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<PAGE> PAGE 2
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<PAGE> PAGE 3
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SIGNATURE STEVE KEANE
TITLE GENREAL COUSEL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000013386
<NAME> Federated Stock & Bond Fund, Inc.
<SERIES>
<NUMBER> 012
<NAME> Federated Stock & Bond Fund, Class B Shares
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000013386
<NAME> Federated Stock and Bond Fund, Inc.
<SERIES>
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<NAME> Federated Stock and Bond Fund, Class C Shares
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</TABLE>
INDEPENDENT AUDITORS' REPORT
TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF
FEDERATED STOCK AND BOND FUND, INC:
We have audited the accompanying statement of assets and liabilities, including
the portfolio of investments, of the Federated Stock and Bond Fund, Inc.
(the "Fund") as of October 31, 1999, and the related statement of operations
for the year then ended, the statement of changes in net assets for the
years ended October 31, 1999 and 1998 and the financial highlights for the
periods presented. These financial statements and financial highlights
are the responsibility of the Fund's management. Our responsibility is
to express an opinion on these financial statements and financial highlights
based on our audit.
We conducted our audit in accordance with generally accepted auditing standards.
Those standards require that we plan and perform the audit to provide
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the
financial statements. Our procedures included confirmation of the securities
owned at October 31, 1999, by correspondence with the custodian and
brokers; where replies were not received from brokers, we performed other
auditing procedures. An audit also includes assessing the accounting
principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
We believe our audit provides a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of Federated Stock
and Bond Fund, Inc as of October 31, 1999, the results of its operations,
the changes in its net assets and its financial highlights for the
respective stated periods in conformity with generally accepted accounting
principles.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
December 17, 1999
