<PAGE> PAGE 1
000 A000000 08/31/1999
000 C000000 0000745967
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 I000000 6.1
000 J000000 A
001 A000000 FEDERATED HIGH YIELD TRUST
001 B000000 811-4018
001 C000000 4122882614
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
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007 C010300 3
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007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 FEDERATED INVESTMENT MANAGEMENT COMPANY
008 B000001 A
008 C000001 801-34610
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 ERNST & YOUNG LLP
013 B010001 BOSTON
013 B020001 MA
013 B030001 02116
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 BANK OF NEW YORK
015 B000004 S
015 C010004 NEW YORK
015 C020004 NY
015 C030004 10006
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 BANKERS TRUST CO.
015 B000006 S
015 C010006 NEW YORK
015 C020006 NY
015 C030006 10015
015 E010006 X
015 A000007 MORGAN GUARANTY BANK & TRUST CO.
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
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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 GOLDMAN SACHS & CO.
022 C000001 52068
022 D000001 5765
022 A000002 GREENWICH CAPITAL MARKETS
022 C000002 57720
022 D000002 0
022 A000003 ABN AMRO CHICAGO CORP.
022 B000003 13-2647786
022 C000003 1357350
022 D000003 0
022 A000004 GRANTCHESTER SECURITIES INC.
022 C000004 5267
022 D000004 37181
022 A000005 SALOMON SMITH BARNEY INC.
022 B000005 13-3082694
022 C000005 1146425
022 D000005 23451
022 A000006 DLJ CAPITAL MARKETS
022 B000006 13-2741729
022 C000006 34562
022 D000006 22725
022 A000007 BEAR STEARNS CORP.
022 B000007 13-5674085
022 C000007 972295
022 D000007 44572
022 A000008 CHASE SECURITIES, INC.
022 C000008 6133
022 D000008 22230
022 A000009 MONTGOMERY SECURITIES LLC
022 C000009 13518
022 D000009 13040
022 A000010 MORGAN GUARANTY TRUST CO.
022 B000010 13-2655998
022 C000010 133938
022 D000010 0
<PAGE> PAGE 4
023 C000000 3999045
023 D000000 454510
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025 D000001 0
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027 000000 Y
028 A010000 115108
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE STEVE KEANE
TITLE GENERAL COUNSEL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000745967
<NAME> Federated High Yield Trust
<SERIES>
<NUMBER> 001
<NAME> Federated High Yield Trust
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Feb-29-2000
<PERIOD-END> Aug-31-1999
<INVESTMENTS-AT-COST> 987,734,641
<INVESTMENTS-AT-VALUE> 900,509,667
<RECEIVABLES> 22,857,567
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 622,152
<TOTAL-ASSETS> 923,989,386
<PAYABLE-FOR-SECURITIES> 109,710
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 10,427,926
<TOTAL-LIABILITIES> 10,537,636
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,014,466,776
<SHARES-COMMON-STOCK> 107,759,018
<SHARES-COMMON-PRIOR> 119,918,721
<ACCUMULATED-NII-CURRENT> 884,277
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (14,674,329)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (87,224,974)
<NET-ASSETS> 913,451,750
<DIVIDEND-INCOME> 2,353,967
<INTEREST-INCOME> 51,020,073
<OTHER-INCOME> 0
<EXPENSES-NET> (4,638,280)
<NET-INVESTMENT-INCOME> 48,735,760
<REALIZED-GAINS-CURRENT> (1,196,219)
<APPREC-INCREASE-CURRENT> (50,335,740)
<NET-CHANGE-FROM-OPS> (2,796,199)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (48,494,838)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 51,282,724
<NUMBER-OF-SHARES-REDEEMED> (66,503,829)
<SHARES-REINVESTED> 3,061,402
<NET-CHANGE-IN-ASSETS> (156,388,629)
<ACCUMULATED-NII-PRIOR> 643,355
<ACCUMULATED-GAINS-PRIOR> (13,478,110)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,938,409
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6,146,795
<AVERAGE-NET-ASSETS> 1,042,327,989
<PER-SHARE-NAV-BEGIN> 8.920
<PER-SHARE-NII> 0.340
<PER-SHARE-GAIN-APPREC> (0.440)
<PER-SHARE-DIVIDEND> (0.340)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 8.480
<EXPENSE-RATIO> 0.88
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
ITEM 77c - SHAREHOLDER MEETING RESULTS
Shareholder Meeting Results
A Special Meeting of Shareholders of Federated High Yield Trust was held
on March 23, 1999. On January 22, 1999, the record date for shareholders
voting at the meeting, there were 122,495,959 total outstanding shares.
The following items were considered by shareholders and the results of
their voting were as follows:
Abstentions and Withheld Authority
Agenda Item For Against Broker Non-Votes to Vote
1. Election of Trustees *:
Thomas G. Bigley
72,506,280 1,447,275
John T. Conroy,Jr.
72,524,978 1,428,577
Nicholas P. Constantakis
72,531,889 1,421,666
John F. Cunningham
72,573,447 1,380,108
J. Christopher Donahue
72,544,025 1,409,530
Peter E. Madden
72,577,719 1,375,836
Charles F. Mansfield, Jr.
72,585,426 1,368,129
John E. Murray, Jr., J.D., S.J.D.
72,570,414 1,383,141
John S. Walsh
72,589,246 1,364,309
2. To ratify the selection of Ernst & Young LLP as the fund's
independent auditors:
72,691,505 352,516 909,534
3. To make changes to the fund's fundamental investment policies:
(a) To approve a revision in the fund's fundamental
investment policy regarding borrowing to permit
the purchase of securities while borrowings are outstanding:
54,121,973 3,436,808 16,394,774
(b) To approve making non-fundamental the fund's
fundamental investment policy regarding investing
in lower-rated fixed income securities:
54,312,593 3,441,735 16,199,227
4. To eliminate the fund's fundamental investment policy
on investing in oil, gas, and minerals:
54,950,647 2,897,954 16,104,954
5. To approve amendments and restatements of the fund's
Declaration of Trust:
(a) To require the approval by a majority of outstanding
voting shares in the event of the sale or conveyance
of the assets of the fund to another trust or corporation:
56,375,718 1,870,608 15,707,229
(b) To permit the Board of Trustees to liquidate
assets of the fund without shareholder approval:
50,175,667 7,677,882 16,100,006
*The following Trustees continued their terms as
Trustees: John F. Donahue, Lawrence D. Ellis, M.D.
and Marjorie P. Smuts.
