UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C. 20549

                    ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

     Filed  pursuant to Section  16(a) of the  Securities  Exchange Act of 1934,
Section 17(a) of the Public Utility

     Holding Company Act of 1935 or Section 30(f) of the Investment  Company Act
of 1940

FORM 4

     / / Check this box if no longer  subject to  Section  16,  Form 4 or Form 5
obligations may continue. See Instruction 1(b)

(Print or Type Responses)
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1.  Name and Address of Reporting Person*
Cherry, Jr.                   Arthur                  L.
(Last)                        (First)                 (Middle)
c/o Federated Investors, Inc.
Federated Investors Tower
(Street)
Pittsburgh                    PA                      15222-3779
(City)                        (State)                 (Zip)
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2.  Issuer Name and Ticker or Trading Symbol
      Federated Investors, Inc.                FII

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3.  I.R.S. Identification Number of Reporting Person, if an entity (voluntary)


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4.  Statement for Month/Day/Year
April 3, 2003

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5.  If Amendment, Date of Original (Month/Year)

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6.  Relationship of Reporting Person(s) to Issuer
(Check all applicable)
___X_____ Director            ________ 10% Owner
___X_____ Officer (give title below)      ________ Other (specify below)
      President, Federated Services Company

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7.  Individual or Joint/Group Reporting (Check Applicable Limit)
___X____  Form filed by One Reporting Person
_______  Form filed by More than One Reporting Person
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     Table I -- Non-Derivative Securities Acquired,, Disposed of, or Beneficially Owned

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1. Title of     2.         3.            4.  Securities Acquired   5.  Amount of    6.  Ownership  7.  Nature
   Security     Transaction   Transaction   (A) or Disposed of     Securities       Form:  Direct  of Indirect
   (Instr. 3)   Date          Code          (D) (Instr. 3, 4, and  Beneficially     (D) or         Beneficial
                (Mon/day/year)(Instr. 8)     5)                    Owned at End of  Indirect (I)   Ownership
                                                                   Month            (Instr. 4)     (Instr. 4)
                                                                   (Instr. 3 and 4)
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                              Code   V      Amount   (A) or   Price
                                                     (D)
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Class B Common                                                         693,243          D
   Stock
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Class B Common  4/3/2003     S             2,700    D        $26.23     16,935          I              By Spouse
   Stock
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Class B Common                                                          74,048          I              By Spouse
   Stock                                                                                               as
                                                                                                       custodian
                                                                                                       for minor
                                                                                                       children
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     Reminder:   Report  on  a  separate  line  for  each  class  of  securities
beneficially owned directly or indirectly.

     * If the form is filed by more than one reporting  person,  see Instruction
4(b)(v).




                                                                                     

FORM 4 (continued)
     Table II - Derivative Securities Acquired, Disposed of, or Beneficially
Owned
         (e.g., puts, calls, warrants, options, convertible securities)


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1.  Title of         2.  Conversion  3.              4.  Transaction     5.  Number of    6.  Date
Derivative Security  or Exercise     Transaction        Code             Derivative       Exercisable and
(Instr. 3)           Price of        Date               (Instr. 8)       Securities       Expiration Date
                     Derivative      (Month/Day/Year)                    Acquired (A) or  (Month/Day/Year)
                     Security                                            Disposed of (D)
                                                                         (Instr. 3, 4,
                                                                         and 5)
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                                                     Code     V          (A)       (D)   Date
                                                                                         Exercisable Expiration
                                                                                                     Date
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7.  Title and Amount of       8.  Price of     9.  Number of        10.  Ownership    11.  Nature of
Underlying Securities         Derivative       derivative           Form of           Indirect Beneficial
(Instr. 3 and 4)              Security         Securities           Derivative        Ownership
                              (Instr. 5)       Beneficially Owned   Security:         (Instr. 4)
                                               at End of Month      Direct (D) or
                                               (Instr. 4)           indirect (I)
                                                                    (Instr. 4)
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Title            Amount or
                 Number of
                 Shares
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Explanation of Responses:

**   Intentional misstatements or omissions of facts constitute Federal Criminal
     Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually  signed.  If
space is insufficient,  See Instruction 6 for procedure.  Potential  persons who
are to respond to the collection of  information  contained in this form are not
required to respond unless the form displays a currently valid OMB number.

/s/ Kary A. Moore (Attorney- in-Fact)                      April 7, 2003
**Signature of Reporting Person                            Date

                                         Exhibit A

                                     POWER OF ATTORNEY

     Know all by these  presents,  that the undersigned  hereby  constitutes and
appoints Kary A. Moore,  or John D. Johnson,  or any of them, the  undersigned's
true and lawful attorneys-in-fact to:

     (1)  execute  for and on behalf of the  undersigned,  in the  undersigned's
capacity  as an officer  and/or  director  of  Federated  Investors,  Inc.  (the
"Company"),  Forms 3, 4 and 5 in accordance with Section 16(a) of the Securities
Exchange Act of 1934 and the rules thereunder;

     (2) do and  perform  any and all acts for and on behalf of the  undersigned
which may be  necessary  or desirable to complete and execute any such Form 3, 4
or 5 and timely file such form with the United  States  Securities  and Exchange
Commission and any stock exchange or similar authority; and

     (3) take any other action of any type  whatsoever  in  connection  with the
foregoing which, in the opinion of such attorneys-in-fact, may be of benefit to,
in the best  interest  of, or legally  required  by, the  undersigned,  it being
understood that the documents executed by such attorney-in-fact on behalf of the
undersigned  pursuant to this Power of Attorney  shall be in such form and shall
contain such terms and conditions as such  attorney-in-fact  may approve in such
attorney-in-fact's discretion.

     The  undersigned  hereby  grants to such  attorneys-in-fact  full power and
authority  to do and perform any and every act and thing  whatsoever  requisite,
necessary  or proper to be done in the  exercise of any of the rights and powers
herein granted, as fully to all intents and purposes as the undersigned might or
could do if personally  present,  with full power of substitution or revocation,
hereby  ratifying  and  confirming  all  that  such  attorneys-in-fact,  or such
attorneys-in-fact's  substitute or substitutes, shall lawfully do or cause to be
done by virtue of this  power of  attorney  and the  rights  and  powers  herein
granted. The undersigned acknowledges that the foregoing  attorneys-in-fact,  in
serving in such capacity at the request of the undersigned, is not assuming, nor
is the Company  assuming,  any of the undersigned's  responsibilities  to comply
with Section 16 of the Securities Exchange Act of 1934, as amended.

     This Power of  Attorney  shall  remain in full  force and effect  until the
undersigned  is no longer  required to file Forms 3, 4 and 5 with respect to the
undersigned's  holdings of and transactions in securities issued by the Company,
unless earlier revoked by the  undersigned in a signed writing  delivered to the
foregoing attorneys-in-fact.

     IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be
as of this 7th day of April, 2003.

                                          Executed
                                          /s/ Arthur L. Cherry
                                          Signature
                                          Arthur L. Cherry
                                          ________________________________
                                          Print Name