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<PAGE> PAGE 2
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SIGNATURE STEVE KEANE
TITLE GEN. COUNSEL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> Federated High Income Bond Fund, Inc. - Class B
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> Federated High Income Bond Fund, Inc. - Class C
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</TABLE>
November 24, 1999
Office of the Chief Accountant
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Dear Sir:
We have read and agree with the statements contained in Sub-Item 77k of
Form N-SAR of the Federated High Income Bond Fund, Inc.
Very truly yours,
Arthur Andersen LLP
Mr. Sean Fitzsimons
Page 2
September 30, 1999
Item 77K
CHANGES IN REGISTRANT"S CERTIFYING ACCOUNTANT
On May 19, 1999, the Fund"s Board of Directors, upon the recommendation of the
Audit Committee of the Board of Directors, requested and subsequently accepted
the resignation of Arthur Anderson LLP ("AA") as the Fund"s independent
auditors. During the six month period ending September 30, 1999 ( the
"Period"), (i) AA did not issue any report on the Fund"s financial statements,
(ii) there were no disagreements with AA on any matter of accounting
principles or practices, financial statement disclosure or auditing scope or
procedure, which disagreements, if not resolved to the satisfaction of AA,
would have caused them to make reference to the subject matter of the
disagreements in connection with their report on the financial statements for
such period, and (iii) there were no "reportable events" of the kind described
in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of
1934, as amended.
The Fund, by action of its Board of Directors, engaged Ernst & Young LLP
("E&Y") as the independent auditors for purposes of auditing the Fund"s
financial statements for the fiscal year ending March 31, 2000. During the
Period, neither the Fund, nor anyone on the Fund"s behalf has consulted E&Y
on items which (i) concerned the application of accounting principles to a
specified transaction, either completed or proposed, or the type of audit
opinion that might be rendered on the Fund"s financial statements or (ii)
concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv)
of Item 304 of Regulation S-K) or reportable events ( as described in paragraph
(a)(1)(v) of said Item 304).
Current as of: 8/18/94
