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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
015 E010201 X
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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
072 I000200 18
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<PAGE> PAGE 20
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015 A000305 MORGAN GUARANTY BANK & TRUST CO.
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015 C010305 NEW YORK
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<PAGE> PAGE 21
015 C010306 PITTSBURGH
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015 A000307 NATIONSBANK OF NORTH CAROLINA
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<PAGE> PAGE 22
048 000300 0.500
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056 000300 N
057 000300 N
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<PAGE> PAGE 23
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 Y
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070 B020300 N
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070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 Y
070 K010300 N
070 K020300 N
070 L010300 N
070 L020300 Y
070 M010300 N
070 M020300 N
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070 N020300 N
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070 O020300 N
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070 P020300 Y
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070 Q020300 N
070 R010300 N
070 R020300 N
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<PAGE> PAGE 24
072 I000300 24
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<PAGE> PAGE 25
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015 A000401 STATE STREET BANK AND TRUST COMPANY
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015 A000405 MORGAN GUARANTY BANK & TRUST CO.
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015 C010405 NEW YORK
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<PAGE> PAGE 26
015 C010406 PITTSBURGH
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015 A000407 NATIONSBANK OF NORTH CAROLINA
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<PAGE> PAGE 27
048 000400 0.600
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056 000400 N
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064 A000400 N
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<PAGE> PAGE 28
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 N
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070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
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070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
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070 I020400 N
070 J010400 Y
070 J020400 N
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070 K020400 N
070 L010400 N
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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015 A000507 NATIONSBANK OF NORTH CAROLINA
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<PAGE> PAGE 32
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<PAGE> PAGE 33
067 000500 N
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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015 A000601 STATE STREET BANK AND TRUST COMPANY
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
015 A000626 NATIONAL BANK OF GREECE
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015 E040627 X
015 A000628 CITIBANK BUDAPEST RT.
015 B000628 S
015 C010628 BUDAPEST
015 D010628 HUNGARY
015 E040628 X
015 A000629 DEUTSCHE/HONGKONG SHANGHAI BANKING
015 B000629 S
015 C010629 BOMPAY
015 D010629 INDIA
015 D020629 400-001
015 E040629 X
015 A000630 STANDARD CHARTERED EQUITOR GROUP
015 B000630 S
015 C010630 JAKARTA
015 D010630 INDONESIA
015 D020630 10220
015 E040630 X
015 A000631 BANK OF IRELAND
015 B000631 S
015 C010631 DUBLIN 1
015 D010631 IRELAND
015 E040631 X
015 A000632 BANK HAPOALIM B.M.
015 B000632 S
015 C010632 TEL AVIV
015 D010632 ISRAEL
015 E040632 X
015 A000633 BANQUE PARIBAS
015 B000633 S
015 C010633 20121 MILANO
015 D010633 ITALY
015 E040633 X
015 A000634 SUMITOMO TRUST & BANK CO., LTD.
015 B000634 S
015 C010634 TOKYO
015 D010634 JAPANGAL
015 E040634 X
015 A000635 BANK OF SEOUL
015 B000635 S
015 C010635 SEOUL
015 D010635 KOREA
<PAGE> PAGE 39
015 E040635 X
015 A000636 STATE STREET BANK & TRUST COMPANY
015 B000636 S
015 C010636 LONDON, ENGLAND
015 D010636 UNITED KINGDOM
015 D020636 E14 5AF
015 E040636 X
015 A000637 CITIBANK N.A.
015 B000637 S
015 C010637 MEXICO CITY
015 D010637 MEXICO
015 D020637 D.F. 06695
015 E040637 X
015 A000638 STANDARD CHARTERED BANK MALAYSIA
015 B000638 S
015 C010638 50450 KUALA LUMPUR
015 D010638 MALAYSIA
015 E040638 X
015 A000639 BANQUE COMMERCIALE DU MAROC
015 B000639 S
015 C010639 CASABLANCA
015 D010639 MORROCCO
015 E040639 X
015 A000640 MEES PIERSON N.V.
015 B000640 S
015 C010640 1000 AG AMSTERDAM
015 D010640 NETHERLANDS
015 E040640 X
015 A000641 CHRISTIANIA BANK OF KREDITKASSE
015 B000641 S
015 C010641 0368 OSLO 3
015 D010641 NORWAY
015 E040641 X
015 A000642 ANZ BANKING GROUP
015 B000642 S
015 C010642 WELLINGTON
015 D010642 NEW ZEALAND
015 E040642 X
015 A000643 CITIBANK, N.A. LIMA
015 B000643 S
015 C010643 LIMA 27
015 D010643 PERU
015 E040643 X
015 A000644 STANDARD CHARTERED BANK
015 B000644 S
015 C010644 MAKATI, METRO MANILA
015 D010644 THE PHILLIPPINES
015 E040644 X
015 A000645 DEUTSCHE BANK A.G.
015 B000645 S
015 C010645 KARACHI
<PAGE> PAGE 40
015 D010645 PAKISTAN
015 D020645 74000
015 E040645 X
015 A000646 CITIBANK, (POLAND) S.A.
015 B000646 S
015 C010646 WARSAW
015 D010646 POLAND
015 D020646 00-082
015 E040646 X
015 A000647 BANCO COMMERCIAL PORTUGUES
015 B000647 S
015 C010647 LISBON
015 D010647 PORTUGAL
015 D020647 1000
015 E040647 X
015 A000648 CESKOSLOVENSKA OBCHODNA BANKA A.S.
015 B000648 S
015 C010648 BRATISLAVA
015 D010648 SLOVAK REPUBLIC
015 E040648 X
015 A000649 SKANDINAVISKA ENSKILDA BANKEN
015 B000649 S
015 C010649 S-10640 STOCKHOLM
015 D010649 SWEDEN
015 E040649 X
015 A000650 DEVELOPMENT BANK OF SINGAPORE
015 B000650 S
015 C010650 SINGAPORE
015 D010650 SINGAPORE
015 D020650 0104
015 E040650 X
015 A000651 STANDARD CHARTERED BANK
015 B000651 S
015 C010651 BANGKOK
015 D010651 THAILAND
015 D020651 10500
015 E040651 X
015 A000652 OTTOMAN BANK
015 B000652 S
015 C010652 ISTANBUL
015 D010652 TURKEY
015 E040652 X
015 A000653 CITIBANK, N.A.
015 B000653 S
015 C010653 MONTEVIDEO
015 D010653 URUGUAY
015 D020653 11000
015 E040653 X
015 A000654 CITIBANK N.A.
015 B000654 S
015 C010654 CARASAS
<PAGE> PAGE 41
015 D010654 VENEZUELA
015 D020654 1010
015 E040654 X
015 A000655 STANDARD BANK OF SOUTH AFRICA
015 B000655 S
015 C010655 JOHANNESBURG
015 D010655 SOUTH AFRICA
015 E040655 X
024 000600 N
025 D000601 0
025 D000602 0
025 D000603 0
025 D000604 0
025 D000605 0
025 D000606 0
025 D000607 0
025 D000608 0
028 A010600 1590
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028 A030600 0
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028 B010600 1283
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028 B030600 0
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028 C010600 824
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028 C030600 0
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028 D010600 1435
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028 D030600 0
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028 E030600 0
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028 F030600 0
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028 G010600 7256
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045 000600 Y
046 000600 N
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<PAGE> PAGE 42
048 A020600 0.000
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048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
048 G020600 0.000
048 H010600 0
048 H020600 0.000
048 I010600 0
048 I020600 0.000
048 J010600 0
048 J020600 0.000
048 K010600 0
048 K020600 0.000
055 A000600 N
055 B000600 N
056 000600 N
057 000600 N
062 A000600 N
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 0
063 B000600 0.0
066 A000600 Y
066 B000600 N
066 C000600 N
066 D000600 N
066 E000600 N
066 F000600 N
<PAGE> PAGE 43
066 G000600 Y
067 000600 N
068 A000600 N
068 B000600 Y
069 000600 N
070 A010600 Y
070 A020600 Y
070 B010600 Y
070 B020600 N
070 C010600 Y
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 Y
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 21184
071 B000600 9051
071 C000600 8808
071 D000600 103
072 A000600 12
072 B000600 61
072 C000600 168
072 D000600 0
072 E000600 0
072 F000600 107
<PAGE> PAGE 44
072 G000600 125
072 H000600 0
072 I000600 10
072 J000600 89
072 K000600 0
072 L000600 33
072 M000600 2
072 N000600 6
072 O000600 0
072 P000600 0
072 Q000600 56
072 R000600 10
072 S000600 11
072 T000600 0
072 U000600 0
072 V000600 0
072 W000600 11
072 X000600 460
072 Y000600 326
072 Z000600 95
072AA000600 562
072BB000600 794
072CC010600 1010
072CC020600 0
072DD010600 31
072DD020600 0
072EE000600 0
073 A010600 0.0500
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 4
074 B000600 775
074 C000600 0
074 D000600 18
074 E000600 410
074 F000600 16503
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 61
074 K000600 0
074 L000600 72
074 M000600 0
074 N000600 17843
074 O000600 56
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074 R010600 0
074 R020600 0
074 R030600 0
<PAGE> PAGE 45
074 R040600 35
074 S000600 0
074 T000600 17752
074 U010600 1590
074 U020600 0
074 V010600 11.16
074 V020600 0.00
074 W000600 0.0000
074 X000600 5
074 Y000600 0
075 A000600 0
075 B000600 10691
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 8600
015 E010701 X
015 A000702 BANK OF NEW YORK
015 B000702 S
015 C010702 NEW YORK
015 C020702 NY
015 C030702 10006
015 E010702 X
015 A000703 BANKERS TRUST COMPANY
015 B000703 S
015 C010703 NEW YORK
015 C020703 NY
015 C030703 10015
015 E010703 X
015 A000704 THE CHASE MANHATTAN CORPORATION
015 B000704 S
015 C010704 NEW YORK
015 C020704 NY
015 C030704 10006
015 E010704 X
015 A000705 MORGAN GUARANTY BANK AND TRUST COMPANY
015 B000705 S
015 C010705 NEW YORK
015 C020705 NY
015 C030705 10015
015 E010705 X
<PAGE> PAGE 46
015 A000706 PNC BANK, NA
015 B000706 S
015 C010706 PITTSBURGH
015 C020706 PA
015 C030706 15265
015 E010706 X
015 A000707 NATIONSBANK OF NORTH CAROLINA
015 B000707 S
015 C010707 CHARLOTTE
015 C020707 NC
015 C030707 28255
015 E010707 X
024 000700 Y
025 A000701 BANK OF NEW YORK
025 C000701 E
025 D000701 139
025 A000702 BANK AMERICA
025 C000702 E
025 D000702 156
025 A000703 CITICORP
025 C000703 E
025 D000703 233
025 A000704 MELLON BANK
025 C000704 E
025 D000704 201
025 A000705 NATIONS BANK
025 C000705 E
025 D000705 194
025 A000706 SCHWAB (CHARLES)
025 C000706 E
025 D000706 213
025 A000707 SUN AMERICA
025 C000707 E
025 D000707 332
025 A000708 TRAVELERS
025 C000708 E
025 D000708 244
025 A000709 WELL'S FARGO
025 C000709 E
025 D000709 183
025 D000710 0
025 D000711 0
025 D000712 0
025 D000713 0
025 D000714 0
025 D000715 0
025 D000716 0
028 A010700 1799
028 A020700 0
028 A030700 0
028 A040700 16
<PAGE> PAGE 47
028 B010700 1456
028 B020700 0
028 B030700 0
028 B040700 12
028 C010700 1342
028 C020700 0
028 C030700 0
028 C040700 30
028 D010700 1978
028 D020700 0
028 D030700 0
028 D040700 49
028 E010700 1614
028 E020700 0
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028 E040700 57
028 F010700 1552
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028 F030700 0
028 F040700 9
028 G010700 9741
028 G020700 0
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028 G040700 173
028 H000700 0
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.750
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048 B010700 0
048 B020700 0.000
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048 D010700 0
048 D020700 0.000
048 E010700 0
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048 F010700 0
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<PAGE> PAGE 48
055 A000700 N
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
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
<PAGE> PAGE 49
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
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 20085
071 B000700 6275
071 C000700 6536
071 D000700 96
072 A000700 12
072 B000700 34
072 C000700 62
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<PAGE> PAGE 50
072BB000700 446
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074 A000700 3
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> Federated Insurance Series
Federated American Leaders Fund II
<PERIOD-TYPE> 12-mos
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<PERIOD-END> Dec-31-1996
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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> 12-Mos
<FISCAL-YEAR-END> Dec-31-1996
<PERIOD-END> Dec-31-1996
<INVESTMENTS-AT-COST> 59,754,653
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<SHARES-COMMON-STOCK> 5,382,230
<SHARES-COMMON-PRIOR> 2,691,470
<ACCUMULATED-NII-CURRENT> 91,190
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,447,599
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,032,196
<NET-ASSETS> 63,557,536
<DIVIDEND-INCOME> 2,052,676
<INTEREST-INCOME> 250,263
<OTHER-INCOME> 0
<EXPENSES-NET> 412,160
<NET-INVESTMENT-INCOME> 1,890,779
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<APPREC-INCREASE-CURRENT> 2,758,768
<NET-CHANGE-FROM-OPS> 6,121,257
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<DISTRIBUTIONS-OF-INCOME> 1,821,526
<DISTRIBUTIONS-OF-GAINS> 192,047
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<NUMBER-OF-SHARES-SOLD> 3,296,405
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<SHARES-REINVESTED> 180,323
<NET-CHANGE-IN-ASSETS> 33,878,130
<ACCUMULATED-NII-PRIOR> 5,636
<ACCUMULATED-GAINS-PRIOR> 184,237
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 361,797
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 660,218
<AVERAGE-NET-ASSETS> 48,050,166
<PER-SHARE-NAV-BEGIN> 11.030
<PER-SHARE-NII> 0.420
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<PER-SHARE-NAV-END> 11.810
<EXPENSE-RATIO> 0.85
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> Federated Insurance Series
Federated Prime Money Fund II
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1996
<PERIOD-END> Dec-31-1996
<INVESTMENTS-AT-COST> 37,607,463
<INVESTMENTS-AT-VALUE> 37,607,463
<RECEIVABLES> 526,294
<ASSETS-OTHER> 8,062,347
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<TOTAL-ASSETS> 46,196,104
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<OTHER-ITEMS-LIABILITIES> 540,772
<TOTAL-LIABILITIES> 540,772
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 45,655,332
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<SHARES-COMMON-PRIOR> 17,837,904
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<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 45,655,332
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<INTEREST-INCOME> 1,694,866
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<NET-CHANGE-FROM-OPS> 1,446,378
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<DISTRIBUTIONS-OF-INCOME> 1,446,378
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<NUMBER-OF-SHARES-SOLD> 214,683,781
<NUMBER-OF-SHARES-REDEEMED> 188,312,731
<SHARES-REINVESTED> 1,446,378
<NET-CHANGE-IN-ASSETS> 27,817,428
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 154,455
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 424,178
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<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
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<PER-SHARE-DIVIDEND> 0.050
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<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> Federated Insurance Series
Federated Fund for U.S. Government Securities
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1996
<PERIOD-END> Dec-31-1996
<INVESTMENTS-AT-COST> 34,451,003
<INVESTMENTS-AT-VALUE> 34,649,147
<RECEIVABLES> 610,179
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 35,259,326
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<OTHER-ITEMS-LIABILITIES> 294,779
<TOTAL-LIABILITIES> 294,779
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 34,827,248
<SHARES-COMMON-STOCK> 3,466,312
<SHARES-COMMON-PRIOR> 1,191,893
<ACCUMULATED-NII-CURRENT> 69,050
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (129,895)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 198,144
<NET-ASSETS> 34,964,547
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,599,538
<OTHER-INCOME> 0
<EXPENSES-NET> 189,157
<NET-INVESTMENT-INCOME> 1,410,381
<REALIZED-GAINS-CURRENT> (129,895)
<APPREC-INCREASE-CURRENT> 21,469
<NET-CHANGE-FROM-OPS> 1,301,955
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,344,598
<DISTRIBUTIONS-OF-GAINS> 68,239
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,618,961
<NUMBER-OF-SHARES-REDEEMED> 1,484,884
<SHARES-REINVESTED> 140,342
<NET-CHANGE-IN-ASSETS> 22,700,318
<ACCUMULATED-NII-PRIOR> 3,267
<ACCUMULATED-GAINS-PRIOR> 68,239
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 141,092
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 427,100
<AVERAGE-NET-ASSETS> 23,566,233
<PER-SHARE-NAV-BEGIN> 10.290
<PER-SHARE-NII> 0.590
<PER-SHARE-GAIN-APPREC> (0.180)
<PER-SHARE-DIVIDEND> 0.570
<PER-SHARE-DISTRIBUTIONS> 0.040
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.090
<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> 12-MOS
<FISCAL-YEAR-END> Dec-31-1996
<PERIOD-END> Dec-31-1996
<INVESTMENTS-AT-COST> 62,442,641
<INVESTMENTS-AT-VALUE> 64,822,356
<RECEIVABLES> 1,456,308
<ASSETS-OTHER> 42,730
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 66,321,394
<PAYABLE-FOR-SECURITIES> 236,309
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 41,775
<TOTAL-LIABILITIES> 278,084
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 63,269,852
<SHARES-COMMON-STOCK> 6,450,008
<SHARES-COMMON-PRIOR> 2,058,766
<ACCUMULATED-NII-CURRENT> 109,795
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 283,948
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,379,715
<NET-ASSETS> 66,043,310
<DIVIDEND-INCOME> 19,194
<INTEREST-INCOME> 3,998,585
<OTHER-INCOME> 0
<EXPENSES-NET> 322,073
<NET-INVESTMENT-INCOME> 3,695,706
<REALIZED-GAINS-CURRENT> 290,512
<APPREC-INCREASE-CURRENT> 2,051,764
<NET-CHANGE-FROM-OPS> 6,037,982
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,613,374
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,638,009
<NUMBER-OF-SHARES-REDEEMED> 1,611,816
<SHARES-REINVESTED> 365,049
<NET-CHANGE-IN-ASSETS> 45,878,295
<ACCUMULATED-NII-PRIOR> 27,463
<ACCUMULATED-GAINS-PRIOR> (6,564)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 240,233
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 557,490
<AVERAGE-NET-ASSETS> 40,038,829
<PER-SHARE-NAV-BEGIN> 9.790
<PER-SHARE-NII> 0.880
<PER-SHARE-GAIN-APPREC> 0.450
<PER-SHARE-DIVIDEND> 0.880
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.240
<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> 12-MOS
<FISCAL-YEAR-END> Dec-31-1996
<PERIOD-END> Dec-31-1996
<INVESTMENTS-AT-COST> 16,581,433
<INVESTMENTS-AT-VALUE> 17,706,307
<RECEIVABLES> 131,724
<ASSETS-OTHER> 4,801
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 17,842,832
<PAYABLE-FOR-SECURITIES> 56,427
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 34,689
<TOTAL-LIABILITIES> 91,116
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16,785,472
<SHARES-COMMON-STOCK> 1,590,287
<SHARES-COMMON-PRIOR> 967,545
<ACCUMULATED-NII-CURRENT> 22,969
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (181,293)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,124,568
<NET-ASSETS> 17,751,716
<DIVIDEND-INCOME> 167,834
<INTEREST-INCOME> 60,920
<OTHER-INCOME> 0
<EXPENSES-NET> 134,034
<NET-INVESTMENT-INCOME> 94,720
<REALIZED-GAINS-CURRENT> (231,600)
<APPREC-INCREASE-CURRENT> 1,010,299
<NET-CHANGE-FROM-OPS> 873,419
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 31,449
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,188,525
<NUMBER-OF-SHARES-REDEEMED> 60,899
<SHARES-REINVESTED> 3,009
<NET-CHANGE-IN-ASSETS> 12,992,157
<ACCUMULATED-NII-PRIOR> 34,524
<ACCUMULATED-GAINS-PRIOR> (6,812)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 106,851
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 459,841
<AVERAGE-NET-ASSETS> 20,691,017
<PER-SHARE-NAV-BEGIN> 10.350
<PER-SHARE-NII> 0.110
<PER-SHARE-GAIN-APPREC> 0.750
<PER-SHARE-DIVIDEND> 0.050
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.160
<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> 12-Mos
<FISCAL-YEAR-END> Dec-31-1996
<PERIOD-END> Dec-31-1996
<INVESTMENTS-AT-COST> 15,596,073
<INVESTMENTS-AT-VALUE> 17,115,610
<RECEIVABLES> 51,619
<ASSETS-OTHER> 3,239
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 17,170,468
<PAYABLE-FOR-SECURITIES> 160,004
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 25,615
<TOTAL-LIABILITIES> 185,619
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,326,540
<SHARES-COMMON-STOCK> 1,326,805
<SHARES-COMMON-PRIOR> 35,686
<ACCUMULATED-NII-CURRENT> 37,360
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 101,412
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,519,537
<NET-ASSETS> 16,984,849
<DIVIDEND-INCOME> 62,159
<INTEREST-INCOME> 33,509
<OTHER-INCOME> 0
<EXPENSES-NET> 58,195
<NET-INVESTMENT-INCOME> 37,473
<REALIZED-GAINS-CURRENT> 101,778
<APPREC-INCREASE-CURRENT> 1,511,965
<NET-CHANGE-FROM-OPS> 1,651,216
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 700
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,310,281
<NUMBER-OF-SHARES-REDEEMED> 19,226
<SHARES-REINVESTED> 64
<NET-CHANGE-IN-ASSETS> 16,617,317
<ACCUMULATED-NII-PRIOR> 1,095
<ACCUMULATED-GAINS-PRIOR> (368)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 51,083
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 321,542
<AVERAGE-NET-ASSETS> 6,966,030
<PER-SHARE-NAV-BEGIN> 10.300
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 2.450
<PER-SHARE-DIVIDEND> 0.004
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.800
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
