<PAGE> PAGE 1
000 B000000 02/29/2000
000 C000000 0000745967
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
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
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 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 A000001 ISI GROUP
020 C000001 5
020 A000002 PRUDENTIAL SECURITIES INCORPORATION
020 C000002 1
020 A000003 BEARSTEIN SANFORD & CO.
020 C000003 1
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 7
022 A000001 ABN AMRO CHICAGO CORP.
022 B000001 13-2647786
022 C000001 4292640
022 D000001 0
022 A000002 SALMON SMITH BARNEY INC.
022 B000002 13-3082694
022 C000002 1623226
022 D000002 32862
022 A000003 BEAR STEARNS CORP.
022 B000003 13-5674085
022 C000003 996429
022 D000003 59670
022 A000004 MORGAN GUARANTY TRUST CO.
022 B000004 13-2655998
022 C000004 201153
022 D000004 0
022 A000005 WARBURG DILLON REED
022 C000005 96595
022 D000005 1013
022 A000006 GOLDMAN SACHS & CO.
022 C000006 76534
022 D000006 15092
022 A000007 DLJ CAPITAL MARKETS
022 B000007 13-2741729
022 C000007 44496
022 D000007 31894
022 A000008 BANC OF AMERICA SECURITIES
022 C000008 63819
022 D000008 4175
022 A000009 GREENWICH CAPITAL MARKETS
022 C000009 57720
022 D000009 0
<PAGE> PAGE 4
022 A000010 CHASE SECURITIES INC.
022 C000010 19046
022 D000010 35808
023 C000000 7571947
023 D000000 455895
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 Y
026 E000000 Y
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 16656
028 A020000 4930
028 A030000 0
028 A040000 44700
028 B010000 20749
028 B020000 4827
028 B030000 0
028 B040000 32567
028 C010000 104456
028 C020000 4823
028 C030000 0
028 C040000 68277
028 D010000 45727
028 D020000 4868
028 D030000 0
028 D040000 98859
028 E010000 34582
028 E020000 4859
028 E030000 0
028 E040000 78047
028 F010000 44234
028 F020000 8755
028 F030000 0
028 F040000 70729
028 G010000 266404
028 G020000 33062
028 G030000 0
<PAGE> PAGE 5
028 G040000 393179
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 N
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
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
048 J010000 0
048 J020000 0.000
<PAGE> PAGE 6
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 N
055 B000000 N
056 000000 N
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 25000
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 2.4
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 90.7
062 Q000000 0.0
062 R000000 5.5
<PAGE> PAGE 7
063 A000000 0
063 B000000 7.0
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 Y
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 N
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 475219
071 B000000 753679
071 C000000 912823
071 D000000 52
072 A000000 12
<PAGE> PAGE 8
072 B000000 95732
072 C000000 4852
072 D000000 0
072 E000000 0
072 F000000 7153
072 G000000 719
072 H000000 0
072 I000000 406
072 J000000 52
072 K000000 0
072 L000000 147
072 M000000 18
072 N000000 37
072 O000000 0
072 P000000 0
072 Q000000 134
072 R000000 24
072 S000000 12
072 T000000 2384
072 U000000 0
072 V000000 0
072 W000000 30
072 X000000 11116
072 Y000000 2694
072 Z000000 92162
072AA000000 0
072BB000000 22136
072CC010000 0
072CC020000 74512
072DD010000 92932
072DD020000 0
072EE000000 0
073 A010000 0.8400
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 29
074 B000000 18820
074 C000000 0
074 D000000 701794
074 E000000 39855
074 F000000 2573
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 2
074 K000000 0
074 L000000 16078
074 M000000 0
074 N000000 779151
074 O000000 0
<PAGE> PAGE 9
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 5539
074 S000000 0
074 T000000 773612
074 U010000 96371
074 U020000 0
074 V010000 8.03
074 V020000 0.00
074 W000000 0.0000
074 X000000 8404
074 Y000000 0
075 A000000 0
075 B000000 952626
076 000000 0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
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 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A000000 LLOYD'S OF LONDON
080 B000000 ZURICH INSURANCE CO; RELIANCE INSURANCE CO.
080 C000000 70000
081 A000000 Y
081 B000000 165
082 A000000 N
082 B000000 0
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
<PAGE> PAGE 10
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE STEPHEN A. KEEN
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> 12-MOS
<FISCAL-YEAR-END> Feb-29-2000
<PERIOD-END> Feb-29-2000
<INVESTMENTS-AT-COST> 874,443,409
<INVESTMENTS-AT-VALUE> 763,042,158
<RECEIVABLES> 16,080,718
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 29,005
<TOTAL-ASSETS> 779,151,881
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,539,453
<TOTAL-LIABILITIES> 5,539,453
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 914,279,999
<SHARES-COMMON-STOCK> 96,371,440
<SHARES-COMMON-PRIOR> 119,918,721
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (177,800)
<ACCUMULATED-NET-GAINS> (29,088,520)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (111,401,251)
<NET-ASSETS> 773,612,428
<DIVIDEND-INCOME> 4,852,436
<INTEREST-INCOME> 95,731,854
<OTHER-INCOME> 0
<EXPENSES-NET> (8,422,382)
<NET-INVESTMENT-INCOME> 92,161,908
<REALIZED-GAINS-CURRENT> (22,135,778)
<APPREC-INCREASE-CURRENT> (74,512,017)
<NET-CHANGE-FROM-OPS> (4,485,887)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (92,931,635)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 83,657,351
<NUMBER-OF-SHARES-REDEEMED> (114,278,787)
<SHARES-REINVESTED> 7,074,155
<NET-CHANGE-IN-ASSETS> (296,227,951)
<ACCUMULATED-NII-PRIOR> 643,355
<ACCUMULATED-GAINS-PRIOR> (13,478,110)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,152,806
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 11,116,516
<AVERAGE-NET-ASSETS> 952,626,224
<PER-SHARE-NAV-BEGIN> 8.920
<PER-SHARE-NII> 0.840
<PER-SHARE-GAIN-APPREC> (0.890)
<PER-SHARE-DIVIDEND> (0.840)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 8.030
<EXPENSE-RATIO> 0.88
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
Report of Ernst and Young LLP, Independent Auditors
Board of Directors
of Federated High Yield Trust
In planning and performing our audit of the consolidated financial
statements of Federated High Yield Trust (the "Company") for the year
ended February 29, 2000, we considered its internal control, including
control activities for safeguarding securities, to determine our
auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR,
and not to provide assurance on internal control.
The management of the Company is responsible for establishing and
maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of internal control. Generally,
internal controls that are relevant to an audit pertain to the Company's
objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those internal controls include the safeguarding of assets
against unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, misstatements
due to errors or fraud may occur and not be detected. Also, projections
of any evaluation of internal control to future periods are subject to
the risk that internal control may become inadequate because of changes
in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the specific internal control components
does not reduce to a relatively low level the risk that errors or fraud
in amounts that would be material in relation to the consolidated
financial statements being audited may occur and not be detected within
a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving internal
control, including control activities for safeguarding securities, and
its operation that we consider to be material weaknesses as defined
above as of February 29, 2000.
This report is intended solely for the information and use of the board
of directors and management of Federated High Yield Trust and the
Securities and Exchange Commission and is not intended to be and should
not be used by anyone other than these specified parties.
April 18, 2000 ERNST & YOUNG LLP
Boston, Massachusetts