FEDERATED STOCK AND BOND FUND, INC.
Class A Shares
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Supplement to Prospectus dated February 28, 1997
Effective August 1, 1997, the program allowing an exemption from the front-end
sales charge for purchases of Class A Shares of the Fund with proceeds from
redemptions of unaffiliated investment companies (the "NAV Exchange Program")
will be discontinued. Please delete all references to the NAV Exchange Program
where they appear in the Fund's prospectus. Of course, other exemptions from the
sales charge may apply. See the section entitled "Reducing or Eliminating the
Sales Charge."
July 30, 1997
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Cusip 313911109
G01407-08 (7/97)
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