LIBERTY HIGH INCOME BOND FUND INC
497, 1994-02-08
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                              IMPORTANT NOTICE
Dear Shareholder:
The following supplement to your prospectus simply informs you that a new 
class of shares has been added to the Fund.

       retain this portion and attach to your current prospectus
LIBERTY HIGH INCOME BOND FUND, INC.
Class A Shares
Supplement to Prospectus Dated May 5, 1993
1.  The following is to be inserted at the end of the first paragraph of the 
section entitled "General Information" on page 3 of your prospectus:
     "Effective January 15, 1994, Liberty High Income Bond Fund, Inc. 
     added a separate class of shares called Select Shares.  A 
     prospectus for Select Shares of Liberty High Income Bond Fund, 
     Inc. is available by writing to Federated Securities Corp."
February 8, 1994
FEDERATED SECURITIES CORP.
Distributor
4011706A(2/94)

                              IMPORTANT NOTICE
Dear Shareholder:
The following supplement to your prospectus simply informs you that a new 
class of shares has been added to the Fund.

     retain this portion and attach to your current prospectus
LIBERTY HIGH INCOME BOND FUND, INC.
Class C Shares
Supplement to Prospectus Dated May 5, 1993
1.  The following is to be inserted at the end of the first paragraph of the 
section entitled "General Information" on page 2 of your prospectus:
     "Effective January 15, 1994, Liberty High Income Bond Fund, Inc. 
     added a separate class of shares called Select Shares.  A 
     prospectus for Select Shares of Liberty High Income Bond Fund, 
     Inc. is available by writing to Federated Securities Corp."
February 8, 1994
FEDERATED SECURITIES CORP.
Distributor
4011707A(2/94)






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