EX-99

INDEPENDENT AUDITORS' REPORT


To the Board of Directors and Shareholders of Federated American
Leaders Fund, Inc.:

In planning and performing our audits of the financial statements
of Federated American Leaders Fund, Inc. (the "Fund") for the year
ended March 31, 2003, (on which we have issued our reports dated
May 9, 2003), we considered its internal control, including control
activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of
Form N-SAR, and not to provide assurance on the Fund's internal
control.

The management of the Fund is responsible for establishing and
maintaining internal control.  In fulfilling this responsibility,
estimates and judgments by management are required to assess
the expected benefits and related costs of controls.  Generally,
controls that are relevant to an audit pertain to the entity's
objective of preparing financial statements for external purposes
that are fairly presented in conformity with accounting principles
generally accepted in the United States of America.  Those
controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.

Because of inherent limitations in any internal control,
misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of internal control to future
periods are subject to the risk that the internal control may
become inadequate because of changes in conditions or that the
degree of compliance with policies or procedures may deteriorate.

Our consideration of the Fund?s internal control would not
necessarily disclose all matters in internal control that might be
material weaknesses under standards established by the American
Institute of Certified Public Accountants.  A material weakness is
a condition in which the design or operation of one or more of the
internal control components does not reduce to a relatively low
level the risk that misstatements due to error or fraud in amounts
that would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned functions.
However, we noted no matters involving the Fund's internal control
and its operation, including controls for safeguarding securities,
that we consider to be material weaknesses as defined above as of
March 31, 2003.

This report is intended solely for the information and use of
management, the Board of Directors and Shareholders of Federated
American Leaders Fund, Inc. and the Securities and Exchange
Commission and is not intended to be and should not be used
by anyone other than these specified parties.




Deloitte & Touche LLP
Boston, Massachusetts
May 9, 2003

EX-99.77Q3 CERT

Exhibit 77Q3 to Form N-SAR for
Federated American Leaders Fund, Inc.

PEO Certifications

(a) (i):  The registrant's President and Treasurer have concluded that the
            registrant's disclosure controls and procedures (as defined in rule
            30a-2 under the Investment Company Act of 1940 (the "Act") )
            are effective in design and operation and are sufficient
		to form the basis of the certifications required by
		Rule 30a-2 under the Act, based on their evaluation
 		of these disclosure controls and procedures within
		90 days of the filing date of this report on Form N-SAR.

(a) (ii): There were no significant changes in the registrant's internal
           controls, or the internal controls of its service providers, or in
           other factors that could significantly affect these controls
           subsequent to the date of their evaluation, including any
           corrective actions with regard to significant deficiencies and
           material weaknesses.

(a) (iii): CERTIFICATIONS

I, J. Christopher Donahue, certify that:

1.   I have reviewed this report on Form N-SAR of Federated American Leaders
     Fund, Inc. ("registrant");

2.   Based on my knowledge, this report does not contain any untrue statement of
     a material fact or omit to state a material fact necessary to make the
     statements made, in light of the circumstances under which such statements
     were made, not misleading with respect to the period covered by this
     report;

3.   Based on my knowledge, the financial information included in this report,
     and the financial statements on which the financial information is based,
     fairly present in all material respects the financial condition, results of
     operations, changes in net assets, and cash flows (if the financial
     statements are required to include a statement of cash flows) of the
     registrant as of, and for, the periods presented in this report;

4.   The registrant's other certifying officers and I are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in rule 30a-2(c) under the Investment Company Act) for the registrant
     and have:

a)   designed such disclosure controls and procedures to ensure that material
     information relating to the registrant, including its consolidated
     subsidiaries, is made known to us by others within those entities,
     particularly during the period in which this report is being prepared;

b)   evaluated the effectiveness of the registrant's disclosure controls
     and procedures as of a date within 90 days prior to the filing date
     of this report (the "Evaluation Date"); and

c)   presented in this report our conclusions about the effectiveness
     of the disclosure controls and procedures based on our evaluation
     as of the Evaluation Date;

5.   The registrant's other certifying officers and I have disclosed, based
     on our most recent evaluation, to the registrant's auditors and the
     audit committee of the registrant's board of directors (or persons
     performing the equivalent functions):

a)   all significant deficiencies in the design or operation of internal
     controls which could adversely affect the registrant's ability to
     record, process, summarize, and report financial data and have
     identified for the registrant's auditors any material weaknesses in
     internal controls; and

b)   any fraud, whether or not material, that involves management or other
     employees who have a significant role in the registrant's internal
     controls; and

6.   The registrant's other certifying officers and I have indicated in this
     report whether or not there were significant changes in internal controls
     or in other factors that could significantly affect internal controls
     subsequent to the date of our most recent evaluation, including any
     corrective actions with regard to significant deficiencies and material
     weaknesses.


Date: May 27, 2003
/S/ J. Christopher Donahue
President - Principal Executive Officer


Exhibit 77Q3 to Form N-SAR for
Federated American Leaders Fund, Inc.

PFO Certifications

 (a) (i): The registrant's President and Treasurer have concluded that the
            registrant's disclosure controls and procedures (as defined in rule
            30a-2 under the Investment Company Act of 1940 (the "Act") )
            are effective in design and operation and are sufficient
		to form the basis of the certifications required by
		Rule 30a-2 under the Act, based on their evaluation
 		of these disclosure controls and procedures within
		90 days of the filing date of this report on Form N-SAR.

(a) (ii): There were no significant changes in the registrant's internal
           controls, or the internal controls of its service providers, or in
           other factors that could significantly affect these controls
           subsequent to the date of their evaluation, including any
           corrective actions with regard to significant deficiencies and
           material weaknesses.

(a) (iii): CERTIFICATIONS

I, Richard J. Thomas certify that:

1.   I have reviewed this report on Form N-SAR of Federated American Leaders
     Fund, Inc. ("registrant");

2.   Based on my knowledge, this report does not contain any untrue statement of
     a material fact or omit to state a material fact necessary to make the
     statements made, in light of the circumstances under which such statements
     were made, not misleading with respect to the period covered by this
     report;

3.   Based on my knowledge, the financial information included in this report,
     and the financial statements on which the financial information is based,
     fairly present in all material respects the financial condition, results of
     operations, changes in net assets, and cash flows (if the financial
     statements are required to include a statement of cash flows) of the
     registrant as of, and for, the periods presented in this report;

4.   The registrant's other certifying officers and I are responsible for
     establishing and maintaining disclosure controls and procedures (as defined
     in rule 30a-2(c) under the Investment Company Act) for the registrant
     and have:

a)   designed such disclosure controls and procedures to ensure that material
     information relating to the registrant, including its consolidated
     subsidiaries, is made known to us by others within those entities,
     particularly during the period in which this report is being prepared;

b)   evaluated the effectiveness of the registrant's disclosure controls
     and procedures as of a date within 90 days prior to the filing date
     of this report (the "Evaluation Date"); and

c)   presented in this report our conclusions about the effectiveness
     of the disclosure controls and procedures based on our evaluation
     as of the Evaluation Date;

5.   The registrant's other certifying officers and I have disclosed, based
     on our most recent evaluation, to the registrant's auditors and the
     audit committee of the registrant's board of directors (or persons
     performing the equivalent functions):

a)   all significant deficiencies in the design or operation of internal
     controls which could adversely affect the registrant's ability to
     record, process, summarize, and report financial data and have
     identified for the registrant's auditors any material weaknesses in
     internal controls; and

b)   any fraud, whether or not material, that involves management or other
     employees who have a significant role in the registrant's internal
     controls; and

6.   The registrant's other certifying officers and I have indicated in this
     report whether or not there were significant changes in internal controls
     or in other factors that could significantly affect internal controls
     subsequent to the date of our most recent evaluation, including any
     corrective actions with regard to significant deficiencies and material
     weaknesses.


Date: May 27, 2003
/S/ Richard J. Thomas
Treasurer - Principal Financial Officer