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<PAGE> PAGE 1
000 A000000 03/31/96
000 C000000 0000867063
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 THE VIRTUS FUNDS
001 B000000 811-6158
001 C000000 4122888160
002 A000000 FEDERATED INVESTORS TOWER
002 B000000 PITTSBURGH
002 C000000 PA
002 D010000 15222
002 D020000 3779
003 000000 N
004 000000 N
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007 A000000 Y
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007 C010100 1
007 C020100 THE U.S GOVERNMENT SECURITIES FUND
007 C030100 N
007 C010200 2
007 C020200 THE MARYLAND MUNICIPAL BOND FUND
007 C030200 N
007 C010300 3
007 C020300 THE MONEY MARKET FUND
007 C030300 N
007 C010400 4
007 C020400 THE TREASURY MONEY MARKET FUND
007 C030400 N
007 C010500 5
007 C020500 THE STYLE MANAGER: LARGE CAP FUND
007 C030500 N
007 C010600 6
007 C020600 THE VIRGINIA MUNICIPAL BOND FUND
007 C030600 N
007 C010700 7
007 C020700 THE TAX-FREE MONEY MARKET FUND
007 C030700 N
007 C010800 8
007 C020800 THE STYLE MANAGER FUND
007 C030800 N
007 C010900 9
007 C011000 10
008 A00AA01 VIRTUS CAPITAL MANAGEMENT, INC.
008 B00AA01 A
<PAGE> PAGE 2
008 C00AA01 801-0000
008 D01AA01 RICHMOND
008 D02AA01 VA
008 D03AA01 23219
010 A00AA01 FEDERATED ADMINISTRATIVE SERVICES
010 C01AA01 PITTSBURGH
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011 A00AA01 FEDERATED SECURITIES CORP.
011 B00AA01 8-15561
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012 A00AA01 FEDERATED SHAREHOLDER SERVICES COMPANY
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012 C01AA01 PITTSBURGH
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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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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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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070 A020400 Y
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
<PAGE> PAGE 21
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
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070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
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070 Q020400 N
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<PAGE> PAGE 22
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074 R040400 1891
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<PAGE> PAGE 23
028 A010500 1387
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<PAGE> PAGE 24
048 000500 0.750
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056 000500 Y
057 000500 N
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<PAGE> PAGE 25
063 B000500 0.0
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066 D000500 N
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067 000500 N
068 A000500 N
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070 E020500 N
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070 F020500 N
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070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
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070 L020500 N
070 M010500 N
070 M020500 N
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070 N020500 N
070 O010500 Y
070 O020500 N
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070 Q010500 N
070 Q020500 N
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070 R020500 N
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<PAGE> PAGE 26
071 D000500 100
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<PAGE> PAGE 27
074 N000500 95255
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<PAGE> PAGE 28
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<PAGE> PAGE 29
048 K020600 0.000
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<PAGE> PAGE 30
070 H010600 N
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> The Virtus Funds
The U.S. Government Securities Fund
Trust Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Sep-30-1996
<PERIOD-END> Mar-31-1996
<INVESTMENTS-AT-COST> 216,358,071
<INVESTMENTS-AT-VALUE> 212,508,094
<RECEIVABLES> 3,944,359
<ASSETS-OTHER> 183
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 216,452,636
<PAYABLE-FOR-SECURITIES> 0
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 012
<NAME> The Virtus Funds
The U.S. Government Securities Fund
Investment Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Sep-30-1996
<PERIOD-END> Mar-31-1996
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<ACCUMULATED-NET-GAINS> (11,736,557)
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 021
<NAME> The Virtus Funds
The Maryland Municipal Bond Fund
Trust Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Sep-30-1996
<PERIOD-END> Mar-31-1996
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 022
<NAME> The Virtus Funds
The Maryland Municipal Bond Fund
Investment Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Sep-30-1996
<PERIOD-END> Mar-31-1996
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<ACCUMULATED-NII-PRIOR> 999
<ACCUMULATED-GAINS-PRIOR> (639,922)
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 031
<NAME> The Virtus Funds
The Money Market Fund
Trust Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Sep-30-1996
<PERIOD-END> Mar-31-1996
<INVESTMENTS-AT-COST> 258,049,395
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 032
<NAME> The Virtus Funds
The Money Market Fund
Investment Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Sep-30-1996
<PERIOD-END> Mar-31-1996
<INVESTMENTS-AT-COST> 258,049,395
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<DIVIDEND-INCOME> 0
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<EXPENSES-NET> 701,526
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<PER-SHARE-NAV-BEGIN> 1.000
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 041
<NAME> The Virtus Funds
The Treasury Money Market Fund
Trust Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Sep-30-1996
<PERIOD-END> Mar-31-1996
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 042
<NAME> The Virtus Funds
The Treasury Money Market Fund
Investment Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Sep-30-1996
<PERIOD-END> Mar-31-1996
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<NET-ASSETS> 165,287,630
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 051
<NAME> The Virtus Funds
The Style Manager: Large Cap Fund
Trust Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Sep-30-1996
<PERIOD-END> Mar-31-1996
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<NET-ASSETS> 44,514,594
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<NET-INVESTMENT-INCOME> 904,666
<REALIZED-GAINS-CURRENT> 10,334,252
<APPREC-INCREASE-CURRENT> (4,168,347)
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 052
<NAME> The Virtus Funds
The Style Manager: Large Cap Fund
Investment Shares
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<PERIOD-END> Mar-31-1996
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 061
<NAME> The Virtus Funds
The Virginia Municipal Bond Fund
Trust Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Sep-30-1996
<PERIOD-END> Mar-31-1996
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 062
<NAME> The Virtus Funds
The Virginia Municipal Bond Fund
Investment Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Sep-30-1996
<PERIOD-END> Mar-31-1996
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 07
<NAME> The Virtus Funds
The Tax-Free Money Market Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Sep-30-1996
<PERIOD-END> Mar-31-1996
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 08
<NAME> The Virtus Funds
The Style Manager Fund
<PERIOD-TYPE> 6-mos
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<PERIOD-END> Mar-31-1996
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</TABLE>
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