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<PAGE> PAGE 1
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000 C000000 0000889388
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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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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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNCIL
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<NUMBER-OF-SHARES-REDEEMED> 24,336
<SHARES-REINVESTED> 482
<NET-CHANGE-IN-ASSETS> 3,480,159
<ACCUMULATED-NII-PRIOR> 4,230
<ACCUMULATED-GAINS-PRIOR> (81,505)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 76,475
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 538,318
<AVERAGE-NET-ASSETS> 11,782,497
<PER-SHARE-NAV-BEGIN> 11.310
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 2.960
<PER-SHARE-DIVIDEND> 0.050
<PER-SHARE-DISTRIBUTIONS> 0.001
<RETURNS-OF-CAPITAL> 0.020
<PER-SHARE-NAV-END> 14.250
<EXPENSE-RATIO> 1.94
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 013
<NAME> Investment Series Funds, Inc.
Capital Growth Fund
Investment Shares
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Oct-31-1995
<PERIOD-END> Oct-31-1995
<INVESTMENTS-AT-COST> 12,574,470
<INVESTMENTS-AT-VALUE> 14,331,721
<RECEIVABLES> 461,877
<ASSETS-OTHER> 996
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14,794,594
<PAYABLE-FOR-SECURITIES> 290,136
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 80,795
<TOTAL-LIABILITIES> 370,931
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,926,591
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 1,315
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (374)
<ACCUMULATED-NET-GAINS> 1,740,195
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,757,251
<NET-ASSETS> 0
<DIVIDEND-INCOME> 163,083
<INTEREST-INCOME> 108,299
<OTHER-INCOME> 0
<EXPENSES-NET> 154,814
<NET-INVESTMENT-INCOME> 116,568
<REALIZED-GAINS-CURRENT> 18,231,129
<APPREC-INCREASE-CURRENT> 911,369
<NET-CHANGE-FROM-OPS> 2,851,066
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 1,315
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3,480,159
<ACCUMULATED-NII-PRIOR> 4,230
<ACCUMULATED-GAINS-PRIOR> (81,505)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 76,475
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 538,318
<AVERAGE-NET-ASSETS> 11,782,497
<PER-SHARE-NAV-BEGIN> 11.310
<PER-SHARE-NII> 0.070
<PER-SHARE-GAIN-APPREC> (0.670)
<PER-SHARE-DIVIDEND> 0.070
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.640
<EXPENSE-RATIO> 1.08
<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> 12-MOS
<FISCAL-YEAR-END> Oct-31-1995
<PERIOD-END> Oct-31-1995
<INVESTMENTS-AT-COST> 223,219,535
<INVESTMENTS-AT-VALUE> 227,589,481
<RECEIVABLES> 8,343,902
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 235,933,383
<PAYABLE-FOR-SECURITIES> 782,486
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,303,348
<TOTAL-LIABILITIES> 2,085,834
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 232,337,947
<SHARES-COMMON-STOCK> 519,301
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 585,193
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,445,406)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,369,815
<NET-ASSETS> 5,069,511
<DIVIDEND-INCOME> 83,001
<INTEREST-INCOME> 15,558,845
<OTHER-INCOME> 0
<EXPENSES-NET> 1,773,346
<NET-INVESTMENT-INCOME> 13,868,500
<REALIZED-GAINS-CURRENT> (109,537)
<APPREC-INCREASE-CURRENT> 12,228,666
<NET-CHANGE-FROM-OPS> 25,987,629
<EQUALIZATION> 226,707
<DISTRIBUTIONS-OF-INCOME> 53,960
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 525,834
<NUMBER-OF-SHARES-REDEEMED> 10,939
<SHARES-REINVESTED> 4,406
<NET-CHANGE-IN-ASSETS> 87,577,494
<ACCUMULATED-NII-PRIOR> 204,388
<ACCUMULATED-GAINS-PRIOR> (3,335,869)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,271,771
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,295,392
<AVERAGE-NET-ASSETS> 171,088,868
<PER-SHARE-NAV-BEGIN> 9.640
<PER-SHARE-NII> 0.260
<PER-SHARE-GAIN-APPREC> 0.110
<PER-SHARE-DIVIDEND> 0.250
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.760
<EXPENSE-RATIO> 1.02
<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> 12-MOS
<FISCAL-YEAR-END> Oct-31-1995
<PERIOD-END> Oct-31-1995
<INVESTMENTS-AT-COST> 223,219,535
<INVESTMENTS-AT-VALUE> 227,589,481
<RECEIVABLES> 8,343,902
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 235,933,383
<PAYABLE-FOR-SECURITIES> 782,486
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,303,348
<TOTAL-LIABILITIES> 2,085,834
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 232,337,947
<SHARES-COMMON-STOCK> 2,845,544
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 585,193
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,445,406)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,369,815
<NET-ASSETS> 27,767,786
<DIVIDEND-INCOME> 83,001
<INTEREST-INCOME> 15,558,845
<OTHER-INCOME> 0
<EXPENSES-NET> 1,773,346
<NET-INVESTMENT-INCOME> 13,868,500
<REALIZED-GAINS-CURRENT> (109,537)
<APPREC-INCREASE-CURRENT> 12,228,666
<NET-CHANGE-FROM-OPS> 25,987,629
<EQUALIZATION> 226,707
<DISTRIBUTIONS-OF-INCOME> 282,414
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,842,775
<NUMBER-OF-SHARES-REDEEMED> 14,659
<SHARES-REINVESTED> 17,428
<NET-CHANGE-IN-ASSETS> 87,577,494
<ACCUMULATED-NII-PRIOR> 204,388
<ACCUMULATED-GAINS-PRIOR> (3,335,869)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,271,771
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,295,392
<AVERAGE-NET-ASSETS> 171,088,868
<PER-SHARE-NAV-BEGIN> 9.640
<PER-SHARE-NII> 0.240
<PER-SHARE-GAIN-APPREC> 0.110
<PER-SHARE-DIVIDEND> 0.230
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.760
<EXPENSE-RATIO> 1.81
<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> 12-MOS
<FISCAL-YEAR-END> Oct-31-1995
<PERIOD-END> Oct-31-1995
<INVESTMENTS-AT-COST> 223,219,535
<INVESTMENTS-AT-VALUE> 227,589,481
<RECEIVABLES> 8,343,902
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 235,933,383
<PAYABLE-FOR-SECURITIES> 782,486
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,303,348
<TOTAL-LIABILITIES> 2,085,834
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 232,337,947
<SHARES-COMMON-STOCK> 564,130
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 585,193
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,445,406)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,369,815
<NET-ASSETS> 5,507,776
<DIVIDEND-INCOME> 83,001
<INTEREST-INCOME> 15,558,845
<OTHER-INCOME> 0
<EXPENSES-NET> 1,773,346
<NET-INVESTMENT-INCOME> 13,868,500
<REALIZED-GAINS-CURRENT> (109,537)
<APPREC-INCREASE-CURRENT> 12,228,666
<NET-CHANGE-FROM-OPS> 25,987,629
<EQUALIZATION> 226,707
<DISTRIBUTIONS-OF-INCOME> 60,261
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 559,632
<NUMBER-OF-SHARES-REDEEMED> 733
<SHARES-REINVESTED> 5,231
<NET-CHANGE-IN-ASSETS> 87,577,494
<ACCUMULATED-NII-PRIOR> 204,388
<ACCUMULATED-GAINS-PRIOR> (3,335,869)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,271,771
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,295,392
<AVERAGE-NET-ASSETS> 171,088,868
<PER-SHARE-NAV-BEGIN> 9.640
<PER-SHARE-NII> 0.240
<PER-SHARE-GAIN-APPREC> 0.110
<PER-SHARE-DIVIDEND> 0.230
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.760
<EXPENSE-RATIO> 1.81
<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 FS
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Oct-31-1995
<PERIOD-END> Oct-31-1995
<INVESTMENTS-AT-COST> 223,219,535
<INVESTMENTS-AT-VALUE> 227,589,481
<RECEIVABLES> 8,343,902
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 235,933,383
<PAYABLE-FOR-SECURITIES> 782,486
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,303,348
<TOTAL-LIABILITIES> 2,085,834
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 232,337,947
<SHARES-COMMON-STOCK> 20,027,973
<SHARES-COMMON-PRIOR> 16,110,377
<ACCUMULATED-NII-CURRENT> 585,193
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,445,406)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,369,815
<NET-ASSETS> 195,502,476
<DIVIDEND-INCOME> 83,001
<INTEREST-INCOME> 15,558,845
<OTHER-INCOME> 0
<EXPENSES-NET> 1,773,346
<NET-INVESTMENT-INCOME> 13,868,500
<REALIZED-GAINS-CURRENT> (109,537)
<APPREC-INCREASE-CURRENT> 12,228,666
<NET-CHANGE-FROM-OPS> 25,987,629
<EQUALIZATION> 226,707
<DISTRIBUTIONS-OF-INCOME> 13,317,767
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,165,637
<NUMBER-OF-SHARES-REDEEMED> 3,810,614
<SHARES-REINVESTED> 562,573
<NET-CHANGE-IN-ASSETS> 87,577,494
<ACCUMULATED-NII-PRIOR> 204,388
<ACCUMULATED-GAINS-PRIOR> (3,335,869)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,271,771
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,295,392
<AVERAGE-NET-ASSETS> 171,088,868
<PER-SHARE-NAV-BEGIN> 9.080
<PER-SHARE-NII> 0.790
<PER-SHARE-GAIN-APPREC> 0.650
<PER-SHARE-DIVIDEND> 0.760
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.760
<EXPENSE-RATIO> 1.03
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
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