FEDERATED HIGH INCOME BOND FUND INC
NSAR-A, 1997-12-01
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SIGNATURE   S. ELLIOTT COHAN                             
TITLE       ASST. GEN. COUNSEL  
 


<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   001                                            
     <NAME>                     Federated High Income Bond Fund, Inc.          
                                Class A                                        
                                                                               
<PERIOD-TYPE>                   6-Mos                                          
<FISCAL-YEAR-END>               Mar-31-1998                                    
<PERIOD-END>                    Sep-30-1997                                    
<INVESTMENTS-AT-COST>           1,479,306,193                                  
<INVESTMENTS-AT-VALUE>          1,561,941,410                                  
<RECEIVABLES>                   40,050,753                                     
<ASSETS-OTHER>                  62,180                                         
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  1,602,054,343                                  
<PAYABLE-FOR-SECURITIES>        15,222,944                                     
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       2,354,329                                      
<TOTAL-LIABILITIES>             17,577,273                                     
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        1,527,602,815                                  
<SHARES-COMMON-STOCK>           57,364,703                                     
<SHARES-COMMON-PRIOR>           53,025,919                                     
<ACCUMULATED-NII-CURRENT>       1,162,357                                      
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         (26,923,319)                                   
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        82,635,217                                     
<NET-ASSETS>                    686,700,095                                    
<DIVIDEND-INCOME>               2,372,428                                      
<INTEREST-INCOME>               66,866,103                                     
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  11,451,874                                     
<NET-INVESTMENT-INCOME>         57,786,657                                     
<REALIZED-GAINS-CURRENT>        (4,427,606)                                    
<APPREC-INCREASE-CURRENT>       84,746,600                                     
<NET-CHANGE-FROM-OPS>           138,105,651                                    
<EQUALIZATION>                  322,414                                        
<DISTRIBUTIONS-OF-INCOME>       27,976,972                                     
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         8,038,837                                      
<NUMBER-OF-SHARES-REDEEMED>     4,994,064                                      
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<NET-CHANGE-IN-ASSETS>          366,481,396                                    
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<ACCUMULATED-GAINS-PRIOR>       (22,495,713)                                   
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<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           5,263,110                                      
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 11,500,751                                     
<AVERAGE-NET-ASSETS>            1,402,512,856                                  
<PER-SHARE-NAV-BEGIN>           11.310                                         
<PER-SHARE-NII>                 0.510                                          
<PER-SHARE-GAIN-APPREC>         0.660                                          
<PER-SHARE-DIVIDEND>            0.510                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             11.970                                         
<EXPENSE-RATIO>                 1.22                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   002                                            
     <NAME>                     Federated High Income Bond Fund, Inc.          
                                Class B                                        
                                                                               
<PERIOD-TYPE>                   6-Mos                                          
<FISCAL-YEAR-END>               Mar-31-1998                                    
<PERIOD-END>                    Sep-30-1997                                    
<INVESTMENTS-AT-COST>           1,479,306,193                                  
<INVESTMENTS-AT-VALUE>          1,561,941,410                                  
<RECEIVABLES>                   40,050,753                                     
<ASSETS-OTHER>                  62,180                                         
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  1,602,054,343                                  
<PAYABLE-FOR-SECURITIES>        15,222,944                                     
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       2,354,329                                      
<TOTAL-LIABILITIES>             17,577,273                                     
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        1,527,602,815                                  
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<SHARES-COMMON-PRIOR>           45,382,057                                     
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<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         (26,923,319)                                   
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<DIVIDEND-INCOME>               2,372,428                                      
<INTEREST-INCOME>               66,866,103                                     
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  11,451,874                                     
<NET-INVESTMENT-INCOME>         57,786,657                                     
<REALIZED-GAINS-CURRENT>        (4,427,606)                                    
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<NET-CHANGE-FROM-OPS>           138,105,651                                    
<EQUALIZATION>                  322,414                                        
<DISTRIBUTIONS-OF-INCOME>       24,759,383                                     
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<DISTRIBUTIONS-OTHER>           0                                              
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<NET-CHANGE-IN-ASSETS>          366,481,396                                    
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<ACCUMULATED-GAINS-PRIOR>       (22,495,713)                                   
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<OVERDIST-NET-GAINS-PRIOR>      0                                              
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<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 11,500,751                                     
<AVERAGE-NET-ASSETS>            1,402,512,856                                  
<PER-SHARE-NAV-BEGIN>           11.310                                         
<PER-SHARE-NII>                 0.460                                          
<PER-SHARE-GAIN-APPREC>         0.660                                          
<PER-SHARE-DIVIDEND>            0.460                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             11.970                                         
<EXPENSE-RATIO>                 1.99                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   003                                            
     <NAME>                     Federated High Income Bond Fund, Inc.          
                                Class C                                        
                                                                               
<PERIOD-TYPE>                   6-Mos                                          
<FISCAL-YEAR-END>               Mar-31-1998                                    
<PERIOD-END>                    Sep-30-1997                                    
<INVESTMENTS-AT-COST>           1,479,306,193                                  
<INVESTMENTS-AT-VALUE>          1,561,941,410                                  
<RECEIVABLES>                   40,050,753                                     
<ASSETS-OTHER>                  62,180                                         
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  1,602,054,343                                  
<PAYABLE-FOR-SECURITIES>        15,222,944                                     
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       2,354,329                                      
<TOTAL-LIABILITIES>             17,577,273                                     
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        1,527,602,815                                  
<SHARES-COMMON-STOCK>           11,874,470                                     
<SHARES-COMMON-PRIOR>           9,295,083                                      
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<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         (26,923,319)                                   
<OVERDISTRIBUTION-GAINS>        0                                              
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<NET-ASSETS>                    142,082,493                                    
<DIVIDEND-INCOME>               2,372,428                                      
<INTEREST-INCOME>               66,866,103                                     
<OTHER-INCOME>                  0                                              
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<EQUALIZATION>                  322,414                                        
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<DISTRIBUTIONS-OTHER>           0                                              
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<PER-SHARE-NII>                 0.460                                          
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<PER-SHARE-DIVIDEND>            0.460                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             11.970                                         
<EXPENSE-RATIO>                 1.98                                           
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>


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