INVESTMENT SERIES FUNDS INC
NSAR-A, 1995-06-29
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<PAGE>      PAGE  1
000 A000000 04/30/95
000 C000000 0000889388
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 INVESTMENT SERIES FUNDS, INC.
001 B000000 811-07021
001 C000000 4122888515
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 Y
007 B000000  2
007 C010100  1
007 C020100 CAPITAL GROWTH FUND
007 C030100 N
007 C010200  2
007 C020200 FORTRESS BOND FUND
007 C030200 N
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 A00AA01 FEDERATED ADVISERS
008 B00AA01 A
008 C00AA01 801-34612
008 D01AA01 PITTSBURGH
008 D02AA01 PA
008 D03AA01 15222
008 D04AA01 3779
010 A00AA01 FEDERATED ADMINISTRATIVE SERVICES
010 C01AA01 PITTSBURGH
010 C02AA01 PA
010 C03AA01 15222
010 C04AA01 3779
011 A00AA01 FEDERATED SECURITIES CORP.
011 B00AA01 8-15561
<PAGE>      PAGE  2
011 C01AA01 PITTSBURGH
011 C02AA01 PA
011 C03AA01 15222
011 C04AA01 3779
012 A00AA01 FEDERATED SERVICES COMPANY
012 B00AA01 84-1869
012 C01AA01 PITTSBURGH
012 C02AA01 PA
012 C03AA01 15222
012 C04AA01 3779
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 PITTSBURGH
013 B02AA01 PA
013 B03AA01 15219
018  00AA00 Y
019 A00AA00 Y
019 B00AA00   15
019 C00AA00 FORINVEPRO
020 A000001 LIPPER ANALYTICAL SECURITIES CORP.
020 B000001 13-2792478
020 C000001      3
020 A000002 JANNEY MONTGOMERY SCOTT, INC.
020 B000002 23-0731260
020 C000002      2
020 A000003 AUTRANET, INC.
020 B000003 13-2961507
020 C000003      2
020 A000004 JEFFRIES CO.
020 B000004 95-2622900
020 C000004      1
020 A000005 SALOMON BROTHERS INC.
020 B000005 13-3082694
020 C000005      1
020 A000006 BEAR, STEARNS & CO.
020 B000006 13-3299429
020 C000006      1
020 A000007 NATWEST SERVICES CORP.
020 B000007 91-1172183
020 C000007      1
020 A000008 LEHMAN BROTHERS
020 B000008 13-2518466
020 C000008      1
020 A000009 LYNCH, JONES & RYAN
020 B000009 13-2563801
020 C000009      1
020 A000010 GOLDMAN, SACHS & CO.
020 B000010 13-510880
020 C000010      1
021  000000       20
022 A000001 MORGAN GUARANTY TRUST CO. OF NEW YORK
022 B000001 13-5123346
<PAGE>      PAGE  3
022 C000001    381985
022 D000001         0
022 A000002 MORGAN (J.P.) SECURITIES INC.
022 B000002 13-3224016
022 C000002    183787
022 D000002         0
022 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000003 13-5674085
022 C000003     24040
022 D000003     10851
022 A000004 MORGAN STANLEY & CO., INC.
022 B000004 13-2655998
022 C000004      7127
022 D000004      9525
022 A000005 DEUTSCHE BANK CAPITAL CORP.
022 B000005 13-6124068
022 C000005      8884
022 D000005      5598
022 A000006 RODMAN & RENSHAW, INC.
022 B000006 13-3502273
022 C000006      6915
022 D000006      5875
022 A000007 FIRST ALBANY CORP.
022 B000007 14-1391446
022 C000007       506
022 D000007      7229
022 A000008 LEHMAN BROTHERS, INC.
022 B000008 13-2518466
022 C000008      6038
022 D000008       726
022 A000009 FIRST BOSTON CORP.
022 B000009 13-5659485
022 C000009      1390
022 D000009      4055
022 A000010 SALOMON BROTHERS, INC.
022 B000010 13-3082694
022 C000010       642
022 D000010      4622
023 C000000     657782
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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
076  000100     0.00
015 A000201 STATE STREET BANK AND TRUST COMPANY
015 B000201 C
015 C010201 BOSTON
015 C020201 MA
015 C030201 02266
015 C040201 8604
015 E010201 X
015 A000202 BANK OF NEW YORK
015 B000202 S
015 C010202 NEW YORK
015 C020202 NY
015 C030202 10006
015 E010202 X
015 A000203 BANKERS TRUST CO.
015 B000203 S
015 C010203 NEW YORK
015 C020203 NY
015 C030203 10015
015 E010203 X
015 A000204 CHEMICAL BANK & TRUST CO.
015 B000204 S
015 C010204 NEW YORK
015 C020204 NY
015 C030204 10006
015 E010204 X
015 A000205 NATIONSBANK OF NORTH CAROLINA
015 B000205 S
015 C010205 CHARLOTTE
015 C020205 NC
015 C030205 28255
015 E010205 X
015 A000206 NATIONSBANC CAPITAL MARKETS, INC.
015 B000206 S
015 C010206 RICHMOND
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015 C030206 23261
015 E010206 X
015 A000207 PNC BANK, NA
015 B000207 S
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015 C020207 PA
015 C030207 15265
015 E010207 X
015 A000208 SECURITY PACIFIC NATIONAL TRUST CO.
015 B000208 S
015 C010208 NEW YORK
015 C020208 NY
015 C030208 10006
015 E010208 X
015 A000209 U.S. TRUST CO.
<PAGE>      PAGE  11
015 B000209 S
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015 C020209 NY
015 C030209 10036
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<PAGE>      PAGE  12
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<PAGE>      PAGE  13
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SIGNATURE   S. ELLIOT COHAN                              
TITLE       ASST. GEN. COUNCIL  
 


<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   1                                              
     <NAME>                     Investment Series Funds, Inc.                  
                                Capital Growth Fund                            
                                Class A                                        
<PERIOD-TYPE>                   6-Mos                                          
<FISCAL-YEAR-END>               Oct-31-1995                                    
<PERIOD-END>                    Apr-30-1995                                    
<INVESTMENTS-AT-COST>           9,584,798                                      
<INVESTMENTS-AT-VALUE>          10,472,100                                     
<RECEIVABLES>                   616,321                                        
<ASSETS-OTHER>                  23,645                                         
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  11,112,066                                     
<PAYABLE-FOR-SECURITIES>        118,800                                        
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       60,689                                         
<TOTAL-LIABILITIES>             179,489                                        
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        9,429,127                                      
<SHARES-COMMON-STOCK>           804,941                                        
<SHARES-COMMON-PRIOR>           873,523                                        
<ACCUMULATED-NII-CURRENT>       2,529                                          
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         613,619                                        
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        887,302                                        
<NET-ASSETS>                    9,766,478                                      
<DIVIDEND-INCOME>               63,222                                         
<INTEREST-INCOME>               90,606                                         
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  69,115                                         
<NET-INVESTMENT-INCOME>         84,713                                         
<REALIZED-GAINS-CURRENT>        603,712                                        
<APPREC-INCREASE-CURRENT>       134,264                                        
<NET-CHANGE-FROM-OPS>           822,689                                        
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       81,008                                         
<DISTRIBUTIONS-OF-GAINS>        1,288                                          
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         2,668,411                                      
<NUMBER-OF-SHARES-REDEEMED>     2,743,395                                      
<SHARES-REINVESTED>             6,402                                          
<NET-CHANGE-IN-ASSETS>          (10,927)                                       
<ACCUMULATED-NII-PRIOR>         4,230                                          
<ACCUMULATED-GAINS-PRIOR>       (81,505)                                       
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           34,024                                         
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 276,734                                        
<AVERAGE-NET-ASSETS>            10,616,761                                     
<PER-SHARE-NAV-BEGIN>           11.310                                         
<PER-SHARE-NII>                 0.100                                          
<PER-SHARE-GAIN-APPREC>         0.820                                          
<PER-SHARE-DIVIDEND>            0.100                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             12.130                                         
<EXPENSE-RATIO>                 125                                            
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   2                                              
     <NAME>                     Investment Series Funds, Inc.                  
                                Capital Growth Fund                            
                                Class C                                        
<PERIOD-TYPE>                   6-Mos                                          
<FISCAL-YEAR-END>               Oct-31-1995                                    
<PERIOD-END>                    Apr-30-1995                                    
<INVESTMENTS-AT-COST>           9,584,798                                      
<INVESTMENTS-AT-VALUE>          10,472,100                                     
<RECEIVABLES>                   616,321                                        
<ASSETS-OTHER>                  23,645                                         
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  11,112,066                                     
<PAYABLE-FOR-SECURITIES>        118,800                                        
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       60,689                                         
<TOTAL-LIABILITIES>             179,489                                        
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        9,429,127                                      
<SHARES-COMMON-STOCK>           96,198                                         
<SHARES-COMMON-PRIOR>           92,758                                         
<ACCUMULATED-NII-CURRENT>       2,529                                          
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         613,619                                        
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        887,302                                        
<NET-ASSETS>                    1,166,099                                      
<DIVIDEND-INCOME>               63,222                                         
<INTEREST-INCOME>               90,606                                         
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  69,115                                         
<NET-INVESTMENT-INCOME>         84,713                                         
<REALIZED-GAINS-CURRENT>        603,712                                        
<APPREC-INCREASE-CURRENT>       134,264                                        
<NET-CHANGE-FROM-OPS>           822,689                                        
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       5,407                                          
<DISTRIBUTIONS-OF-GAINS>        141                                            
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         13,208                                         
<NUMBER-OF-SHARES-REDEEMED>     11,506                                         
<SHARES-REINVESTED>             421                                            
<NET-CHANGE-IN-ASSETS>          (10,927)                                       
<ACCUMULATED-NII-PRIOR>         4,230                                          
<ACCUMULATED-GAINS-PRIOR>       (81,505)                                       
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           34,024                                         
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 276,734                                        
<AVERAGE-NET-ASSETS>            10,616,761                                     
<PER-SHARE-NAV-BEGIN>           11.310                                         
<PER-SHARE-NII>                 0.050                                          
<PER-SHARE-GAIN-APPREC>         0.820                                          
<PER-SHARE-DIVIDEND>            0.060                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             12.120                                         
<EXPENSE-RATIO>                 195                                            
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   3                                              
     <NAME>                     Investment Series Funds, Inc.                  
                                Fortress Bond Fund                             
                                                                               
<PERIOD-TYPE>                   6-MOS                                          
<FISCAL-YEAR-END>               Oct-31-1995                                    
<PERIOD-END>                    Apr-30-1995                                    
<INVESTMENTS-AT-COST>           164,834,797                                    
<INVESTMENTS-AT-VALUE>          162,987,732                                    
<RECEIVABLES>                   9,785,628                                      
<ASSETS-OTHER>                  3,514                                          
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  172,776,874                                    
<PAYABLE-FOR-SECURITIES>        5,753,322                                      
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       3,302,929                                      
<TOTAL-LIABILITIES>             9,056,251                                      
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        170,177,781                                    
<SHARES-COMMON-STOCK>           17,512,461                                     
<SHARES-COMMON-PRIOR>           16,110,377                                     
<ACCUMULATED-NII-CURRENT>       410,311                                        
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         (5,020,404)                                    
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        (1,847,065)                                    
<NET-ASSETS>                    163,720,623                                    
<DIVIDEND-INCOME>               76,063                                         
<INTEREST-INCOME>               7,020,126                                      
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  745,044                                        
<NET-INVESTMENT-INCOME>         6,351,145                                      
<REALIZED-GAINS-CURRENT>        (1,684,535)                                    
<APPREC-INCREASE-CURRENT>       6,011,785                                      
<NET-CHANGE-FROM-OPS>           10,678,395                                     
<EQUALIZATION>                  66,874                                         
<DISTRIBUTIONS-OF-INCOME>       6,212,096                                      
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         3,492,797                                      
<NUMBER-OF-SHARES-REDEEMED>     2,346,069                                      
<SHARES-REINVESTED>             255,356                                        
<NET-CHANGE-IN-ASSETS>          17,450,568                                     
<ACCUMULATED-NII-PRIOR>         204,388                                        
<ACCUMULATED-GAINS-PRIOR>       (3,335,869)                                    
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           555,146                                        
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 950,312                                        
<AVERAGE-NET-ASSETS>            150,324,129                                    
<PER-SHARE-NAV-BEGIN>           9.080                                          
<PER-SHARE-NII>                 0.390                                          
<PER-SHARE-GAIN-APPREC>         0.260                                          
<PER-SHARE-DIVIDEND>            0.380                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             9.350                                          
<EXPENSE-RATIO>                 101                                            
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>


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