WE’RE DEEPLY INVESTED

...in high yield.

Federated High Income Bond Fund, Inc. FHIIX
Seeks to provide a high level of current income and portfolio diversification.

ACTIVE MANAGEMENT

Our team scours securities, industries and the overall bond market for changes with the potential to benefit performance. They give portfolio holdings the same scrutiny, selecting and maintaining them based on comprehensive issuer reviews.

CONSISTENT PROCESS

Our process dates back to 1972, when Federated developed one of the industry's first high-yield bond funds. The fund features a track record of more than 35 years, and its management team has provided consistent oversight since 1987.

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Investment Approach

Business quality and rating-agency quality are fundamentally different, and Federated's experience with the former has played a large role in our success as a firm. We believe these divergent views create an inefficient market and provide an opportunity for Federated to generate attractive excess and risk-adjusted returns.
Views as of 10-4-2016 and are subject to change based on market conditions and other factors. These views should not be construed as a recommendation for any specific security or sector.
Our analysts focus on the ability of companies to generate stable and predictable cash flow and use that as part of our hallmark formula for investing in the high-yield market.
Kathryn Glass, portfolio manager

Investment Team

Federated has been managing fixed income portfolios for more than 45 years. Our track record with high-yield investing is nearly as long, dating back to 1972, when we introduced one of the first high-yield bond funds. Our current team is led by Senior Portfolio Manager Mark Durbiano, a 35-year veteran who has been with the company since 1982.
Average experience of
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management team
Time team members
have worked together
at Federated
Mutual funds are subject to risks and fluctuate in value.

Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices.

High-yield, lower-rated securities generally entail greater market, credit/default and liquidity risks, and may be more volatile than investment grade securities.

Past performance is no guarantee of future results.

Investors should carefully consider the fund's investment objectives, risks, charges and expenses before investing. To obtain a summary prospectus or prospectus containing this and other information, call us or view the prospectus provided on this website. Please carefully read the summary prospectus or prospectus before investing.

Federated Securities Corp., Distributor

17-69047 (3/17)