<PAGE> PAGE 1
000 B000000 12/31/94
000 C000000 0000314480
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 FIRST INVESTORS SPECIAL BOND FUND, INC.
001 B000000 811-2981
001 C000000 2128588000
002 A000000 95 WALL STREET
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10005
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
018 000000 Y
019 A000000 Y
019 B000000 46
019 C000000 FIRSTINVES
020 A000001 FIRST ALBANY CORP
020 B000001 14-1391446
020 C000001 1
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 1
022 A000001 MERRILL LYNCH PIERCE FENNER & SMITH, INC.
022 B000001 13-5674085
<PAGE> PAGE 2
022 C000001 21578
022 D000001 2808
022 A000002 SHEARSON LEHMAN HUTTON INC.
022 B000002 13-2518466
022 C000002 15089
022 D000002 0
022 A000003 FIRST CHICAGO INVESTMENT SECURITIES INC.
022 B000003 36-3414092
022 C000003 16978
022 D000003 0
022 A000004 GENERAL ELECTRIC CAPITAL CORP.
022 B000004 13-1500700
022 C000004 14788
022 D000004 0
022 A000005 FORD MOTOR CREDIT COMPANY
022 B000005 38-1912444
022 C000005 7894
022 D000005 0
022 A000006 SMITH BARNEY HARRIS UPHAM & CO.
022 B000006 13-1912900
022 C000006 3206
022 D000006 4130
022 A000007 IBM CREDIT CORP
022 B000007 13-0871985
022 C000007 5996
022 D000007 0
022 A000008 ITT FINANCIAL CORP
022 B000008 43-1154164
022 C000008 4497
022 D000008 0
022 A000009 CITIBANK N.A.
022 B000009 13-5266470
022 C000009 3727
022 D000009 683
022 A000010 WASSERSTEIN PERRELLA
022 B000010 13-3502273
022 C000010 589
022 D000010 3561
023 C000000 111675
023 D000000 19719
028 A010000 124
028 A020000 872
028 A030000 0
028 A040000 484
028 B010000 36
028 B020000 0
028 B030000 0
028 B040000 578
028 C010000 48
028 C020000 0
028 C030000 0
<PAGE> PAGE 3
028 C040000 296
028 D010000 39
028 D020000 856
028 D030000 0
028 D040000 469
028 E010000 2
028 E020000 0
028 E030000 0
028 E040000 354
028 F010000 27
028 F020000 848
028 F030000 0
028 F040000 746
028 G010000 276
028 G020000 2576
028 G030000 0
028 G040000 2927
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
055 A000000 Y
055 B000000 N
056 000000 N
057 000000 N
061 000000 2000
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 2.0
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 0.0
062 Q000000 91.4
062 R000000 4.0
063 A000000 0
063 B000000 8.0
064 A000000 N
066 A000000 N
067 000000 N
068 A000000 N
<PAGE> PAGE 4
068 B000000 N
069 000000 N
071 A000000 20233
071 B000000 21726
071 C000000 37322
071 D000000 54
072 A000000 12
072 B000000 3922
072 C000000 43
072 D000000 0
072 E000000 57
072 F000000 294
072 G000000 0
072 H000000 0
072 I000000 0
072 J000000 0
072 K000000 0
072 L000000 9
072 M000000 0
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 22
072 S000000 4
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 12
072 X000000 341
072 Y000000 0
072 Z000000 3681
072AA000000 703
072BB000000 0
072CC010000 0
072CC020000 4825
072DD010000 3466
072DD020000 0
072EE000000 0
073 A010000 1.0200
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 201
074 B000000 0
074 C000000 749
074 D000000 33565
074 E000000 1000
074 F000000 219
074 G000000 0
074 H000000 0
<PAGE> PAGE 5
074 I000000 253
074 J000000 0
074 K000000 0
074 L000000 802
074 M000000 4
074 N000000 36794
074 O000000 0
074 P000000 22
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 47
074 S000000 0
074 T000000 36725
074 U010000 3330
074 U020000 0
074 V010000 11.03
074 V020000 0.00
074 W000000 0.0000
074 X000000 1
074 Y000000 0
075 A000000 0
075 B000000 39224
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 E000000 Y
080 A000000 GULF INSURANCE GROUP/CNA INSURANCE COMPANIES
080 B000000 ICI MUTUAL
080 C000000 25000
081 A000000 Y
081 B000000 49
082 A000000 Y
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
SIGNATURE JOSEPH I. BENEDEK
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000314480
<NAME> FIRST INVESTORS SPECIAL BOND FUND, INC.
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-START> JAN-1-1994
<PERIOD-END> DEC-31-1994
<INVESTMENTS-AT-COST> 38554
<INVESTMENTS-AT-VALUE> 35787
<RECEIVABLES> 802
<ASSETS-OTHER> 201
<OTHER-ITEMS-ASSETS> 4
<TOTAL-ASSETS> 36794
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 69
<TOTAL-LIABILITIES> 69
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 58807
<SHARES-COMMON-STOCK> 3330
<SHARES-COMMON-PRIOR> 3336
<ACCUMULATED-NII-CURRENT> 307
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (19621)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2767)
<NET-ASSETS> 36725
<DIVIDEND-INCOME> 43
<INTEREST-INCOME> 3922
<OTHER-INCOME> 57
<EXPENSES-NET> 341
<NET-INVESTMENT-INCOME> 3681
<REALIZED-GAINS-CURRENT> 703
<APPREC-INCREASE-CURRENT> (4825)
<NET-CHANGE-FROM-OPS> (442)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3466)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 34
<NUMBER-OF-SHARES-REDEEMED> 547
<SHARES-REINVESTED> 306
<NET-CHANGE-IN-ASSETS> (6331)
<ACCUMULATED-NII-PRIOR> 92
<ACCUMULATED-GAINS-PRIOR> (20324)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 294
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 341
<AVERAGE-NET-ASSETS> 39223
<PER-SHARE-NAV-BEGIN> 12.18
<PER-SHARE-NII> 1.09
<PER-SHARE-GAIN-APPREC> (1.22)
<PER-SHARE-DIVIDEND> 1.02
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.03
<EXPENSE-RATIO> .87
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>