LIBERTY MUNICIPAL SECURITIES FUND INC
497, 1994-07-28
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                    SECURITIES AND EXCHANGE COMMISSION
                                     
                           WASHINGTON, DC 20549
                                     
                                     
                                     
                                     
                               FORM N-18F-1
                                     
                                     
                                     
               Notification of Election Pursuant to Rule 18f
                                     
                 Under the Investment Company Act of 1940
                                     
                                     
                                     
                                     
                    LIBERTY HIGH INCOME BOND FUND, INC.
                                     
                                     
                        (Exact Name of Registrant)
                                     
                                     
                                     
                         NOTIFICATION OF ELECTION

    The undersigned registered open-end investment company hereby notifies
the Securities and Exchange Commission that it elects to commit itself to
pay in cash all redemptions by a shareholder of record as provided by Rule
18f-1 under the Investment Company Act of 1940.  It is understood that this
election is irrevocable while such Rule is in effect unless the Commission
by order upon application permits the withdrawal of this Notification of
Election.


                                 SIGNATURE

    Pursuant to the requirements of Rule 18f-1 under the Investment Company
Act of 1940, the Registrant has caused this Notification of Election to be
duly executed on its behalf in the City of Pittsburgh and the Commonwealth
of Pennsylvania on the 28th day of July, 1994.



LIBERTY HIGH INCOME BOND FUND, INC.
(Name of Registrant)



By: /s/Charles H. Field
    Charles H. Field, Assistant Secretary
    Attorney in Fact for John F. Donahue,
    Chairman and Director
    July 28, 1994




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