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<PAGE> PAGE 1
000 A000000 03/01/98
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 4122886517
002 A000000 FEDERATED INVESTORS TOWER
002 B000000 PITTSBURGH
002 C000000 PA
002 D010000 15222
002 D020000 3779
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007 C020100 THE U.S. GOVERNMENT SECURITIES FUND
007 C030100 Y
007 C010200 2
007 C020200 THE MARYLAND MUNICIPAL BOND FUND
007 C030200 Y
007 C010300 3
007 C020300 THE MONEY MARKET FUND
007 C030300 Y
007 C010400 4
007 C020400 THE TREASURY MONEY MARKET FUND
007 C030400 Y
007 C010500 5
007 C020500 THE STYLE MANAGER: LARGE CAP FUND
007 C030500 Y
007 C010600 6
007 C020600 THE VIRGINIA MUNICIPAL BOND FUND
007 C030600 Y
007 C010700 7
007 C020700 THE TAX-FREE MONEY MARKET FUND
007 C030700 Y
007 C010800 8
007 C020800 THE STYLE MANAGER FUND
007 C030800 Y
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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013 A00AA01 DELOITTE & TOUCHE LLP
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013 B04AA01 5401
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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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<PAGE> PAGE 21
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062 A000400 N
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062 H000400 0.0
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062 O000400 0.0
062 P000400 0.0
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062 R000400 0.0
063 A000400 0
063 B000400 0.0
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 N
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
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
<PAGE> PAGE 22
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 0
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<PAGE> PAGE 23
073 A010400 0.2000
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075 A000400 296371
075 B000400 0
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024 000500 N
025 D000501 0
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025 D000505 0
025 D000506 0
025 D000507 0
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028 A010500 1426
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<PAGE> PAGE 24
028 B020500 0
028 B030500 0
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028 G010500 5083
028 G020500 13243
028 G030500 0
028 G040500 14215
028 H000500 0
034 000500 N
035 000500 0
036 B000500 0
037 000500 N
038 000500 0
039 000500 N
040 000500 Y
041 000500 Y
042 A000500 0
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042 C000500 100
042 D000500 0
042 E000500 0
042 F000500 0
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043 000500 83
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<PAGE> PAGE 25
048 C020500 0.000
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048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 N
055 A000500 Y
055 B000500 N
056 000500 Y
057 000500 N
058 A000500 N
059 000500 Y
060 A000500 Y
060 B000500 Y
061 000500 1000
062 A000500 N
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<PAGE> PAGE 26
066 A000500 Y
066 B000500 N
066 C000500 N
066 D000500 N
066 E000500 Y
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
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069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 Y
070 B020500 N
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070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
070 G010500 Y
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
070 L010500 Y
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
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<PAGE> PAGE 27
072 A000500 5
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<PAGE> PAGE 28
074 O000500 0
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075 A000500 0
075 B000500 99580
076 000500 0.00
024 000600 N
025 D000601 0
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028 A010600 818
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<PAGE> PAGE 29
028 F040600 0
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038 000600 0
039 000600 N
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<PAGE> PAGE 30
050 000600 N
051 000600 N
052 000600 N
053 A000600 N
055 A000600 N
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057 000600 N
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<PAGE> PAGE 31
070 G020600 N
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<PAGE> PAGE 32
072 Y000600 5
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<PAGE> PAGE 33
025 D000705 0
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<PAGE> PAGE 34
045 000700 Y
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<PAGE> PAGE 35
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<PAGE> PAGE 36
070 R020700 N
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<PAGE> PAGE 37
074 J000700 0
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
070 A010800 Y
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
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<NAME> The Virtus Funds
The U.S. Government Securities Fund
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<NAME> The Virtus Funds
The U.S. Government Securities Fund
Investment Shares
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<NAME> The Virtus Funds
The Maryland Municipal Bond Fund
Trust Shares
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<NAME> The Virtus Funds
The Maryland Municipal Bond Fund
Investment Shares
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<NAME> The Virtus Funds
The Money Market Fund
Trust Shares
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<NAME> The Virtus Funds
The Money Market Fund
Investment Shares
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<NAME> The Virtus Funds
The Treasurt Money Market Fund
Trust Shares
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<NAME> The Virtus Funds
The Treasurt Money Market Fund
Investment Shares
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<NUMBER> 051
<NAME> The Virtus Funds
The Style Manager: Large Cap Fund
Trust Shares
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<SERIES>
<NUMBER> 052
<NAME> The Virtus Funds
The Style Manager: Large Cap Fund
Investment Shares
<PERIOD-TYPE> 5-Mos
<FISCAL-YEAR-END> Sep-30-1998
<PERIOD-END> Mar-1-1998
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 139,272
<DISTRIBUTIONS-OF-GAINS> 13,392,598
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 316,952
<NUMBER-OF-SHARES-REDEEMED> 819,463
<SHARES-REINVESTED> 888,989
<NET-CHANGE-IN-ASSETS> (59,890,870)
<ACCUMULATED-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 671,196
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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> 5-mos
<FISCAL-YEAR-END> Sep-30-1998
<PERIOD-END> Mar-1-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 1,797,148
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,649,952
<OTHER-INCOME> 0
<EXPENSES-NET> 458,282
<NET-INVESTMENT-INCOME> 1,191,670
<REALIZED-GAINS-CURRENT> 381,280
<APPREC-INCREASE-CURRENT> 812,982
<NET-CHANGE-FROM-OPS> 2,385,932
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 319,998
<DISTRIBUTIONS-OF-GAINS> 54,664
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 57,839
<NUMBER-OF-SHARES-REDEEMED> 1,854,987
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (78,772,564)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 453,001
<AVERAGE-NET-ASSETS> 76,676,750
<PER-SHARE-NAV-BEGIN> 11.070
<PER-SHARE-NII> 0.181
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 062
<NAME> The Virtus Funds
The Virginia Municipal Bond Fund
Investment Shares
<PERIOD-TYPE> 5-mos
<FISCAL-YEAR-END> Sep-30-1998
<PERIOD-END> Mar-1-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 5,319,803
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,649,952
<OTHER-INCOME> 0
<EXPENSES-NET> 458,282
<NET-INVESTMENT-INCOME> 1,191,670
<REALIZED-GAINS-CURRENT> 381,280
<APPREC-INCREASE-CURRENT> 812,982
<NET-CHANGE-FROM-OPS> 2,385,932
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 871,671
<DISTRIBUTIONS-OF-GAINS> 148,133
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 96,787
<NUMBER-OF-SHARES-REDEEMED> 5,479,046
<SHARES-REINVESTED> 62,456
<NET-CHANGE-IN-ASSETS> (78,772,564)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 453,001
<AVERAGE-NET-ASSETS> 76,676,750
<PER-SHARE-NAV-BEGIN> 11.070
<PER-SHARE-NII> 0.169
<PER-SHARE-GAIN-APPREC> 0.031
<PER-SHARE-DIVIDEND> 0.169
<PER-SHARE-DISTRIBUTIONS> 0.031
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 0.000
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 07
<NAME> The Virtus Funds
The Tax Free Money Market Fund
<PERIOD-TYPE> 5-mos
<FISCAL-YEAR-END> Sep-30-1998
<PERIOD-END> Mar-1-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 57,369,580
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 864,279
<OTHER-INCOME> 0
<EXPENSES-NET> 211,017
<NET-INVESTMENT-INCOME> 653,262
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 653,262
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 653,262
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 138,333,536
<NUMBER-OF-SHARES-REDEEMED> 195,867,903
<SHARES-REINVESTED> 164,787
<NET-CHANGE-IN-ASSETS> (57,582,422)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 119,812
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 243,941
<AVERAGE-NET-ASSETS> 53,307,032
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.010
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.010
<PER-SHARE-DISTRIBUTIONS> 0.000
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<PER-SHARE-NAV-END> 0.000
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 08
<NAME> The Virtus Funds
The Style Manager Fund
<PERIOD-TYPE> 5-mos
<FISCAL-YEAR-END> Sep-30-1998
<PERIOD-END> Mar-1-1998
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 5,002,112
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 357,721
<INTEREST-INCOME> 115,348
<OTHER-INCOME> 0
<EXPENSES-NET> 416,208
<NET-INVESTMENT-INCOME> 56,861
<REALIZED-GAINS-CURRENT> 9,329,771
<APPREC-INCREASE-CURRENT> (15,019,954)
<NET-CHANGE-FROM-OPS> (5,633,322)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 118,657
<DISTRIBUTIONS-OF-GAINS> 22,974,821
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 656,010
<NUMBER-OF-SHARES-REDEEMED> (6,746,242)
<SHARES-REINVESTED> 1,088,120
<NET-CHANGE-IN-ASSETS> (77,110,854)
<ACCUMULATED-NII-PRIOR> 61,796
<ACCUMULATED-GAINS-PRIOR> 13,635,634
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 394,620
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 574,056
<AVERAGE-NET-ASSETS> 74,476,689
<PER-SHARE-NAV-BEGIN> 15.730
<PER-SHARE-NII> 0.022
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<PER-SHARE-DIVIDEND> 0.022
<PER-SHARE-DISTRIBUTIONS> 4.271
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 0.000
<EXPENSE-RATIO> 0.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
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