INVESTMENT SERIES FUNDS INC
497, 1996-05-31
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FEDERATED BOND FUND
(A Portfolio of Investment Series Funds, Inc.)
Class A Shares
Class B Shares
Class C Shares
Fortress Shares

SUPPLEMENT TO THE PROSPECTUSES DATED DECEMBER 31, 1995
Effective immediately, the name of the Fortress Shares has been changed to
Class F Shares. Accordingly, all references to Fortress Shares in the
Prospectuses should reflect this change.

                                                               June 2, 1996
Federated Investors Tower
Pittsburgh, PA  15222-3779

Federated Securities Corp. is the distributor of the fund and is a subsidiary
of Federated Investors.

CUSIP 461444507
CUSIP 461444606
CUSIP 461444705
CUSIP 461444309
G01271-03 (6/96)



FEDERATED BOND FUND
(A Portfolio of Investment Series Funds, Inc.)
Class A Shares
Class B Shares
Class C Shares
Fortress Shares

                                                             SUPPLEMENT TO
   FEDERATED INVESTORS                                       THE STATEMENT
                                                             OF ADDITIONAL
INFORMATION DATED DECEMBER 31, 1995
Effective immediately, the name of the Fortress Shares has been changed to
Class F Shares. Accordingly, all references to Fortress Shares in the
Statement of Additional Information should reflect this change.


                                                               June 2, 1996
Federated Investors Tower
Pittsburgh, PA  15222-3779

Federated Securities Corp. is the distributor of the fund and is a subsidiary
of Federated Investors.

CUSIP 461444507
CUSIP 461444606
CUSIP 461444705
CUSIP 461444309
G01271-04 (6/96)



















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