Fermented feed using rice, barley, wheat, and defatted rice brans as the raw materials were prepared by 3 species of wild yeasts which were selected among 35 strains of yeasts isolated, and their analytical values were examined. The results were as follows : 1. The three yeasts were identified as H.amomala var. anomala (No.225), Candida utilis (No.400), and Irpex-cellulase(consors) (no.403-A). 2. The optimum pH, and sugar concentration of these yeasts in liquid culture were pH 5.0 and Bllg. 10.deg. each. The optimum temperature was 30.deg.C for No.225 and No.403-A, 25.deg.C for No.400. The No.225 and No.403-A grow at higher temperature than 37.deg.C and 40.deg.C each. 3. The No.225 yeast had a large vegetative cell and strong sugar fermentability. The No.225 and 403-A could assimilate cellobiose, xylose, $KNO_2$ and $KNO_3$. These properties were fit for bran fermentation. 4. The No.403-A microorganism was a yeast-like microbe and showed cellulase activity which might help the propagation of other yeasts on the brans. 5. The analytical data of fermented feed indicated the following order of usable value ; rice-wheat-barley bran 4:4:2, rice-wheat bran 5:5, rice-barley bran 5:5, rice-defatted rice bran 5:5. 6. the fermented feed were prepared by mixing brans, 0.3% ammonium sulfate and 5%(w/w) inoculum of yeast suspension in 4% glucose solution. Water content 70-80%, fermentation temperature 25-30.deg.C, and fermentation time 2-3 days were given. 7. The rice-wheat bran 5:5 and rice-barley bran 5:5 fermented feed showed 11, 17-11.45% protein increase, and the rice-barley-wheat bran 4:4:2 and rice-defatted bran 5:5 showed 3.75-6.03% protein increase. 8. The fermented feed prepared in this experiment by the author might work as a nutritive feed using microbial cell body, enzymes produced by microbes and other microbial cell constituents.