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<PAGE> PAGE 12
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<PAGE> PAGE 14
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074 R040300 231
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074 T000300 62373
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074 U020300 0
074 V010300 1.00
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075 A000300 58791
075 B000300 0
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008 A000401 FEDERATED ADVISERS
008 B000401 A
008 C000401 801-34612
008 D010401 PITTSBURGH
008 D020401 PA
008 D030401 15222
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 8600
015 E010401 X
015 A000402 BANK OF NEW YORK
015 B000402 S
015 C010402 NEW YORK
015 C020402 NY
015 C030402 10006
015 E010402 X
015 A000403 BANKERS TRUST CO.
015 B000403 S
015 C010403 NEW YORK
<PAGE> PAGE 21
015 C020403 NY
015 C030403 10015
015 E010403 X
015 A000404 MORGAN GUARANTY BANK & TRUST CO.
015 B000404 S
015 C010404 NEW YORK
015 C020404 NY
015 C030404 10015
015 E010404 X
015 A000405 THE CHASE MANHATTAN CORPORATION
015 B000405 S
015 C010405 NEW YORK
015 C020405 NY
015 C030405 10006
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
025 D000407 0
025 D000408 0
028 A010400 1778
028 A020400 170
028 A030400 0
028 A040400 889
028 B010400 3886
028 B020400 169
028 B030400 0
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028 C010400 3274
028 C020400 190
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028 D010400 2694
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<PAGE> PAGE 22
028 D040400 1748
028 E010400 2969
028 E020400 200
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028 H000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.600
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048 B020400 0.000
048 C010400 0
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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
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 0.9
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
<PAGE> PAGE 23
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 17.4
062 N000400 80.8
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 4.1
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
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
<PAGE> PAGE 24
070 P020400 Y
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 23300
071 B000400 13685
071 C000400 22612
071 D000400 97
072 A000400 6
072 B000400 1353
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072 J000400 10
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072 M000400 1
072 N000400 2
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072 P000400 0
072 Q000400 23
072 R000400 5
072 S000400 2
072 T000400 0
072 U000400 0
072 V000400 0
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072 X000400 258
072 Y000400 101
072 Z000400 1197
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072BB000400 22
072CC010400 54
072CC020400 0
072DD010400 1136
072DD020400 0
072EE000400 0
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073 B000400 0.0000
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074 A000400 0
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074 C000400 0
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074 E000400 0
<PAGE> PAGE 25
074 F000400 0
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074 N000400 44492
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008 D010501 PITTSBURGH
008 D020501 PA
008 D030501 15222
008 D040501 3779
015 A000501 STATE STREET BANK & TRUST COMPANY
015 B000501 C
015 C010501 BOSTON
015 C020501 MA
015 C030501 02266
015 C040501 8600
015 E010501 X
015 A000502 PNC BANK, NA
015 B000502 S
015 C010502 PITTSBURGH
015 C020502 PA
015 C030502 15265
015 E010502 X
015 A000503 NATIONSBANK OF NORTH CAROLINA
015 B000503 S
015 C010503 CHARLOTTE
<PAGE> PAGE 26
015 C020503 NC
015 C030503 28255
015 E010503 X
015 A000504 THE CHASE MANHATTAN CORPORATION
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 BANKERS TRUST CO.
015 B000506 S
015 C010506 NEW YORK
015 C020506 NY
015 C030506 10015
015 E010506 X
015 A000507 BANK OF NEW YORK
015 B000507 S
015 C010507 NEW YORK
015 C020507 NY
015 C030507 10006
015 E010507 X
024 000500 N
025 D000501 0
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025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
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028 A020500 486
028 A030500 0
028 A040500 280
028 B010500 6386
028 B020500 566
028 B030500 0
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<PAGE> PAGE 27
028 D040500 2004
028 E010500 6329
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028 H000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.600
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048 B020500 0.000
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048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
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048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
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048 K020500 0.000
055 A000500 Y
055 B000500 N
056 000500 N
057 000500 N
062 A000500 Y
062 B000500 0.0
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062 D000500 3.1
062 E000500 0.0
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<PAGE> PAGE 28
062 H000500 0.0
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062 R000500 4.5
063 A000500 0
063 B000500 5.8
064 A000500 Y
064 B000500 Y
065 000500 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
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 Y
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
<PAGE> PAGE 29
070 P010500 Y
070 P020500 Y
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 43035
071 B000500 13019
071 C000500 76581
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072DD010500 3629
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073 A010500 0.4600
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074 B000500 3165
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<PAGE> PAGE 30
074 E000500 4564
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008 C000601 801-49470
008 D010601 NEW YORK
008 D020601 NY
008 D030601 10038
008 D040601 4965
015 A000601 STATE STREET BANK AND TRUST COMPANY
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015 E010601 X
015 A000602 PNC BANK, NA
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015 C010602 PITTSBURGH
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015 A000603 NATIONSBANK OF NORTH CAROLINA
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<PAGE> PAGE 31
015 C010603 CHARLOTTE
015 C020603 NC
015 C030603 28255
015 E010603 X
015 A000604 THE CHASE MANHATTAN CORPORATION
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 BANKERS TRUST CO.
015 B000606 S
015 C010606 NEW YORK
015 C020606 NY
015 C030606 10015
015 E010606 X
015 A000607 BANK OF NEW YORK
015 B000607 S
015 C010607 NEW YORK
015 C020607 NY
015 C030607 10006
015 E010607 X
015 A000608 CITIBANK N.A.
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015 C010608 BUENOS AIRES
015 D010608 ARGENTINA
015 E040608 X
015 A000609 GIROCREDIT BANK AKTIENGELLSCHAFT DER SPARKASS
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015 C010609 VIENNA
015 D010609 AUSTRIA
015 E040609 X
015 A000610 WESTPAC CUSTODIAN NOMINEE LTD
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015 C010610 SIDNEY
015 D010610 AUSTRALIA
015 D020610 2000
015 E040610 X
015 A000611 GENERALE DE BANQUE
015 B000611 S
015 C010611 BRUSSELS
015 D010611 BELGIUM
015 E040611 X
015 A000612 CITIBANK N.A.
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<PAGE> PAGE 32
015 C010612 SAO PAULO
015 D010612 BRAZIL
015 E040612 X
015 A000613 UNION BANK OF SWITZERLAND
015 B000613 S
015 C010613 8021 ZURICH
015 D010613 SWITZERLAND
015 E040613 X
015 A000614 HONGKONG & SHANGHAI BANKING CORP. LTD
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015 C010614 SHANGHAI
015 D010614 CHINA
015 E040614 X
015 A000615 HONGKONG & SHANGHAI BANKING CORP. LTD
015 B000615 S
015 C010615 SHENZHEN
015 D010615 CHINA
015 E040615 X
015 A000616 CITITRUST, S.A.
015 B000616 S
015 C010616 SANTAFE DE BOGOTA
015 D010616 COLOMBIA
015 E040616 X
015 A000617 DRESDNER BANK AG
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015 C010617 FRANKFURT
015 D010617 GERMANY
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015 D010618 DENMARK
015 E040618 X
015 A000619 BANCO SANTANDER
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015 D010619 SPAIN
015 E040619 X
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015 E040620 X
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015 D010621 FRANCE
015 E040621 X
015 A000622 NATIONAL BANK OF GREECE
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<PAGE> PAGE 33
015 D010622 GREECE
015 E040622 X
015 A000623 STANDARD CHARTERED BANK
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015 D010623 HONG KONG
015 E040623 X
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015 D010624 HUNGARY
015 E040624 X
015 A000625 DEUTSCHE/HONGKONG SHANGHAI BANKING
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015 C010625 BOMBAY
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015 D020625 400-001
015 E040625 X
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015 D020626 10220
015 E040626 X
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015 B000629 S
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015 D010629 ITALY
015 E040629 X
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<PAGE> PAGE 34
015 C010632 LONDON, ENGLAND
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<PAGE> PAGE 35
015 E040641 X
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<PAGE> PAGE 36
015 A000651 STANDARD BANK OF SOUTH AFRICA
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015 C010651 JOHANNESBURG
015 D010651 SOUTH AFRICA
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<PAGE> PAGE 37
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<PAGE> PAGE 38
068 B000600 Y
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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015 A000701 STATE STREET BANK AND TRUST COMPANY
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015 A000704 THE CHASE MANHATTAN CORPORATION
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015 C020704 NY
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015 A000705 MORGAN GUARANTY BANK & TRUST CO.
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<PAGE> PAGE 41
015 C020706 NY
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025 A000703 CITICORP
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025 A000704 MELLON BANK
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025 A000705 NATIONSBANK
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<PAGE> PAGE 42
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<PAGE> PAGE 43
055 B000700 N
056 000700 N
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066 F000700 N
066 G000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
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070 B020700 N
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070 H010700 Y
070 H020700 N
070 I010700 Y
<PAGE> PAGE 44
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 N
070 L010700 Y
070 L020700 N
070 M010700 N
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
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070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
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<PAGE> PAGE 45
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008 A000801 FEDERATED ADVISERS
008 B000801 A
008 C000801 801-34612
008 D010801 PITTSBURGH
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008 D040801 3779
015 A000801 STATE STREET BANK AND TRUST COMPANY
015 B000801 C
<PAGE> PAGE 46
015 C010801 BOSTON
015 C020801 MA
015 C030801 02266
015 C040801 8600
015 E010801 X
015 A000802 PNC BANK, NA
015 B000802 S
015 C010802 PITTSBURGH
015 C020802 PA
015 C030802 15265
015 E010802 X
015 A000803 NATIONSBANK OF NORTH CAROLINA
015 B000803 S
015 C010803 CHARLOTTE
015 C020803 NC
015 C030803 28255
015 E010803 X
015 A000804 THE CHASE MANHATTAN CORPORATION
015 B000804 S
015 C010804 NEW YORK
015 C020804 NY
015 C030804 10006
015 E010804 X
015 A000805 MORGAN GUARANTY BANK & TRUST CO.
015 B000805 S
015 C010805 NEW YORK
015 C020805 NY
015 C030805 10015
015 E010805 X
015 A000806 BANKERS TRUST CO.
015 B000806 S
015 C010806 NEW YORK
015 C020806 NY
015 C030806 10015
015 E010806 X
015 A000807 BANK OF NEW YORK
015 B000807 S
015 C010807 NEW YORK
015 C020807 NY
015 C030807 10006
015 E010807 X
024 000800 N
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028 A010800 1000
<PAGE> PAGE 47
028 A020800 0
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<PAGE> PAGE 48
048 J020800 0.000
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055 A000800 N
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056 000800 N
057 000800 N
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066 F000800 N
066 G000800 N
067 000800 N
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069 000800 N
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070 F020800 N
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<PAGE> PAGE 49
070 G020800 N
070 H010800 N
070 H020800 N
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070 I020800 N
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070 J020800 Y
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070 K020800 N
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070 L020800 Y
070 M010800 N
070 M020800 N
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070 O020800 N
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070 P020800 N
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070 Q020800 N
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070 R020800 N
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<PAGE> PAGE 50
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
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<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> Federated Insurance Series
Federated American Leaders Fund II
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<PERIOD-END> Jun-30-1997
<INVESTMENTS-AT-COST> 183,313,349
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> Federated Insurance Series
Federated Utility Fund II
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-END> Jun-30-1997
<INVESTMENTS-AT-COST> 68,484,180
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<ACCUM-APPREC-OR-DEPREC> 9,217,210
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<ACCUMULATED-NII-PRIOR> 91,190
<ACCUMULATED-GAINS-PRIOR> 1,447,599
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 255,800
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 399,871
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<PER-SHARE-NAV-BEGIN> 11.810
<PER-SHARE-NII> 0.210
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> Federated Insurance Series
Federated Prime Money Fund II
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-END> Jun-30-1997
<INVESTMENTS-AT-COST> 62,361,268
<INVESTMENTS-AT-VALUE> 62,361,268
<RECEIVABLES> 236,839
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<TOTAL-ASSETS> 62,604,081
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 231,468
<TOTAL-LIABILITIES> 231,468
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 62,372,613
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<SHARES-COMMON-PRIOR> 45,655,332
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 62,372,613
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,618,942
<OTHER-INCOME> 0
<EXPENSES-NET> 234,514
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> Federated Insurance Series
Federated Fund for U.S. Government Securities
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-END> Jun-30-1997
<INVESTMENTS-AT-COST> 43,679,750
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<RECEIVABLES> 512,955
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (152,223)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 252,765
<NET-ASSETS> 44,369,652
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,353,450
<OTHER-INCOME> 0
<EXPENSES-NET> 156,842
<NET-INVESTMENT-INCOME> 1,196,608
<REALIZED-GAINS-CURRENT> (22,328)
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<NET-CHANGE-FROM-OPS> 1,228,901
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,136,086
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 1,763,505
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<SHARES-REINVESTED> 113,302
<NET-CHANGE-IN-ASSETS> 9,405,105
<ACCUMULATED-NII-PRIOR> 69,050
<ACCUMULATED-GAINS-PRIOR> (129,895)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 116,987
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 39,541,370
<PER-SHARE-NAV-BEGIN> 10.090
<PER-SHARE-NII> 0.300
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.290
<PER-SHARE-DISTRIBUTIONS> 0.000
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<PER-SHARE-NAV-END> 10.100
<EXPENSE-RATIO> 0.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> Federated Insurance Series
Federated High Income Bond Fund II
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-END> Jun-30-1997
<INVESTMENTS-AT-COST> 96,378,453
<INVESTMENTS-AT-VALUE> 100,058,463
<RECEIVABLES> 1,838,331
<ASSETS-OTHER> 39,713
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 101,936,507
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17,364
<TOTAL-LIABILITIES> 554,320
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 97,381,220
<SHARES-COMMON-STOCK> 9,796,234
<SHARES-COMMON-PRIOR> 6,450,008
<ACCUMULATED-NII-CURRENT> 94,756
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 226,201
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,680,010
<NET-ASSETS> 101,382,187
<DIVIDEND-INCOME> 88,699
<INTEREST-INCOME> 3,846,123
<OTHER-INCOME> 0
<EXPENSES-NET> 321,031
<NET-INVESTMENT-INCOME> 3,613,791
<REALIZED-GAINS-CURRENT> 228,400
<APPREC-INCREASE-CURRENT> 1,300,295
<NET-CHANGE-FROM-OPS> 5,142,486
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,628,830
<DISTRIBUTIONS-OF-GAINS> 286,147
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,366,366
<NUMBER-OF-SHARES-REDEEMED> 1,403,122
<SHARES-REINVESTED> 382,982
<NET-CHANGE-IN-ASSETS> 35,338,877
<ACCUMULATED-NII-PRIOR> 109,795
<ACCUMULATED-GAINS-PRIOR> 283,948
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 239,427
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 394,096
<AVERAGE-NET-ASSETS> 81,087,315
<PER-SHARE-NAV-BEGIN> 10.240
<PER-SHARE-NII> 0.450
<PER-SHARE-GAIN-APPREC> 0.160
<PER-SHARE-DIVIDEND> 0.460
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<PER-SHARE-NAV-END> 10.350
<EXPENSE-RATIO> 0.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 06
<NAME> Federated Insurance Series
Federated International Equity Fund II
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-END> Jun-30-1997
<INVESTMENTS-AT-COST> 24,666,774
<INVESTMENTS-AT-VALUE> 28,075,394
<RECEIVABLES> 563,100
<ASSETS-OTHER> 5,493
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28,643,987
<PAYABLE-FOR-SECURITIES> 742,916
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 69,550
<TOTAL-LIABILITIES> 812,466
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 24,063,257
<SHARES-COMMON-STOCK> 2,230,237
<SHARES-COMMON-PRIOR> 1,590,287
<ACCUMULATED-NII-CURRENT> 152,130
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 208,015
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,408,116
<NET-ASSETS> 27,831,518
<DIVIDEND-INCOME> 241,971
<INTEREST-INCOME> 46,673
<OTHER-INCOME> 0
<EXPENSES-NET> 133,997
<NET-INVESTMENT-INCOME> 154,647
<REALIZED-GAINS-CURRENT> 389,308
<APPREC-INCREASE-CURRENT> 2,283,548
<NET-CHANGE-FROM-OPS> 2,827,503
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 25,486
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 748,682
<NUMBER-OF-SHARES-REDEEMED> 111,081
<SHARES-REINVESTED> 2,349
<NET-CHANGE-IN-ASSETS> 10,079,802
<ACCUMULATED-NII-PRIOR> 22,969
<ACCUMULATED-GAINS-PRIOR> (181,293)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 106,760
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 289,707
<AVERAGE-NET-ASSETS> 21,648,294
<PER-SHARE-NAV-BEGIN> 11.160
<PER-SHARE-NII> 0.060
<PER-SHARE-GAIN-APPREC> 1.270
<PER-SHARE-DIVIDEND> 0.010
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.480
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 07
<NAME> Federated Insurance Series
Federated Growth Strategies Fund II
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-END> Jun-30-1997
<INVESTMENTS-AT-COST> 27,773,939
<INVESTMENTS-AT-VALUE> 32,142,040
<RECEIVABLES> 450,630
<ASSETS-OTHER> 2,594
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 32,595,264
<PAYABLE-FOR-SECURITIES> 1,185,524
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32,417
<TOTAL-LIABILITIES> 1,217,941
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 26,329,707
<SHARES-COMMON-STOCK> 2,153,533
<SHARES-COMMON-PRIOR> 1,326,805
<ACCUMULATED-NII-CURRENT> 118,493
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 561,022
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,368,101
<NET-ASSETS> 31,377,323
<DIVIDEND-INCOME> 97,442
<INTEREST-INCOME> 48,118
<OTHER-INCOME> 0
<EXPENSES-NET> 98,419
<NET-INVESTMENT-INCOME> 47,141
<REALIZED-GAINS-CURRENT> 569,166
<APPREC-INCREASE-CURRENT> 2,848,564
<NET-CHANGE-FROM-OPS> 3,464,871
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 37,404
<DISTRIBUTIONS-OF-GAINS> 109,556
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 872,823
<NUMBER-OF-SHARES-REDEEMED> 57,407
<SHARES-REINVESTED> 11,312
<NET-CHANGE-IN-ASSETS> 14,392,474
<ACCUMULATED-NII-PRIOR> 37,360
<ACCUMULATED-GAINS-PRIOR> 101,412
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 86,319
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 214,455
<AVERAGE-NET-ASSETS> 23,257,615
<PER-SHARE-NAV-BEGIN> 12.800
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 1.810
<PER-SHARE-DIVIDEND> 0.020
<PER-SHARE-DISTRIBUTIONS> 0.070
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.570
<EXPENSE-RATIO> 0.66
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 08
<NAME> Federated Insurance Series
Federated Equity Income Fund II
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-END> Jun-30-1997
<INVESTMENTS-AT-COST> 10,338,397
<INVESTMENTS-AT-VALUE> 11,041,464
<RECEIVABLES> 22,258
<ASSETS-OTHER> 194,871
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,258,593
<PAYABLE-FOR-SECURITIES> 885,815
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 56,823
<TOTAL-LIABILITIES> 942,638
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,610,723
<SHARES-COMMON-STOCK> 887,375
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1,842
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 323
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 703,067
<NET-ASSETS> 10,315,955
<DIVIDEND-INCOME> 43,840
<INTEREST-INCOME> 16,096
<OTHER-INCOME> 0
<EXPENSES-NET> 14,954
<NET-INVESTMENT-INCOME> 44,982
<REALIZED-GAINS-CURRENT> 323
<APPREC-INCREASE-CURRENT> 703,067
<NET-CHANGE-FROM-OPS> 748,372
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 43,140
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 992,540
<NUMBER-OF-SHARES-REDEEMED> 108,675
<SHARES-REINVESTED> 3,510
<NET-CHANGE-IN-ASSETS> 10,315,955
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 11,822
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 122,299
<AVERAGE-NET-ASSETS> 3,696,789
<PER-SHARE-NAV-BEGIN> 10.470
<PER-SHARE-NII> 0.110
<PER-SHARE-GAIN-APPREC> 1.160
<PER-SHARE-DIVIDEND> 0.110
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<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.630
<EXPENSE-RATIO> 0.95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
