FEDERATED INVESTORS
[logo]
AN OPEN LETTER TO
THE WILLIAM PENN FUND
SHAREHOLDERS
Federated Investors looks forward to welcoming all William Penn Fund
shareholders to the Federated family of mutual funds.
The proposed merger is a natural fit between two well-established
Pennsylvania mutual fund companies. Both companies are known for their
conservative, risk averse investment philosophy. And both companies are
recognized throughout the mutual fund industry for their commitment to
customer service. We care about the people investing money in our funds.
Our goal is to earn your trust and develop a long-term relationship that
provides you with quality products and services.
Sincerely,
/s/ J. Christopher Donahue
J. Christopher Donahue,
President, Federated Investors
For more complete information about Federated funds, please contact your
Investment Representative for a prospectus, which you should read carefully
before investing.
Federated Securities Corp., Distributor
INVESTMENT SERIES FUNDS, INC.
Federated Investors
Federated Investors Tower
Pittsburgh, Pennsylvania 15222-3779
(412) 288-1900
May 1, 1997
EDGAR Operations Branch
Securities and Exchange Commission
Division of Investment Management
450 Fifth Street, N.W.
Washington, DC 20549
RE:Investment Series Funds, Inc. (the ``Corporation'')
1933 Act File No. 333-23815
1940 Act File No. 811-07021
Dear Sir or Madam:
Pursuant to Regulation 14a-6 of the Securities Exchange Act of 1934 (the
`1934 Act''), enclosed for filing electronically are additional proxy
solicitation materials for the above-referenced Corporation.
The enclosed information is expected to appear as an advertisement in the
Reading Eagle of Reading, Pennsylvania on May 3, May 11, May 17, and May 25,
1997. The advertisement, which is two columns by five inches in size, is
addressed to William Penn Fund Shareholders and pertains to the Special Meeting
of Shareholders of Quality Income Portfolio, a portfolio of William Penn
Interest Income Fund, to be held on May 29, 1997. This material is intended to
supplement the definitive Prospectus/Proxy, Statement of Additional Information,
and form of proxy of the Corporation filed with the Commission on March 24,
1997.
Any questions or comments with respect to this filing may be directed to
the undersigned at (412) 288-4827.
Very truly yours,
/s/ Jody L. Petras
Jody L. Petras
Senior Compliance Analyst
cc: Byron Bowman
Matthew Hardin
Enclosures
