<PAGE> PAGE 1
000 B000000 03/31/97
000 C000000 0000225318
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 FEDERATED HIGH INCOME BOND FUND, INC.
001 B000000 811-2782
001 C000000 4122886653
002 A000000 FEDERATED INVESTORS TOWER
002 B000000 PITTSBURGH
002 C000000 PA
002 D010000 15222
002 D020000 3779
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 FEDERATED ADVISERS
008 B000001 A
008 C000001 801-34612
008 D010001 PITTSBURGH
008 D020001 PA
008 D030001 15222
008 D040001 3779
010 A000001 FEDERATED SERVICES COMPANY
010 C010001 PITTSBURGH
010 C020001 PA
010 C030001 15222
010 C040001 3779
011 A000001 FEDERATED SECURITIES CORP.
011 B000001 8-15561
011 C010001 PITTSBURGH
011 C020001 PA
011 C030001 15222
011 C040001 3779
<PAGE> PAGE 2
012 A000001 FEDERATED SHAREHOLDER SERVICES COMPANY
012 B000001 84-1869
012 C010001 PITTSBURGH
012 C020001 PA
012 C030001 15222
012 C040001 3779
013 A000001 ARTHUR ANDERSEN LLP
013 B010001 PITTSBURGH
013 B020001 PA
013 B030001 15222
015 A000001 STATE STREET BANK AND TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02266
015 C040001 8600
015 E010001 X
015 A000002 PNC BANK, NA
015 B000002 S
015 C010002 PITTSBURGH
015 C020002 PA
015 C030002 15265
015 E010002 X
015 A000003 NATIONSBANK OF NORTH CAROLINA
015 B000003 S
015 C010003 CHARLOTTE
015 C020003 NC
015 C030003 28255
015 E010003 X
015 A000004 MORGAN GUARANTY BANK & TRUST CO.
015 B000004 S
015 C010004 NEW YORK
015 C020004 NY
015 C030004 10015
015 E010004 X
015 A000005 THE CHASE MANHATTAN CORPORATION
015 B000005 S
015 C010005 NEW YORK
015 C020005 NY
015 C030005 10006
015 E010005 X
015 A000006 BANK OF NEW YORK
015 B000006 S
015 C010006 NEW YORK
015 C020006 NY
015 C030006 10006
015 E010006 X
015 A000007 BANKERS TRUST COMPANY
015 B000007 S
015 C010007 NEW YORK
015 C020007 NY
<PAGE> PAGE 3
015 C030007 10015
015 E010007 X
018 000000 Y
019 A000000 N
019 B000000 0
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 B.T. SECURITIES CORP.
022 B000001 13-4941247
022 C000001 3087584
022 D000001 18873
022 A000002 DLJ CAPITAL MARKETS, INC.
022 C000002 99899
022 D000002 20173
022 A000003 GOLDMAN, SACHS & CO.
022 B000003 13-5108880
022 C000003 66945
022 D000003 20472
022 A000004 CHASE SECURITIES, INC.
022 B000004 13-2633612
022 C000004 54843
022 D000004 17563
022 A000005 CIBC/WOOD GUNDY, INC.
022 C000005 47752
022 D000005 22470
022 A000006 BEAR STEARNS & CO., INC.
022 B000006 13-3299429
022 C000006 41825
022 D000006 25949
022 A000007 CS FIRST BOSTON CORP.
022 B000007 13-5659485
022 C000007 42073
022 D000007 14601
022 A000008 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000008 13-5674085
022 C000008 30857
022 D000008 22825
022 A000009 SALOMON BROTHERS, INC.
022 B000009 13-3082694
022 C000009 34398
022 D000009 10613
022 A000010 MORGAN STANLEY & CO., INC.
<PAGE> PAGE 4
022 B000010 13-2655998
022 C000010 27504
022 D000010 12638
023 C000000 3711276
023 D000000 319479
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 N
026 E000000 Y
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
028 A010000 48814
028 A020000 3891
028 A030000 0
028 A040000 13666
028 B010000 52345
028 B020000 4022
028 B030000 0
028 B040000 9601
028 C010000 34796
028 C020000 4154
028 C030000 0
028 C040000 11605
028 D010000 34701
028 D020000 4187
028 D030000 0
028 D040000 13748
028 E010000 49869
028 E020000 4314
028 E030000 0
028 E040000 10556
028 F010000 66228
028 F020000 4452
028 F030000 0
028 F040000 45485
028 G010000 286753
028 G020000 25020
028 G030000 0
<PAGE> PAGE 5
028 G040000 104661
028 H000000 258199
029 000000 Y
030 A000000 18509
030 B000000 4.50
030 C000000 0.00
031 A000000 247
031 B000000 0
032 000000 18262
033 000000 0
034 000000 Y
035 000000 1449
036 A000000 N
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 3367
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.750
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
<PAGE> PAGE 6
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 N
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 N
054 I000000 N
054 J000000 N
054 K000000 N
054 L000000 N
054 M000000 N
054 N000000 N
054 O000000 N
055 A000000 Y
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 500
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 93.9
<PAGE> PAGE 7
062 Q000000 0.0
062 R000000 3.8
063 A000000 0
063 B000000 8.4
064 A000000 N
064 B000000 Y
065 000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 Y
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 891981
071 B000000 542661
071 C000000 986656
<PAGE> PAGE 8
071 D000000 55
072 A000000 12
072 B000000 104401
072 C000000 1703
072 D000000 0
072 E000000 0
072 F000000 7659
072 G000000 771
072 H000000 0
072 I000000 839
072 J000000 122
072 K000000 0
072 L000000 111
072 M000000 16
072 N000000 209
072 O000000 147
072 P000000 0
072 Q000000 167
072 R000000 21
072 S000000 5
072 T000000 5920
072 U000000 0
072 V000000 0
072 W000000 69
072 X000000 16056
072 Y000000 191
072 Z000000 90239
072AA000000 25031
072BB000000 21295
072CC010000 14086
072CC020000 0
072DD010000 52284
072DD020000 37132
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 0
074 D000000 1143751
074 E000000 39758
074 F000000 5730
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 10957
074 K000000 0
074 L000000 34412
074 M000000 0
<PAGE> PAGE 9
074 N000000 1234608
074 O000000 10020
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 6592
074 S000000 0
074 T000000 1217996
074 U010000 53026
074 U020000 54677
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 46108
074 Y000000 0
075 A000000 0
075 B000000 1023787
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 Y
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 B000000 THE AETNA CASUALTY AND SURETY COMPANY
080 C000000 85000
081 A000000 Y
081 B000000 257
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
<PAGE> PAGE 10
085 A000000 Y
085 B000000 N
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> 12-Mos
<FISCAL-YEAR-END> Mar-31-1997
<PERIOD-END> Mar-31-1997
<INVESTMENTS-AT-COST> 1,191,349,815
<INVESTMENTS-AT-VALUE> 1,189,238,432
<RECEIVABLES> 45,369,195
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,234,607,627
<PAYABLE-FOR-SECURITIES> 10,020,077
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,591,876
<TOTAL-LIABILITIES> 16,611,953
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,241,966,162
<SHARES-COMMON-STOCK> 53,025,919
<SHARES-COMMON-PRIOR> 47,859,170
<ACCUMULATED-NII-CURRENT> 636,608
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (22,495,713)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,111,383)
<NET-ASSETS> 599,735,773
<DIVIDEND-INCOME> 1,703,261
<INTEREST-INCOME> 104,400,848
<OTHER-INCOME> 0
<EXPENSES-NET> 15,864,957
<NET-INVESTMENT-INCOME> 90,239,152
<REALIZED-GAINS-CURRENT> 3,736,400
<APPREC-INCREASE-CURRENT> 14,085,861
<NET-CHANGE-FROM-OPS> 108,061,413
<EQUALIZATION> 711,322
<DISTRIBUTIONS-OF-INCOME> 52,284,090
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,332,321
<NUMBER-OF-SHARES-REDEEMED> 8,642,783
<SHARES-REINVESTED> 2,477,211
<NET-CHANGE-IN-ASSETS> 392,316,005
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (26,232,113)
<OVERDISTRIB-NII-PRIOR> 186,947
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,658,537
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 16,055,685
<AVERAGE-NET-ASSETS> 1,023,787,012
<PER-SHARE-NAV-BEGIN> 11.080
<PER-SHARE-NII> 1.040
<PER-SHARE-GAIN-APPREC> 0.220
<PER-SHARE-DIVIDEND> 1.030
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.310
<EXPENSE-RATIO> 1.21
<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> 12-Mos
<FISCAL-YEAR-END> Mar-31-1997
<PERIOD-END> Mar-31-1997
<INVESTMENTS-AT-COST> 1,191,349,815
<INVESTMENTS-AT-VALUE> 1,189,238,432
<RECEIVABLES> 45,369,195
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,234,607,627
<PAYABLE-FOR-SECURITIES> 10,020,077
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,591,876
<TOTAL-LIABILITIES> 16,611,953
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,241,966,162
<SHARES-COMMON-STOCK> 45,382,057
<SHARES-COMMON-PRIOR> 21,488,053
<ACCUMULATED-NII-CURRENT> 636,608
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (22,495,713)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,111,383)
<NET-ASSETS> 513,169,109
<DIVIDEND-INCOME> 1,703,261
<INTEREST-INCOME> 104,400,848
<OTHER-INCOME> 0
<EXPENSES-NET> 15,864,957
<NET-INVESTMENT-INCOME> 90,239,152
<REALIZED-GAINS-CURRENT> 3,736,400
<APPREC-INCREASE-CURRENT> 14,085,861
<NET-CHANGE-FROM-OPS> 108,061,413
<EQUALIZATION> 711,322
<DISTRIBUTIONS-OF-INCOME> 30,228,197
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 28,139,746
<NUMBER-OF-SHARES-REDEEMED> 5,486,949
<SHARES-REINVESTED> 1,241,207
<NET-CHANGE-IN-ASSETS> 392,316,005
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (26,232,113)
<OVERDISTRIB-NII-PRIOR> 186,947
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,658,537
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 16,055,685
<AVERAGE-NET-ASSETS> 1,023,787,012
<PER-SHARE-NAV-BEGIN> 11.080
<PER-SHARE-NII> 0.950
<PER-SHARE-GAIN-APPREC> 0.220
<PER-SHARE-DIVIDEND> 0.940
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.310
<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> 12-Mos
<FISCAL-YEAR-END> Mar-31-1997
<PERIOD-END> Mar-31-1997
<INVESTMENTS-AT-COST> 1,191,349,815
<INVESTMENTS-AT-VALUE> 1,189,238,432
<RECEIVABLES> 45,369,195
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,234,607,627
<PAYABLE-FOR-SECURITIES> 10,020,077
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,591,876
<TOTAL-LIABILITIES> 16,611,953
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,241,966,162
<SHARES-COMMON-STOCK> 9,295,083
<SHARES-COMMON-PRIOR> 5,182,758
<ACCUMULATED-NII-CURRENT> 636,608
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (22,495,713)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,111,383)
<NET-ASSETS> 105,090,792
<DIVIDEND-INCOME> 1,703,261
<INTEREST-INCOME> 104,400,848
<OTHER-INCOME> 0
<EXPENSES-NET> 15,864,957
<NET-INVESTMENT-INCOME> 90,239,152
<REALIZED-GAINS-CURRENT> 3,736,400
<APPREC-INCREASE-CURRENT> 14,085,861
<NET-CHANGE-FROM-OPS> 108,061,413
<EQUALIZATION> 711,322
<DISTRIBUTIONS-OF-INCOME> 6,903,310
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,462,599
<NUMBER-OF-SHARES-REDEEMED> 1,720,918
<SHARES-REINVESTED> 370,644
<NET-CHANGE-IN-ASSETS> 392,316,005
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (26,232,113)
<OVERDISTRIB-NII-PRIOR> 186,947
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,658,537
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 16,055,685
<AVERAGE-NET-ASSETS> 1,023,787,012
<PER-SHARE-NAV-BEGIN> 11.080
<PER-SHARE-NII> 0.950
<PER-SHARE-GAIN-APPREC> 0.220
<PER-SHARE-DIVIDEND> 0.940
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.310
<EXPENSE-RATIO> 1.99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
