The Fund, by action of its Board of Directors, engaged Deloitte & Touche, LLP
("D&T") as the independent auditors for purposes of auditing the Fund"s
financial statements for the fiscal year ending March 31, 2000. During the
Period, neither the Fund, nor anyone on the Fund"s behalf has consulted D&T on
items which (i) concerned the application of accounting principles to a
specified transaction, either completed or proposed, or the type of audit
opinion that might be rendered on the Fund"s financial statements or (ii)
concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv)
of Item 304 of Regulation S-K) or reportable events (as described in paragraph
(a)(1)(v)of said Item 304).