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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 5
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<PAGE> PAGE 6
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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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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 119
074 M000300 0
074 N000300 17933
074 O000300 0
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 95
074 S000300 0
074 T000300 17838
074 U010300 17838
074 U020300 0
074 V010300 1.00
074 V020300 0.00
074 W000300 1.0000
074 X000300 8
074 Y000300 0
075 A000300 8120
075 B000300 0
076 000300 0.00
008 A000401 FEDERATED ADVISERS
008 B000401 A
008 C000401 801-34612
008 D010401 PITTSBURGH
008 D020401 PA
008 D030401 15222
<PAGE> PAGE 21
008 D040401 3779
015 A000401 STATE STREET BANK AND TRUST COMPANY
015 B000401 C
015 C010401 BOSTON
015 C020401 MA
015 C030401 02266
015 C040401 8604
015 E010401 X
015 A000402 BANKERS TRUST CO.
015 B000402 S
015 C010402 NEW YORK
015 C020402 NY
015 C030402 10015
015 E010402 X
015 A000403 BANK OF NEW YORK
015 B000403 S
015 C010403 NEW YORK
015 C020403 NY
015 C030403 10006
015 E010403 X
015 A000404 CHEMICAL BANK & TRUST CO.
015 B000404 S
015 C010404 NEW YORK
015 C020404 NY
015 C030404 10006
015 E010404 X
015 A000405 MORGAN GUARANTY BANK & TRUST CO.
015 B000405 S
015 C010405 NEW YORK
015 C020405 NY
015 C030405 10015
015 E010405 X
015 A000406 NATIONSBANK OF NORTH CAROLINA
015 B000406 S
015 C010406 CHARLOTTE
015 C020406 NC
015 C030406 28255
015 E010406 X
015 A000407 PNC BANK, NA
015 B000407 S
015 C010407 PITTSBURGH
015 C020407 PA
015 C030407 15265
015 E010407 X
024 000400 N
025 D000401 0
025 D000402 0
025 D000403 0
025 D000404 0
025 D000405 0
025 D000406 0
<PAGE> PAGE 22
025 D000407 0
025 D000408 0
028 A010400 1712
028 A020400 18
028 A030400 0
028 A040400 554
028 B010400 2048
028 B020400 31
028 B030400 0
028 B040400 360
028 C010400 983
028 C020400 38
028 C030400 0
028 C040400 107
028 D010400 1306
028 D020400 42
028 D030400 0
028 D040400 527
028 E010400 1455
028 E020400 50
028 E030400 0
028 E040400 321
028 F010400 2403
028 F020400 59
028 F030400 0
028 F040400 293
028 G010400 9907
028 G020400 238
028 G030400 0
028 G040400 2162
028 H000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.600
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
<PAGE> PAGE 23
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
055 A000400 Y
055 B000400 N
056 000400 N
057 000400 N
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 12.2
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 28.7
062 N000400 57.6
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 16.3
064 A000400 N
064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
<PAGE> PAGE 24
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 Y
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 15401
071 B000400 5065
071 C000400 7854
071 D000400 65
072 A000400 12
072 B000400 345
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 30
072 G000400 125
072 H000400 0
072 I000400 19
072 J000400 29
072 K000400 0
072 L000400 24
072 M000400 2
072 N000400 5
072 O000400 0
072 P000400 0
072 Q000400 33
072 R000400 5
072 S000400 2
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 11
072 X000400 285
072 Y000400 244
<PAGE> PAGE 25
072 Z000400 304
072AA000400 72
072BB000400 4
072CC010400 177
072CC020400 0
072DD010400 301
072DD020400 0
072EE000400 0
073 A010400 0.5400
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 8
074 B000400 1500
074 C000400 0
074 D000400 10582
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 189
074 M000400 0
074 N000400 12279
074 O000400 0
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 15
074 S000400 0
074 T000400 12264
074 U010400 1192
074 U020400 0
074 V010400 10.29
074 V020400 0.00
074 W000400 0.0000
074 X000400 12
074 Y000400 0
075 A000400 0
075 B000400 5207
076 000400 0.00
008 A000501 FEDERATED ADVISERS
008 B000501 A
008 C000501 801-34612
008 D010501 PITTSBURGH
008 D020501 PA
008 D030501 15222
<PAGE> PAGE 26
008 D040501 3779
015 A000501 STATE STREET BANK AND TRUST COMPANY
015 B000501 C
015 C010501 BOSTON
015 C020501 MA
015 C030501 02266
015 C040501 8604
015 E010501 X
015 A000502 BANKERS TRUST CO.
015 B000502 S
015 C010502 NEW YORK
015 C020502 NY
015 C030502 10015
015 E010502 X
015 A000503 BANK OF NEW YORK
015 B000503 S
015 C010503 NEW YORK
015 C020503 NY
015 C030503 10006
015 E010503 X
015 A000504 CHEMICAL BANK & TRUST CO.
015 B000504 S
015 C010504 NEW YORK
015 C020504 NY
015 C030504 10006
015 E010504 X
015 A000505 MORGAN GUARANTY BANK & TRUST CO.
015 B000505 S
015 C010505 NEW YORK
015 C020505 NY
015 C030505 10015
015 E010505 X
015 A000506 NATIONSBANK OF NORTH CAROLINA
015 B000506 S
015 C010506 CHARLOTTE
015 C020506 NC
015 C030506 28255
015 E010506 X
015 A000507 PNC BANK, NA
015 B000507 S
015 C010507 PITTSBURGH
015 C020507 PA
015 C030507 15265
015 E010507 X
024 000500 N
025 D000501 0
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
<PAGE> PAGE 27
025 D000507 0
025 D000508 0
028 A010500 2158
028 A020500 49
028 A030500 0
028 A040500 263
028 B010500 3133
028 B020500 69
028 B030500 0
028 B040500 14
028 C010500 1730
028 C020500 87
028 C030500 0
028 C040500 453
028 D010500 2487
028 D020500 102
028 D030500 0
028 D040500 342
028 E010500 1927
028 E020500 115
028 E030500 0
028 E040500 473
028 F010500 4331
028 F020500 139
028 F030500 0
028 F040500 1043
028 G010500 15766
028 G020500 561
028 G030500 0
028 G040500 2588
028 H000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.600
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
<PAGE> PAGE 28
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
055 A000500 Y
055 B000500 N
056 000500 N
057 000500 N
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 11.6
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 88.7
062 Q000500 0.3
062 R000500 0.0
063 A000500 0
063 B000500 7.5
064 A000500 N
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
<PAGE> PAGE 29
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 Y
070 K010500 N
070 K020500 N
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 Y
070 P010500 Y
070 P020500 Y
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 19508
071 B000500 3541
071 C000500 7310
071 D000500 48
072 A000500 12
072 B000500 778
072 C000500 1
072 D000500 0
072 E000500 0
072 F000500 46
072 G000500 125
072 H000500 0
072 I000500 14
072 J000500 32
072 K000500 0
072 L000500 35
072 M000500 2
072 N000500 7
072 O000500 0
072 P000500 0
072 Q000500 42
072 R000500 8
072 S000500 3
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 11
072 X000500 325
072 Y000500 263
<PAGE> PAGE 30
072 Z000500 717
072AA000500 35
072BB000500 29
072CC010500 493
072CC020500 0
072DD010500 688
072DD020500 0
072EE000500 0
073 A010500 0.8200
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 0
074 B000500 2335
074 C000500 0
074 D000500 17885
074 E000500 51
074 F000500 11
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 53
074 K000500 0
074 L000500 477
074 M000500 0
074 N000500 20812
074 O000500 634
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 13
074 S000500 0
074 T000500 20165
074 U010500 2059
074 U020500 0
074 V010500 9.79
074 V020500 0.00
074 W000500 0.0000
074 X000500 12
074 Y000500 0
075 A000500 0
075 B000500 8028
076 000500 0.00
008 A000601 FEDERATED GLOBAL RESEARCH CORP.
008 B000601 A
008 C000601 801-49470
008 D010601 NEW YORK
008 D020601 NY
008 D030601 10038
<PAGE> PAGE 31
008 D040601 4965
015 A000601 STATE STREET BANK AND TRUST COMPANY
015 B000601 C
015 C010601 BOSTON
015 C020601 MA
015 C030601 02266
015 C040601 8604
015 E010601 X
015 A000602 BANKERS TRUST CO.
015 B000602 S
015 C010602 NEW YORK
015 C020602 NY
015 C030602 10015
015 E010602 X
015 A000603 BANK OF NEW YORK
015 B000603 S
015 C010603 NEW YORK
015 C020603 NY
015 C030603 10006
015 E010603 X
015 A000604 CHEMICAL BANK & TRUST CO.
015 B000604 S
015 C010604 NEW YORK
015 C020604 NY
015 C030604 10006
015 E010604 X
015 A000605 MORGAN GUARANTY BANK & TRUST CO.
015 B000605 S
015 C010605 NEW YORK
015 C020605 NY
015 C030605 10015
015 E010605 X
015 A000606 NATIONSBANK OF NORTH CAROLINA
015 B000606 S
015 C010606 CHARLOTTE
015 C020606 NC
015 C030606 28255
015 E010606 X
015 A000607 PNC BANK, NA
015 B000607 S
015 C010607 PITTSBURGH
015 C020607 PA
015 C030607 15265
015 E010607 X
015 A000608 CITIBANK, N.A.
015 B000608 S
015 C010608 BUENOS AIRES
015 D010608 ARGENTINA
015 E040608 X
015 A000609 WESTPAC CUSTODIAN NOMINEE LTD.
015 B000609 S
<PAGE> PAGE 32
015 C010609 SIDNEY
015 D010609 AUSTRALIA
015 D020609 2000
015 E040609 X
015 A000610 GIROCREDIT BANK AKTIENGELLSCHAFT DER SPARKASS
015 B000610 S
015 C010610 VIENNA
015 D010610 AUSTRIA
015 E040610 X
015 A000611 GENERALE DE BANQUE
015 B000611 S
015 C010611 BRUSSELS
015 D010611 BELGIUM
015 E040611 X
015 A000612 CANADA TRUST COMPANY
015 B000612 S
015 C010612 TORONTO, ONTARIO
015 D010612 CANADA
015 D020612 M5J 2T2
015 E040612 X
015 A000613 UNION BANK OF SWITZERLAND
015 B000613 S
015 C010613 8021 ZURICH
015 D010613 SWITZERLAND
015 E040613 X
015 A000614 BERLINER HANDES-UND FRANKFURTER BANK
015 B000614 S
015 C010614 D-6000 FRANKFURT AM
015 D010614 GERMANY
015 E040614 X
015 A000615 DEN DANSKE BANK
015 B000615 S
015 C010615 DK-1092 COPENHAGEN
015 D010615 DENMARK
015 E040615 X
015 A000616 BANCO SANTANDER
015 B000616 S
015 C010616 28022 MADRID
015 D010616 SPAIN
015 E040616 X
015 A000617 KANSALLIS-OSAKE-PANKKI
015 B000617 S
015 C010617 00500 HELSINKI
015 D010617 FINLAND
015 E040617 X
015 A000618 BANQUE PARIBAS
015 B000618 S
015 C010618 75078 PARIS
015 D010618 FRANCE
015 E040618 X
015 A000619 NATIONAL BANK OF GREECE
<PAGE> PAGE 33
015 B000619 S
015 C010619 105 59 ATHENS
015 D010619 GREECE
015 E040619 X
015 A000620 STANDARD CHARTERED BANK
015 B000620 S
015 C010620 HONG KONG
015 D010620 HONG KONG
015 E040620 X
015 A000621 STANDARD CHARTERED EQUITOR GROUP
015 B000621 S
015 C010621 JAKARTA
015 D010621 INDONESIA
015 D020621 10220
015 E040621 X
015 A000622 BANK OF IRELAND
015 B000622 S
015 C010622 DUBLIN 1
015 D010622 IRELAND
015 E040622 X
015 A000623 MORGAN GUARANTY TRUST CO. OF NY
015 B000623 S
015 C010623 20121 MILANO
015 D010623 ITALY
015 E040623 X
015 A000624 SUMITOMO TRUST & BANK CO., LTD.
015 B000624 S
015 C010624 TOKYO
015 D010624 JAPAN
015 E040624 X
015 A000625 STATE STREET BANK & TRUST COMPANY
015 B000625 S
015 C010625 LONDON, ENGLAND
015 D010625 UNITED KINGDOM
015 D020625 E14 5AF
015 E040625 X
015 A000626 CITIBANK, N.A.
015 B000626 S
015 C010626 MEXICO CITY
015 D010626 MEXICO
015 D020626 D.F.06695
015 E040626 X
015 A000627 STANDARD CHARTERED BANK MALAYSIA
015 B000627 S
015 C010627 50450 KUALA LUMPUR
015 D010627 MALAYSIA
015 E040627 X
015 A000628 MEES PIERSON N.V.
015 B000628 S
015 C010628 1000 AG AMSTERDAM
015 D010628 NETHERLANDS
<PAGE> PAGE 34
015 E040628 X
015 A000629 CHRISTIANIA BANK OF KREDITKASSE
015 B000629 S
015 C010629 0368 OSLO 3
015 D010629 NORWAY
015 E040629 X
015 A000630 ANZ NOMINEES LTD.
015 B000630 S
015 C010630 WELLINGTON
015 D010630 NEW ZEALAND
015 E040630 X
015 A000631 STANDARD CHARTERED BANK
015 B000631 S
015 C010631 MAKATI,METRO MANILLA
015 D010631 THE PHILLIPINES
015 E040631 X
015 A000632 DEUSTE BANK
015 B000632 S
015 C010632 KARACHI
015 D010632 PAKISTAN
015 D020632 74000
015 E040632 X
015 A000633 BANCO COMMERCIAL PORTUGUES
015 B000633 S
015 C010633 LISBON
015 D010633 PORTUGAL
015 D020633 1000
015 E040633 X
015 A000634 SKANDINAVISKA ENSKILDA BANKEN
015 B000634 S
015 C010634 S-10640 STOCKHOLM
015 D010634 SWEDEN
015 E040634 X
015 A000635 DEVELOPMENT BANK OF SINGAPORE
015 B000635 S
015 C010635 SINGAPORE
015 D010635 SINGAPORE
015 D020635 0104
015 E040635 X
015 A000636 STANDARD CHARTERED BANK
015 B000636 S
015 C010636 BANGKOK
015 D010636 THAILAND
015 D020636 10500
015 E040636 X
015 A000637 CITIBANK, N.A.
015 B000637 S
015 C010637 ISTANBUL
015 D010637 TURKEY
015 E040637 X
015 A000638 CITIBANK, N.A.
<PAGE> PAGE 35
015 B000638 S
015 C010638 MONTEVIDEO
015 D010638 URUGUAY
015 D020638 11000
015 E040638 X
015 A000639 STANDARD BANK OF SOUTH AFRICA
015 B000639 S
015 C010639 JOHANNESBURG
015 D010639 SOUTH AFRICA
015 D020639 E14 5AF
015 E040639 X
024 000600 Y
025 A000601 NOMURA SECURITIES
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025 D000601 64
025 D000602 0
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<PAGE> PAGE 36
045 000600 Y
046 000600 N
047 000600 Y
048 000600 1.000
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055 A000600 Y
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056 000600 N
057 000600 N
062 A000600 N
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063 A000600 0
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066 A000600 Y
<PAGE> PAGE 37
066 B000600 N
066 C000600 N
066 D000600 N
066 E000600 N
066 F000600 N
066 G000600 Y
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 Y
070 B010600 Y
070 B020600 N
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070 C020600 N
070 D010600 Y
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 Y
070 F020600 N
070 G010600 Y
070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 Y
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 Y
070 L020600 Y
070 M010600 Y
070 M020600 Y
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 Y
070 R020600 N
071 A000600 4495
071 B000600 518
071 C000600 1542
071 D000600 34
072 A000600 7
<PAGE> PAGE 38
072 B000600 27
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<PAGE> PAGE 39
074 P000600 0
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074 X000600 7
074 Y000600 0
075 A000600 0
075 B000600 2182
076 000600 0.00
008 A000701 FEDERATED ADVISERS
008 B000701 A
008 C000701 801-34612
008 D010701 PITTSBURGH
008 D020701 PA
008 D030701 15222
008 D040701 3779
015 A000701 STATE STREET BANK AND TRUST COMPANY
015 B000701 C
015 C010701 BOSTON
015 C020701 MA
015 C030701 02266
015 C040701 8604
015 E010701 X
015 A000702 BANKERS TRUST CO.
015 B000702 S
015 C010702 NEW YORK
015 C020702 NY
015 C030702 10015
015 E010702 X
015 A000703 BANK OF NEW YORK
015 B000703 S
015 C010703 NEW YORK
015 C020703 NY
015 C030703 10006
015 E010703 X
015 A000704 CHEMICAL BANK & TRUST CO.
015 B000704 S
015 C010704 NEW YORK
015 C020704 NY
015 C030704 10006
015 E010704 X
015 A000705 MORGAN GUARANTY BANK & TRUST CO.
<PAGE> PAGE 40
015 B000705 S
015 C010705 NEW YORK
015 C020705 NY
015 C030705 10015
015 E010705 X
015 A000706 NATIONSBANK OF NORTH CAROLINA
015 B000706 S
015 C010706 CHARLOTTE
015 C020706 NC
015 C030706 28255
015 E010706 X
015 A000707 PNC BANK, NA
015 B000707 S
015 C010707 PITTSBURGH
015 C020707 PA
015 C030707 15265
015 E010707 X
024 000700 Y
025 A000701 BANK OF NEW YORK
025 C000701 E
025 D000701 5
025 A000702 CITICORP
025 C000702 E
025 D000702 7
025 A000703 MELLON BANK
025 C000703 E
025 D000703 5
025 A000704 NATIONSBANK
025 C000704 E
025 D000704 7
025 A000705 SCHWAB (CHARLES)
025 C000705 E
025 D000705 2
025 A000706 TRAVELERS
025 C000706 E
025 D000706 6
025 D000707 0
025 D000708 0
028 A010700 0
028 A020700 0
028 A030700 0
028 A040700 0
028 B010700 0
028 B020700 0
028 B030700 0
028 B040700 0
028 C010700 0
028 C020700 0
028 C030700 0
028 C040700 0
028 D010700 0
<PAGE> PAGE 41
028 D020700 0
028 D030700 0
028 D040700 0
028 E010700 196
028 E020700 0
028 E030700 0
028 E040700 5
028 F010700 169
028 F020700 0
028 F030700 0
028 F040700 1
028 G010700 365
028 G020700 0
028 G030700 0
028 G040700 6
028 H000700 0
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.750
048 A010700 0
048 A020700 0.000
048 B010700 0
048 B020700 0.000
048 C010700 0
048 C020700 0.000
048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
055 A000700 Y
055 B000700 N
056 000700 N
057 000700 N
062 A000700 N
062 B000700 0.0
062 C000700 0.0
062 D000700 0.0
062 E000700 0.0
<PAGE> PAGE 42
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 0.0
062 N000700 0.0
062 O000700 0.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
063 A000700 0
063 B000700 0.0
066 A000700 Y
066 B000700 N
066 C000700 Y
066 D000700 N
066 E000700 N
066 F000700 N
066 G000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 N
070 B010700 Y
070 B020700 N
070 C010700 Y
070 C020700 N
070 D010700 Y
070 D020700 N
070 E010700 Y
070 E020700 N
070 F010700 Y
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 Y
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 N
070 L010700 Y
070 L020700 N
070 M010700 N
<PAGE> PAGE 43
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 Y
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 339
071 B000700 9
071 C000700 253
071 D000700 4
072 A000700 2
072 B000700 1
072 C000700 0
072 D000700 0
072 E000700 0
072 F000700 0
072 G000700 18
072 H000700 0
072 I000700 0
072 J000700 3
072 K000700 0
072 L000700 1
072 M000700 0
072 N000700 0
072 O000700 0
072 P000700 0
072 Q000700 2
072 R000700 0
072 S000700 0
072 T000700 0
072 U000700 0
072 V000700 0
072 W000700 0
072 X000700 24
072 Y000700 24
072 Z000700 1
072AA000700 0
072BB000700 0
072CC010700 8
072CC020700 0
072DD010700 0
072DD020700 0
072EE000700 0
073 A010700 0.0000
073 A020700 0.0000
073 B000700 0.0000
<PAGE> PAGE 44
073 C000700 0.0000
074 A000700 57
074 B000700 0
074 C000700 0
074 D000700 0
074 E000700 4
074 F000700 333
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 6
074 K000700 0
074 L000700 12
074 M000700 0
074 N000700 412
074 O000700 39
074 P000700 0
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 5
074 S000700 0
074 T000700 368
074 U010700 36
074 U020700 0
074 V010700 10.30
074 V020700 0.00
074 W000700 0.0000
074 X000700 7
074 Y000700 0
075 A000700 0
075 B000700 207
076 000700 0.00
SIGNATURE S. ELLIOTT COHEN
TITLE ASST.GEN. COUNSEL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> Insurance Management Series
Equity Growth and Income Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1995
<PERIOD-END> Dec-31-1995
<INVESTMENTS-AT-COST> 47,657,975
<INVESTMENTS-AT-VALUE> 51,786,385
<RECEIVABLES> 359,916
<ASSETS-OTHER> 872
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 52,147,173
<PAYABLE-FOR-SECURITIES> 3,601,406
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32,233
<TOTAL-LIABILITIES> 3,633,639
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 43,990,489
<SHARES-COMMON-STOCK> 3,790,198
<SHARES-COMMON-PRIOR> 246,391
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 10,010
<ACCUMULATED-NET-GAINS> 404,645
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,128,410
<NET-ASSETS> 48,513,534
<DIVIDEND-INCOME> 416,256
<INTEREST-INCOME> 131,596
<OTHER-INCOME> 0
<EXPENSES-NET> 162,323
<NET-INVESTMENT-INCOME> 385,529
<REALIZED-GAINS-CURRENT> 418,832
<APPREC-INCREASE-CURRENT> 4,129,761
<NET-CHANGE-FROM-OPS> 4,934,122
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 386,024
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 10,010
<NUMBER-OF-SHARES-SOLD> 3,870,639
<NUMBER-OF-SHARES-REDEEMED> 359,502
<SHARES-REINVESTED> 32,670
<NET-CHANGE-IN-ASSETS> 46,113,504
<ACCUMULATED-NII-PRIOR> 495
<ACCUMULATED-GAINS-PRIOR> (14,187)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 142,579
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 420,667
<AVERAGE-NET-ASSETS> 19,577,602
<PER-SHARE-NAV-BEGIN> 9.740
<PER-SHARE-NII> 0.200
<PER-SHARE-GAIN-APPREC> 3.060
<PER-SHARE-DIVIDEND> 0.190
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.010
<PER-SHARE-NAV-END> 12.800
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> Insurance Management Series
Utility Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1995
<PERIOD-END> Dec-31-1995
<INVESTMENTS-AT-COST> 27,223,070
<INVESTMENTS-AT-VALUE> 29,496,445
<RECEIVABLES> 203,277
<ASSETS-OTHER> 2,219
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 29,701,941
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22,535
<TOTAL-LIABILITIES> 22,535
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27,216,105
<SHARES-COMMON-STOCK> 2,691,470
<SHARES-COMMON-PRIOR> 104,906
<ACCUMULATED-NII-CURRENT> 5,636
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 184,237
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,273,428
<NET-ASSETS> 29,679,406
<DIVIDEND-INCOME> 548,785
<INTEREST-INCOME> 106,379
<OTHER-INCOME> 0
<EXPENSES-NET> 102,171
<NET-INVESTMENT-INCOME> 552,993
<REALIZED-GAINS-CURRENT> 192,681
<APPREC-INCREASE-CURRENT> 2,281,446
<NET-CHANGE-FROM-OPS> 3,027,120
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 545,930
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,677,407
<NUMBER-OF-SHARES-REDEEMED> 143,617
<SHARES-REINVESTED> 52,774
<NET-CHANGE-IN-ASSETS> 28,705,236
<ACCUMULATED-NII-PRIOR> 16
<ACCUMULATED-GAINS-PRIOR> (10,881)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 89,752
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 369,765
<AVERAGE-NET-ASSETS> 12,272,627
<PER-SHARE-NAV-BEGIN> 9.290
<PER-SHARE-NII> 0.450
<PER-SHARE-GAIN-APPREC> 1.740
<PER-SHARE-DIVIDEND> 0.450
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.030
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> Insurance Management Series
Prime Money Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1995
<PERIOD-END> Dec-31-1995
<INVESTMENTS-AT-COST> 17,813,902
<INVESTMENTS-AT-VALUE> 17,813,902
<RECEIVABLES> 119,156
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 17,933,058
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 95,154
<TOTAL-LIABILITIES> 95,154
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,837,904
<SHARES-COMMON-STOCK> 17,837,904
<SHARES-COMMON-PRIOR> 552,268
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 17,837,904
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 480,779
<OTHER-INCOME> 0
<EXPENSES-NET> 65,249
<NET-INVESTMENT-INCOME> 415,530
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 415,530
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 415,530
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 39,232,023
<NUMBER-OF-SHARES-REDEEMED> 22,360,936
<SHARES-REINVESTED> 414,549
<NET-CHANGE-IN-ASSETS> 17,285,636
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 40,601
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 283,657
<AVERAGE-NET-ASSETS> 8,120,166
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.050
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> Insurance Management Series
U.S. Government Bond Fund
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Dec-31-1995
<PERIOD-END> Dec-31-1995
<INVESTMENTS-AT-COST> 11,905,595
<INVESTMENTS-AT-VALUE> 12,082,270
<RECEIVABLES> 189,172
<ASSETS-OTHER> 7,398
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 12,278,840
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14,611
<TOTAL-LIABILITIES> 14,611
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 12,016,048
<SHARES-COMMON-STOCK> 1,191,893
<SHARES-COMMON-PRIOR> 124,552
<ACCUMULATED-NII-CURRENT> 3,267
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 68,239
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 176,675
<NET-ASSETS> 12,264,229
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 345,164
<OTHER-INCOME> 0
<EXPENSES-NET> 40,793
<NET-INVESTMENT-INCOME> 304,371
<REALIZED-GAINS-CURRENT> 68,245
<APPREC-INCREASE-CURRENT> 176,675
<NET-CHANGE-FROM-OPS> 549,291
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 301,104
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,332,658
<NUMBER-OF-SHARES-REDEEMED> 294,269
<SHARES-REINVESTED> 28,952
<NET-CHANGE-IN-ASSETS> 11,020,465
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (6)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 30,456
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 284,814
<AVERAGE-NET-ASSETS> 5,206,639
<PER-SHARE-NAV-BEGIN> 9.990
<PER-SHARE-NII> 0.540
<PER-SHARE-GAIN-APPREC> 0.300
<PER-SHARE-DIVIDEND> 0.540
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.290
<EXPENSE-RATIO> 0.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> Insurance Management Series
Corporate Bond Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1995
<PERIOD-END> Dec-31-1995
<INVESTMENTS-AT-COST> 19,954,156
<INVESTMENTS-AT-VALUE> 20,282,107
<RECEIVABLES> 529,420
<ASSETS-OTHER> 480
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 20,812,007
<PAYABLE-FOR-SECURITIES> 633,610
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13,382
<TOTAL-LIABILITIES> 646,992
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 19,816,165
<SHARES-COMMON-STOCK> 2,058,766
<SHARES-COMMON-PRIOR> 164,270
<ACCUMULATED-NII-CURRENT> 27,463
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (6,564)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 327,951
<NET-ASSETS> 20,165,015
<DIVIDEND-INCOME> 1,388
<INTEREST-INCOME> 777,957
<OTHER-INCOME> 0
<EXPENSES-NET> 62,200
<NET-INVESTMENT-INCOME> 717,145
<REALIZED-GAINS-CURRENT> 5,784
<APPREC-INCREASE-CURRENT> 493,099
<NET-CHANGE-FROM-OPS> 1,216,028
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 687,618
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,211,100
<NUMBER-OF-SHARES-REDEEMED> 388,244
<SHARES-REINVESTED> 71,640
<NET-CHANGE-IN-ASSETS> 18,708,072
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (12,348)
<OVERDISTRIB-NII-PRIOR> (2,064)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 46,425
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 325,187
<AVERAGE-NET-ASSETS> 8,027,522
<PER-SHARE-NAV-BEGIN> 8.870
<PER-SHARE-NII> 0.850
<PER-SHARE-GAIN-APPREC> 0.890
<PER-SHARE-DIVIDEND> 0.820
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.790
<EXPENSE-RATIO> 0.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 06
<NAME> Insurance Management Series
International Stock Fund
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> Dec-31-1995
<PERIOD-END> Dec-31-1995
<INVESTMENTS-AT-COST> 4,648,239
<INVESTMENTS-AT-VALUE> 4,762,517
<RECEIVABLES> 17,222
<ASSETS-OTHER> 3,991
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,783,730
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24,171
<TOTAL-LIABILITIES> 24,171
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,632,634
<SHARES-COMMON-STOCK> 459,652
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 31,397
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (18,741)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 114,269
<NET-ASSETS> 4,759,559
<DIVIDEND-INCOME> 8,482
<INTEREST-INCOME> 26,991
<OTHER-INCOME> 0
<EXPENSES-NET> 15,170
<NET-INVESTMENT-INCOME> 20,303
<REALIZED-GAINS-CURRENT> (10,299)
<APPREC-INCREASE-CURRENT> 114,269
<NET-CHANGE-FROM-OPS> 124,273
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 466,748
<NUMBER-OF-SHARES-REDEEMED> 7,096
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,759,559
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12,476
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 157,667
<AVERAGE-NET-ASSETS> 2,182,177
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.070
<PER-SHARE-GAIN-APPREC> 0.280
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.350
<EXPENSE-RATIO> 1.22
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 07
<NAME> Insurance Management Series
Growth Stock Fund
<PERIOD-TYPE> 2-Mos
<FISCAL-YEAR-END> Dec-31-1995
<PERIOD-END> Dec-31-1995
<INVESTMENTS-AT-COST> 329,135
<INVESTMENTS-AT-VALUE> 336,707
<RECEIVABLES> 18,530
<ASSETS-OTHER> 56,898
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 412,135
<PAYABLE-FOR-SECURITIES> 39,343
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,260
<TOTAL-LIABILITIES> 44,603
<SENIOR-EQUITY> 0
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<EXPENSE-RATIO> 0.85
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</TABLE>
