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Previous: FOODQUEST INC, NT 10-K, 1996-07-01 |
Next: VAN KAMPEN MERRITT INSURED INCOME TRUST SERIES 19, 497J, 1996-07-01 |
<PAGE> PAGE 1
000 A000000 04/30/96
000 C000000 0000889388
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 INVESTMENT SERIES FUNDS, INC.
001 B000000 811-07021
001 C000000 4122886690
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 FEDERATED 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 SERVICES COMPANY
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 SHAREHOLDER SERVICES COMPANY
012 B00AA01 84-1869
012 C01AA01 BOSTON
012 C02AA01 MA
012 C03AA01 02266
012 C04AA01 8600
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 PITTSBURGH
013 B02AA01 PA
013 B03AA01 15219
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000001 13-5674085
020 C000001 2
020 A000002 INSTINET CORP.
020 B000002 13-3443395
020 C000002 2
020 A000003 EXECUTION SERVICES, INC.
020 C000003 2
020 A000004 MORGAN STANLEY & CO., INC.
020 B000004 13-2655998
020 C000004 2
020 A000005 JANNEY MONTGOMERY SCOTT, INC.
020 B000005 23-0731260
020 C000005 2
020 A000006 SMITH BARNEY, INC.
020 B000006 13-1912900
020 C000006 1
020 A000007 PAINEWBBER, INC.
020 B000007 13-2638166
020 C000007 1
020 A000008 LEHMAN BROTHERS, INC.
020 B000008 13-2518466
020 C000008 1
020 A000009 SALOMON BROTHERS, INC.
020 B000009 13-3082694
020 C000009 1
020 A000010 BERNSTEIN & CO.
020 B000010 25-1248291
020 C000010 1
021 000000 22
022 A000001 B.T. SECURITIES CORP.
022 B000001 13-4941247
022 C000001 644145
022 D000001 1325
<PAGE> PAGE 3
022 A000002 MORGAN GUARANTY TRUST CO. OF NEW YORK
022 B000002 13-5123346
022 C000002 415860
022 D000002 3504
022 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000003 13-5674085
022 C000003 28309
022 D000003 11457
022 A000004 LEHMAN BROTHERS, INC.
022 B000004 13-2518466
022 C000004 24109
022 D000004 5449
022 A000005 DLJ CAPITAL MARKETS
022 B000005 13-2741729
022 C000005 20579
022 D000005 2463
022 A000006 FIRST ALABAMA INVESTMENTS, INC.
022 B000006 63-0922558
022 C000006 14899
022 D000006 4557
022 A000007 GOLDMAN, SACHS & CO.
022 B000007 13-5108880
022 C000007 12902
022 D000007 4777
022 A000008 MORGAN STANLEY & CO., INC.
022 B000008 13-2655998
022 C000008 6052
022 D000008 9322
022 A000009 WHEAT FIRST BUTCHER SINGER
022 B000009 54-0796506
022 C000009 14949
022 D000009 0
022 A000010 DEUTSCHE MORGAN GRENFELL
022 C000010 9251
022 D000010 2352
023 C000000 1264508
023 D000000 72860
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 N
026 E000000 Y
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
<PAGE> PAGE 4
041 00AA00 Y
054 A00AA00 N
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 500
077 A000000 N
078 000000 N
015 A000101 STATE STREET BANK AND TRUST COMPANY
015 B000101 C
015 C010101 BOSTON
015 C020101 MA
015 C030101 02266
015 C040101 8600
015 E010101 X
015 A000102 BANKERS TRUST CO.
015 B000102 S
015 C010102 NEW YORK
015 C020102 NY
015 C030102 10015
015 E010102 X
015 A000103 BANK OF NEW YORK
015 B000103 S
015 C010103 NEW YORK
015 C020103 NY
015 C030103 10006
015 E010103 X
015 A000104 CHEMICAL BANK & TRUST CO.
015 B000104 S
015 C010104 NEW YORK
015 C020104 NY
015 C030104 10006
015 E010104 X
015 A000105 MORGAN GUARANTY BANK & TRUST CO.
015 B000105 S
015 C010105 NEW YORK
<PAGE> PAGE 5
015 C020105 NY
015 C030105 10015
015 E010105 X
015 A000106 NATIONS BANK SERVICES INC.
015 B000106 S
015 C010106 CHARLOTTE
015 C020106 NC
015 C030106 28255
015 E010106 X
015 A000107 PNC BANK, NA
015 B000107 S
015 C010107 PITTSBURGH
015 C020107 PA
015 C030107 15265
015 E010107 X
024 000100 Y
025 A000101 CITICORP
025 C000101 E
025 D000101 209
025 A000102 MELLON BANK
025 C000102 E
025 D000102 179
025 A000103 SCHWAB (CHARLES
025 C000103 E
025 D000103 197
025 A000104 SUNAMERICA
025 C000104 E
025 D000104 321
025 A000105 TRAVELERS
025 C000105 E
025 D000105 236
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 397
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028 A040100 106
028 B010100 741
028 B020100 1504
028 B030100 0
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028 C010100 513
028 C020100 1
028 C030100 0
028 C040100 253
028 D010100 484
028 D020100 0
028 D030100 0
028 D040100 421
028 E010100 1561
<PAGE> PAGE 6
028 E020100 0
028 E030100 0
028 E040100 893
028 F010100 889
028 F020100 0
028 F030100 0
028 F040100 1161
028 G010100 4585
028 G020100 1505
028 G030100 0
028 G040100 3095
028 H000100 2017
029 000100 Y
030 A000100 67
030 B000100 5.50
030 C000100 0.00
031 A000100 5
031 B000100 0
032 000100 62
033 000100 0
034 000100 N
035 000100 0
036 B000100 0
042 A000100 0
042 B000100 0
042 C000100 100
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 24
044 000100 0
045 000100 Y
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047 000100 N
048 000100 0.000
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
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048 E010100 0
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048 G010100 0
048 G020100 0.000
<PAGE> PAGE 7
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 Y
051 000100 N
052 000100 N
053 A000100 Y
053 B000100 Y
053 C000100 N
055 A000100 N
055 B000100 N
056 000100 N
057 000100 N
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
<PAGE> PAGE 8
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 10873
071 B000100 9095
071 C000100 15565
071 D000100 58
072 A000100 6
072 B000100 35
072 C000100 81
072 D000100 0
072 E000100 0
072 F000100 52
072 G000100 77
072 H000100 0
072 I000100 25
072 J000100 18
072 K000100 0
072 L000100 15
<PAGE> PAGE 9
072 M000100 3
072 N000100 12
072 O000100 1
072 P000100 0
072 Q000100 30
072 R000100 7
072 S000100 1
072 T000100 45
072 U000100 0
072 V000100 0
072 W000100 3
072 X000100 289
072 Y000100 181
072 Z000100 8
072AA000100 1114
072BB000100 329
072CC010100 2122
072CC020100 0
072DD010100 19
072DD020100 0
072EE000100 1735
073 A010100 0.0200
073 A020100 0.0000
073 B000100 3.3400
073 C000100 0.0000
074 A000100 4
074 B000100 510
074 C000100 0
074 D000100 378
074 E000100 17789
074 F000100 0
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074 H000100 0
074 I000100 0
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074 K000100 0
074 L000100 25
074 M000100 0
074 N000100 18706
074 O000100 123
074 P000100 0
074 Q000100 0
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074 R030100 0
074 R040100 4
074 S000100 0
074 T000100 18579
074 U010100 1101
074 U020100 131
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<PAGE> PAGE 10
074 V020100 15.04
074 W000100 0.0000
074 X000100 2161
074 Y000100 0
075 A000100 0
075 B000100 16518
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 8600
015 E010201 X
015 A000202 PNC BANK,NA
015 B000202 S
015 C010202 PITTSBURGH
015 C020202 PA
015 C030202 15265
015 E010202 X
015 A000203 NATIONS BANK SERVICES INC.
015 B000203 S
015 C010203 CHARLOTTE
015 C020203 NC
015 C030203 28255
015 E010203 X
015 A000204 MORGAN GUARANTY BANK & TRUST CO.
015 B000204 S
015 C010204 NEW YORK
015 C020204 NY
015 C030204 10015
015 E010204 X
015 A000205 CHEMICAL BANK & TRUST CO.
015 B000205 S
015 C010205 NEW YORK
015 C020205 NY
015 C030205 10006
015 E010205 X
015 A000206 BANK OF NEW YORK
015 B000206 S
015 C010206 NEW YORK
015 C020206 NY
015 C030206 10006
015 E010206 X
015 A000207 BANKERS TRUST CO.
015 B000207 S
015 C010207 NEW YORK
015 C020207 NY
015 C030207 10015
015 E010207 X
024 000200 Y
<PAGE> PAGE 11
025 A000201 DLJ
025 C000201 D
025 D000201 4000
025 A000202 LEGG MASON
025 C000202 D
025 D000202 2000
025 A000203 MERRILL LYNCH
025 C000203 D
025 D000203 2000
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 28571
028 A020200 785
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028 A040200 2059
028 B010200 30696
028 B020200 875
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028 C020200 920
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028 D010200 27927
028 D020200 980
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028 G020200 5625
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029 000200 Y
030 A000200 4671
030 B000200 4.50
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<PAGE> PAGE 12
034 000200 Y
035 000200 130
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055 B000200 N
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<PAGE> PAGE 13
062 A000200 Y
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064 A000200 Y
064 B000200 Y
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067 000200 N
068 A000200 N
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069 000200 N
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070 A020200 Y
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070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
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070 G020200 N
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<PAGE> PAGE 14
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070 R020200 N
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<PAGE> PAGE 15
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SIGNATURE S. ELLIOT COHAN
TITLE ASST. GEN COUNSEL
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 011
<NAME> Investment Series Funds, Inc.
Capital Growth Fund
Class A Shares
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<PERIOD-END> Apr-30-1996
<INVESTMENTS-AT-COST> 14,796,809
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<RECEIVABLES> 24,935
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<SHARES-COMMON-PRIOR> 915,772
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (11,560)
<ACCUMULATED-NET-GAINS> 789,938
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 16,616,396
<DIVIDEND-INCOME> 80,354
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<OTHER-INCOME> 0
<EXPENSES-NET> 107,723
<NET-INVESTMENT-INCOME> 7,778
<REALIZED-GAINS-CURRENT> 785,117
<APPREC-INCREASE-CURRENT> 2,122,248
<NET-CHANGE-FROM-OPS> 2,915,143
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 12,221
<DISTRIBUTIONS-OF-GAINS> 1,575,750
<DISTRIBUTIONS-OTHER> 6,743
<NUMBER-OF-SHARES-SOLD> 287,733
<NUMBER-OF-SHARES-REDEEMED> 206,208
<SHARES-REINVESTED> 103,665
<NET-CHANGE-IN-ASSETS> 4,155,725
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1,740,195
<OVERDISTRIB-NII-PRIOR> (374)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 52,060
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 288,885
<AVERAGE-NET-ASSETS> 16,518,496
<PER-SHARE-NAV-BEGIN> 14.270
<PER-SHARE-NII> 0.010
<PER-SHARE-GAIN-APPREC> 2.500
<PER-SHARE-DIVIDEND> 0.020
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<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.090
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 012
<NAME> Investment Series Funds, Inc.
Capital Growth Fund
Class C Shares
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Oct-31-1996
<PERIOD-END> Apr-30-1996
<INVESTMENTS-AT-COST> 14,796,809
<INVESTMENTS-AT-VALUE> 18,676,308
<RECEIVABLES> 24,935
<ASSETS-OTHER> 4,367
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<PAYABLE-FOR-SECURITIES> 122,770
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,452
<TOTAL-LIABILITIES> 126,222
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,921,511
<SHARES-COMMON-STOCK> 130,555
<SHARES-COMMON-PRIOR> 95,003
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (11,560)
<ACCUMULATED-NET-GAINS> 789,938
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,879,499
<NET-ASSETS> 1,962,992
<DIVIDEND-INCOME> 80,354
<INTEREST-INCOME> 35,147
<OTHER-INCOME> 0
<EXPENSES-NET> 107,723
<NET-INVESTMENT-INCOME> 7,778
<REALIZED-GAINS-CURRENT> 785,117
<APPREC-INCREASE-CURRENT> 2,122,248
<NET-CHANGE-FROM-OPS> 2,915,143
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 159,624
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 38,121
<NUMBER-OF-SHARES-REDEEMED> 11,715
<SHARES-REINVESTED> 9,146
<NET-CHANGE-IN-ASSETS> 4,155,725
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1,740,195
<OVERDISTRIB-NII-PRIOR> (374)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 52,060
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 288,885
<AVERAGE-NET-ASSETS> 16,518,496
<PER-SHARE-NAV-BEGIN> 14.250
<PER-SHARE-NII> (0.030)
<PER-SHARE-GAIN-APPREC> 2.490
<PER-SHARE-DIVIDEND> 0.000
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<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.040
<EXPENSE-RATIO> 1.95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 021
<NAME> Investment Series Funds, Inc.
Federated Bond Fund
Class A
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Oct-31-1996
<PERIOD-END> Apr-30-1996
<INVESTMENTS-AT-COST> 357,067,598
<INVESTMENTS-AT-VALUE> 350,148,629
<RECEIVABLES> 9,383,161
<ASSETS-OTHER> 3,537
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 359,535,327
<PAYABLE-FOR-SECURITIES> 509,656
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,351,923
<TOTAL-LIABILITIES> 1,861,579
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 366,596,593
<SHARES-COMMON-STOCK> 2,577,624
<SHARES-COMMON-PRIOR> 519,301
<ACCUMULATED-NII-CURRENT> 503,428
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,506,970)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (6,919,303)
<NET-ASSETS> 24,447,896
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,641,030
<OTHER-INCOME> 0
<EXPENSES-NET> 1,902,355
<NET-INVESTMENT-INCOME> 10,738,675
<REALIZED-GAINS-CURRENT> 938,436
<APPREC-INCREASE-CURRENT> (11,289,118)
<NET-CHANGE-FROM-OPS> 387,993
<EQUALIZATION> 379,102
<DISTRIBUTIONS-OF-INCOME> 638,562
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,302,934
<NUMBER-OF-SHARES-REDEEMED> 299,184
<SHARES-REINVESTED> 54,573
<NET-CHANGE-IN-ASSETS> 123,826,199
<ACCUMULATED-NII-PRIOR> 585,193
<ACCUMULATED-GAINS-PRIOR> (3,445,406)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,133,104
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,215,384
<AVERAGE-NET-ASSETS> 304,200,165
<PER-SHARE-NAV-BEGIN> 9.760
<PER-SHARE-NII> 0.350
<PER-SHARE-GAIN-APPREC> (0.270)
<PER-SHARE-DIVIDEND> 0.360
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.480
<EXPENSE-RATIO> 1.06
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 022
<NAME> Investment Series Funds, Inc.
Federated Bond Fund
Class B
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Oct-31-1996
<PERIOD-END> Apr-30-1996
<INVESTMENTS-AT-COST> 357,067,598
<INVESTMENTS-AT-VALUE> 350,148,629
<RECEIVABLES> 9,383,161
<ASSETS-OTHER> 3,537
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 359,535,327
<PAYABLE-FOR-SECURITIES> 509,656
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,351,923
<TOTAL-LIABILITIES> 1,861,579
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 366,596,593
<SHARES-COMMON-STOCK> 9,029,504
<SHARES-COMMON-PRIOR> 2,845,544
<ACCUMULATED-NII-CURRENT> 503,428
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,506,970)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (6,919,303)
<NET-ASSETS> 85,644,949
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,641,030
<OTHER-INCOME> 0
<EXPENSES-NET> 1,902,355
<NET-INVESTMENT-INCOME> 10,738,675
<REALIZED-GAINS-CURRENT> 938,436
<APPREC-INCREASE-CURRENT> (11,289,118)
<NET-CHANGE-FROM-OPS> 387,993
<EQUALIZATION> 379,102
<DISTRIBUTIONS-OF-INCOME> 2,108,878
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,601,743
<NUMBER-OF-SHARES-REDEEMED> 1,543,223
<SHARES-REINVESTED> 125,440
<NET-CHANGE-IN-ASSETS> 123,826,199
<ACCUMULATED-NII-PRIOR> 585,193
<ACCUMULATED-GAINS-PRIOR> (3,445,406)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,133,104
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,215,384
<AVERAGE-NET-ASSETS> 304,200,165
<PER-SHARE-NAV-BEGIN> 9.760
<PER-SHARE-NII> 0.320
<PER-SHARE-GAIN-APPREC> (0.260)
<PER-SHARE-DIVIDEND> 0.330
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.490
<EXPENSE-RATIO> 1.86
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 023
<NAME> Investment Series Funds, Inc.
Federated Bond Fund
Class C
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Oct-31-1996
<PERIOD-END> Apr-30-1996
<INVESTMENTS-AT-COST> 357,067,598
<INVESTMENTS-AT-VALUE> 350,148,629
<RECEIVABLES> 9,383,161
<ASSETS-OTHER> 3,537
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 359,535,327
<PAYABLE-FOR-SECURITIES> 509,656
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,351,923
<TOTAL-LIABILITIES> 1,861,579
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 366,596,593
<SHARES-COMMON-STOCK> 1,380,871
<SHARES-COMMON-PRIOR> 564,130
<ACCUMULATED-NII-CURRENT> 503,428
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,506,970)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (6,919,303)
<NET-ASSETS> 13,100,432
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,641,030
<OTHER-INCOME> 0
<EXPENSES-NET> 1,902,355
<NET-INVESTMENT-INCOME> 10,738,675
<REALIZED-GAINS-CURRENT> 938,436
<APPREC-INCREASE-CURRENT> (11,289,118)
<NET-CHANGE-FROM-OPS> 387,993
<EQUALIZATION> 379,102
<DISTRIBUTIONS-OF-INCOME> 335,154
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 945,508
<NUMBER-OF-SHARES-REDEEMED> 153,510
<SHARES-REINVESTED> 24,743
<NET-CHANGE-IN-ASSETS> 123,826,199
<ACCUMULATED-NII-PRIOR> 585,193
<ACCUMULATED-GAINS-PRIOR> (3,445,406)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,133,104
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,215,384
<AVERAGE-NET-ASSETS> 304,200,165
<PER-SHARE-NAV-BEGIN> 9.760
<PER-SHARE-NII> 0.320
<PER-SHARE-GAIN-APPREC> (0.270)
<PER-SHARE-DIVIDEND> 0.320
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.490
<EXPENSE-RATIO> 1.86
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 024
<NAME> Investment Series Funds, Inc.
Federated Bond Fund
Class F
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Oct-31-1996
<PERIOD-END> Apr-30-1996
<INVESTMENTS-AT-COST> 357,067,598
<INVESTMENTS-AT-VALUE> 350,148,629
<RECEIVABLES> 9,383,161
<ASSETS-OTHER> 3,537
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 359,535,327
<PAYABLE-FOR-SECURITIES> 509,656
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,351,923
<TOTAL-LIABILITIES> 1,861,579
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 366,596,593
<SHARES-COMMON-STOCK> 24,724,139
<SHARES-COMMON-PRIOR> 20,027,973
<ACCUMULATED-NII-CURRENT> 503,428
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,506,970)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (6,919,303)
<NET-ASSETS> 234,480,471
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,641,030
<OTHER-INCOME> 0
<EXPENSES-NET> 1,902,355
<NET-INVESTMENT-INCOME> 10,738,675
<REALIZED-GAINS-CURRENT> 938,436
<APPREC-INCREASE-CURRENT> (11,289,118)
<NET-CHANGE-FROM-OPS> 387,993
<EQUALIZATION> 379,102
<DISTRIBUTIONS-OF-INCOME> 8,116,948
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,309,734
<NUMBER-OF-SHARES-REDEEMED> 1,986,698
<SHARES-REINVESTED> 373,130
<NET-CHANGE-IN-ASSETS> 123,826,199
<ACCUMULATED-NII-PRIOR> 585,193
<ACCUMULATED-GAINS-PRIOR> (3,445,406)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,133,104
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,215,384
<AVERAGE-NET-ASSETS> 304,200,165
<PER-SHARE-NAV-BEGIN> 9.760
<PER-SHARE-NII> 0.350
<PER-SHARE-GAIN-APPREC> (0.270)
<PER-SHARE-DIVIDEND> 0.360
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.480
<EXPENSE-RATIO> 1.08
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
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