<PAGE> PAGE 1
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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
070 G020100 N
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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015 A000201 STATE STREET BANK AND TRUST CO.
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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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070 Q010200 N
070 Q020200 N
<PAGE> PAGE 19
070 R010200 N
070 R020200 N
071 A000200 85831
071 B000200 69809
071 C000200 73802
071 D000200 95
072 A000200 12
072 B000200 318
072 C000200 2974
072 D000200 0
072 E000200 0
072 F000200 580
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072 I000200 22
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072 K000200 0
072 L000200 40
072 M000200 3
072 N000200 5
072 O000200 1
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072 Q000200 50
072 R000200 13
072 S000200 3
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 13
072 X000200 869
072 Y000200 209
072 Z000200 2632
072AA000200 8327
072BB000200 2123
072CC010200 11041
072CC020200 0
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072DD020200 0
072EE000200 1464
073 A010200 0.2800
073 A020200 0.0000
073 B000200 0.2600
073 C000200 0.0000
074 A000200 5
074 B000200 8915
074 C000200 0
074 D000200 0
074 E000200 6266
074 F000200 89371
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<PAGE> PAGE 20
074 I000200 0
074 J000200 255
074 K000200 0
074 L000200 321
074 M000200 21
074 N000200 105154
074 O000200 412
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 280
074 S000200 0
074 T000200 104462
074 U010200 7312
074 U020200 0
074 V010200 14.29
074 V020200 0.00
074 W000200 0.0000
074 X000200 20
074 Y000200 0
075 A000200 0
075 B000200 77795
076 000200 0.00
008 A000301 FEDERATED ADVISERS
008 B000301 A
008 C000301 801-34612
008 D010301 PITTSBURGH
008 D020301 PA
008 D030301 15222
008 D040301 3779
015 A000301 STATE STREET BANK AND TRUST COMPANY
015 B000301 C
015 C010301 BOSTON
015 C020301 MA
015 C030301 02266
015 C040301 8600
015 E010301 X
015 A000302 BANKERS TRUST CO.
015 B000302 S
015 C010302 NEW YORK
015 C020302 NY
015 C030302 10015
015 E010302 X
015 A000303 BANK OF NEW YORK
015 B000303 S
015 C010303 NEW YORK
015 C020303 NY
015 C030303 10006
015 E010303 X
<PAGE> PAGE 21
015 A000304 THE CHASE MANHATTAN CORP.
015 B000304 S
015 C010304 NEW YORK
015 C020304 NY
015 C030304 10006
015 E010304 X
015 A000305 MORGAN GUARANTY BANK & TRUST CO.
015 B000305 S
015 C010305 NEW YORK
015 C020305 NY
015 C030305 10015
015 E010305 X
015 A000306 NATIONSBANK OF NORTH CAROLINA
015 B000306 S
015 C010306 CHARLOTTE
015 C020306 NC
015 C030306 28255
015 E010306 X
015 A000307 PNC BANK, NA
015 B000307 S
015 C010307 PITTSBURGH
015 C020307 PA
015 C030307 15265
015 E010307 X
024 000300 N
025 D000301 0
025 D000302 0
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 16240
028 A020300 246
028 A030300 0
028 A040300 17145
028 B010300 33626
028 B020300 255
028 B030300 0
028 B040300 20194
028 C010300 15487
028 C020300 284
028 C030300 0
028 C040300 24561
028 D010300 24705
028 D020300 282
028 D030300 0
028 D040300 28661
028 E010300 21421
028 E020300 249
<PAGE> PAGE 22
028 E030300 0
028 E040300 23722
028 F010300 18151
028 F020300 515
028 F030300 0
028 F040300 19892
028 G010300 129630
028 G020300 1831
028 G030300 0
028 G040300 134175
028 H000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.500
048 A010300 0
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048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
055 A000300 Y
055 B000300 N
056 000300 N
057 000300 N
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 39.2
062 E000300 0.0
062 F000300 11.7
062 G000300 0.0
062 H000300 0.0
062 I000300 3.7
062 J000300 0.0
<PAGE> PAGE 23
062 K000300 0.0
062 L000300 45.8
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 41
063 B000300 0.0
064 A000300 Y
064 B000300 N
066 A000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 N
070 B020300 N
070 C010300 N
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 N
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 Y
070 Q010300 N
070 Q020300 N
<PAGE> PAGE 24
070 R010300 N
070 R020300 N
071 A000300 0
071 B000300 0
071 C000300 0
071 D000300 0
072 A000300 12
072 B000300 3464
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 307
072 G000300 125
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072 J000300 23
072 K000300 0
072 L000300 52
072 M000300 2
072 N000300 5
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072 P000300 0
072 Q000300 47
072 R000300 13
072 S000300 5
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 10
072 X000300 617
072 Y000300 124
072 Z000300 2971
072AA000300 0
072BB000300 0
072CC010300 0
072CC020300 0
072DD010300 2971
072DD020300 0
072EE000300 0
073 A010300 0.0500
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 23361
074 C000300 36334
074 D000300 0
074 E000300 0
074 F000300 0
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074 H000300 0
<PAGE> PAGE 25
074 I000300 0
074 J000300 375
074 K000300 0
074 L000300 2070
074 M000300 8
074 N000300 62148
074 O000300 0
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 2489
074 S000300 0
074 T000300 59659
074 U010300 59659
074 U020300 0
074 V010300 1.00
074 V020300 0.00
074 W000300 0.9998
074 X000300 16
074 Y000300 0
075 A000300 61354
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
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 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
<PAGE> PAGE 26
015 A000404 THE CHASE MANHATTAN CORP.
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
025 D000407 0
025 D000408 0
028 A010400 3187
028 A020400 233
028 A030400 0
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028 B010400 3100
028 B020400 242
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028 C010400 5972
028 C020400 1
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028 C040400 822
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028 D020400 0
028 D030400 0
028 D040400 3738
028 E010400 4240
028 E020400 0
<PAGE> PAGE 27
028 E030400 0
028 E040400 1017
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028 F040400 2505
028 G010400 26460
028 G020400 476
028 G030400 0
028 G040400 10532
028 H000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.600
048 A010400 0
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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
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 10.5
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
<PAGE> PAGE 28
062 K000400 0.0
062 L000400 0.0
062 M000400 19.9
062 N000400 77.8
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 3.4
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 Y
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 Y
070 Q010400 N
070 Q020400 N
<PAGE> PAGE 29
070 R010400 N
070 R020400 N
071 A000400 62048
071 B000400 33442
071 C000400 33442
071 D000400 73
072 A000400 12
072 B000400 3154
072 C000400 0
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072 F000400 279
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072 R000400 14
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072 Z000400 2780
072AA000400 260
072BB000400 78
072CC010400 1069
072CC020400 0
072DD010400 1612
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072EE000400 0
073 A010400 0.3900
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074 A000400 0
074 B000400 6635
074 C000400 0
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<PAGE> PAGE 30
074 I000400 0
074 J000400 0
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074 L000400 937
074 M000400 17
074 N000400 69221
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074 R040400 6122
074 S000400 0
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074 U020400 0
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075 A000400 0
075 B000400 46805
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008 A000501 FEDERATED ADVISERS
008 B000501 A
008 C000501 801-34612
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
015 C020503 NC
015 C030503 28255
015 E010503 X
<PAGE> PAGE 31
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
025 D000502 0
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025 D000508 0
028 A010500 14154
028 A020500 814
028 A030500 0
028 A040500 1112
028 B010500 10254
028 B020500 869
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028 B040500 2718
028 C010500 8262
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028 C040500 4460
028 D010500 10281
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028 D040500 7125
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<PAGE> PAGE 32
028 E030500 0
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045 000500 Y
046 000500 N
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048 I020500 0.000
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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 3.8
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<PAGE> PAGE 33
062 K000500 0.0
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063 B000500 5.2
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
070 P010500 Y
070 P020500 Y
070 Q010500 N
<PAGE> PAGE 34
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 128133
071 B000500 52734
071 C000500 100998
071 D000500 52
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073 A010500 0.6100
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<PAGE> PAGE 35
074 H000500 0
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008 A000601 FEDERATED GLOBAL RESEARCH CORP.
008 B000601 A
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
015 B000601 C
015 C010601 BOSTON
015 C020601 MA
015 C030601 02266
015 C040601 8600
015 E010601 X
015 A000602 PNC BANK, NA
015 B000602 S
015 C010602 PITTSBURGH
015 C020602 PA
015 C030602 15265
015 E010602 X
015 A000603 NATIONSBANK OF NORTH CAROLINA
015 B000603 S
015 C010603 CHARLOTTE
015 C020603 NC
015 C030603 28255
<PAGE> PAGE 36
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.
015 B000608 S
015 C010608 BUENOS AIRES
015 D010608 ARGENTINA
015 E040608 X
015 A000609 GIROCREDIT BANK AKTIENGELLSCHAFT DER SPARKASS
015 B000609 S
015 C010609 VIENNA
015 D010609 AUSTRIA
015 E040609 X
015 A000610 WESTPAC CUSTODIAN NOMINEE LTD
015 B000610 S
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.
015 B000612 S
015 C010612 SAO PAULO
015 D010612 BRAZIL
015 E040612 X
<PAGE> PAGE 37
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
015 B000614 S
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
015 B000617 S
015 C010617 FRANKFURT
015 D010617 GERMANY
015 E040617 X
015 A000618 DEN DANSKE BANK
015 B000618 S
015 C010618 DK-1092 COPENHAGEN
015 D010618 DENMARK
015 E040618 X
015 A000619 BANCO SANTANDER
015 B000619 S
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015 D010619 SPAIN
015 E040619 X
015 A000620 KANSALLIS-OSAKE-PANKKI
015 B000620 S
015 C010620 00500 HELSINKI
015 D010620 FINLAND
015 E040620 X
015 A000621 BANQUE PARIBAS
015 B000621 S
015 C010621 75078 PARIS
015 D010621 FRANCE
015 E040621 X
015 A000622 NATIONAL BANK OF GREECE
015 B000622 S
015 C010622 105 59 ATHENS
015 D010622 GREECE
015 E040622 X
015 A000623 STANDARD CHARTERED BANK
<PAGE> PAGE 38
015 B000623 S
015 C010623 HONG KONG
015 D010623 HONG KONG
015 E040623 X
015 A000624 CITIBANK BUDAPEST RT.
015 B000624 S
015 C010624 BUDAPEST
015 D010624 HUNGARY
015 E040624 X
015 A000625 DEUTSCHE/HONGKONG SHANGHAI BANKING
015 B000625 S
015 C010625 BOMBAY
015 D010625 INDIA
015 D020625 400-001
015 E040625 X
015 A000626 STANDARD CHARTERED EQUITOR GROUP
015 B000626 S
015 C010626 JAKARTA
015 D010626 INDONESIA
015 D020626 10220
015 E040626 X
015 A000627 BANK OF IRELAND
015 B000627 S
015 C010627 DUBLIN 1
015 D010627 IRELAND
015 E040627 X
015 A000628 BANK HAPOALIM B.M.
015 B000628 S
015 C010628 TEL AVIV
015 D010628 ISRAEL
015 E040628 X
015 A000629 BANQUE PARIBAS
015 B000629 S
015 C010629 20121 MILANO
015 D010629 ITALY
015 E040629 X
015 A000630 SUMITOMO TRUST & BANK CO., LTD.
015 B000630 S
015 C010630 TOKYO
015 D010630 JAPAN
015 E040630 X
015 A000631 BANK OF SEOUL
015 B000631 S
015 C010631 SEOUL
015 D010631 KOREA
015 E040631 X
015 A000632 STATE STREET BANK & TRUST COMPANY
015 B000632 S
015 C010632 LONDON, ENGLAND
015 D010632 UNITED KINGDOM
015 D020632 E14 5AF
<PAGE> PAGE 39
015 E040632 X
015 A000633 CITIBANK N.A.
015 B000633 S
015 C010633 MEXICO CITY
015 D010633 MEXICO
015 D020633 D.F. 06695
015 E040633 X
015 A000634 STANDARD CHARTERED BANK MALAYSIA
015 B000634 S
015 C010634 50450 KUALA LUMPUR
015 D010634 MALAYSIA
015 E040634 X
015 A000635 MEES PIERSON N.V.
015 B000635 S
015 C010635 1000 AG AMSTERDAM
015 D010635 NETHERLANDS
015 E040635 X
015 A000636 CHRISTIANIA BANK OF KREDITKASSE
015 B000636 S
015 C010636 0368 OSLO 3
015 D010636 NORWAY
015 E040636 X
015 A000637 ANZ BANKING GROUP
015 B000637 S
015 C010637 WELLINGTON
015 D010637 NEW ZEALAND
015 E040637 X
015 A000638 CITIBANK, N.A. LIMA
015 B000638 S
015 C010638 LIMA 27
015 D010638 PERU
015 E040638 X
015 A000639 STANDARD CHARTERED BANK
015 B000639 S
015 C010639 MAKATI, METRO MANILA
015 D010639 THE PHILLIPPINES
015 E040639 X
015 A000640 DEUTSCHE BANK A.G.
015 B000640 S
015 C010640 KARACHI
015 D010640 PAKISTAN
015 D020640 74000
015 E040640 X
015 A000641 CITIBANK, (POLAND) S.A.
015 B000641 S
015 C010641 WARSAW
015 D010641 POLAND
015 D020641 00-082
015 E040641 X
015 A000642 BANCO COMMERCIAL PORTUGUES
015 B000642 S
<PAGE> PAGE 40
015 C010642 LISBON
015 D010642 PORTUGAL
015 D020642 1000
015 E040642 X
015 A000643 CREDIT SUISSE FIRST BOSTON
015 B000643 S
015 C010643 MOSCOW
015 D010643 RUSSIA
015 E040643 X
015 A000644 CESKOSLOVENSKA OBCHODNA BANKA A.S.
015 B000644 S
015 C010644 BRATISLAVA
015 D010644 SLOVAK REPUBLIC
015 E040644 X
015 A000645 SKANDINAVISKA ENSKILDA BANKEN
015 B000645 S
015 C010645 S - 10640 STOCKHOLM
015 D010645 SWEDEN
015 E040645 X
015 A000646 DEVELOPMENT BANK OF SINGAPORE
015 B000646 S
015 C010646 SINGAPORE
015 D010646 SINGAPORE
015 D020646 0104
015 E040646 X
015 A000647 STANDARD CHARTERED BANK
015 B000647 S
015 C010647 BANGKOK
015 D010647 THAILAND
015 D020647 10500
015 E040647 X
015 A000648 CITIBANK N.A.
015 B000648 S
015 C010648 ISTANBUL
015 D010648 TURKEY
015 E040648 X
015 A000649 CITIBANK N.A.
015 B000649 S
015 C010649 MONTEVIDEO
015 D010649 URUGUAY
015 D020649 11000
015 E040649 X
015 A000650 CITIBANK N.A.
015 B000650 S
015 C010650 CARACAS
015 D010650 VENEZUELA
015 D020650 1010
015 E040650 X
015 A000651 STANDARD BANK OF SOUTH AFRICA
015 B000651 S
015 C010651 JOHANNESBURG
<PAGE> PAGE 41
015 D010651 SOUTH AFRICA
015 E040651 X
015 A000652 BARCLAYS BANK OF BOTSWANA LTD.
015 B000652 S
015 C010652 GABORONE
015 D010652 BOTSWANA
015 E040652 X
015 A000653 CANADA TRUST COMPANY
015 B000653 S
015 C010653 TORONTO, ONTARIO
015 D010653 CANADA
015 E040653 X
015 A000654 CESKOLOVENSKA OBCHODNI
015 B000654 S
015 C010654 PRAGUE
015 D010654 CZECH REPUBLIC
015 E040654 X
015 A000655 CITIBANK N.A.
015 B000655 S
015 C010655 SANTIAGO
015 D010655 CHILE
015 E040655 X
015 A000656 BARCLAYS BANK
015 B000656 S
015 C010656 NICOSIA
015 D010656 CYPRUS
015 E040656 X
015 A000657 NATIONAL BANK OF EGYPT
015 B000657 S
015 C010657 CAIRO
015 D010657 EGYPT
015 E040657 X
015 A000658 HONG KONG & SHANGHAI BANKING
015 B000658 S
015 C010658 PORT LOUIS
015 D010658 MAURITIUS
015 E040658 X
015 A000659 BANQUE COMMERCIALE DU MAROC
015 B000659 S
015 C010659 CASABLANCA
015 D010659 MOROCCO
015 E040659 X
015 A000660 HONG KONG & SHANGHAI BANKING
015 B000660 S
015 C010660 COLOMBO
015 D010660 SRI LANKA
015 E040660 X
024 000600 N
025 D000601 0
025 D000602 0
025 D000603 0
<PAGE> PAGE 42
025 D000604 0
025 D000605 0
025 D000606 0
025 D000607 0
025 D000608 0
028 A010600 2514
028 A020600 0
028 A030600 0
028 A040600 81
028 B010600 1966
028 B020600 0
028 B030600 0
028 B040600 38
028 C010600 1871
028 C020600 0
028 C030600 0
028 C040600 116
028 D010600 1657
028 D020600 0
028 D030600 0
028 D040600 136
028 E010600 1270
028 E020600 0
028 E030600 0
028 E040600 335
028 F010600 1029
028 F020600 0
028 F030600 0
028 F040600 247
028 G010600 10307
028 G020600 0
028 G030600 0
028 G040600 954
028 H000600 0
045 000600 Y
046 000600 N
047 000600 Y
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048 B020600 0.000
048 C010600 0
048 C020600 0.000
048 D010600 0
048 D020600 0.000
048 E010600 0
048 E020600 0.000
048 F010600 0
048 F020600 0.000
048 G010600 0
<PAGE> PAGE 43
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
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
<PAGE> PAGE 44
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 60751
071 B000600 45058
071 C000600 25187
071 D000600 179
072 A000600 12
072 B000600 122
072 C000600 434
072 D000600 0
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072 F000600 274
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072 I000600 18
072 J000600 66
072 K000600 0
072 L000600 40
072 M000600 2
072 N000600 6
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072 Q000600 62
072 R000600 13
<PAGE> PAGE 45
072 S000600 3
072 T000600 0
072 U000600 0
072 V000600 0
072 W000600 8
072 X000600 617
072 Y000600 273
072 Z000600 212
072AA000600 3818
072BB000600 3855
072CC010600 2044
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072DD010600 25
072DD020600 0
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073 C000600 0.0000
074 A000600 188
074 B000600 1205
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074 E000600 585
074 F000600 34312
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074 J000600 274
074 K000600 0
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074 M000600 39
074 N000600 36694
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074 R040600 119
074 S000600 0
074 T000600 36575
074 U010600 2981
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<PAGE> PAGE 46
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 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 THE CHASE MANHATTAN CORP.
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015 C010704 NEW YORK
015 C020704 NY
015 C030704 10006
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015 A000705 MORGAN GUARANTY BANK & TRUST CO.
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015 C010705 NEW YORK
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015 A000706 NATIONSBANK OF NORTH CAROLINA
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015 C010706 CHARLOTTE
015 C020706 NC
015 C030706 28255
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015 A000707 PNC BANK, NA
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015 C010707 PITTSBURGH
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<PAGE> PAGE 47
024 000700 Y
025 A000701 BANK OF NEW YORK
025 C000701 E
025 D000701 451
025 A000702 BANK AMERICA
025 C000702 E
025 D000702 402
025 A000703 MELLON BANK
025 C000703 E
025 D000703 424
025 A000704 E*TRADE
025 C000704 E
025 D000704 189
025 A000705 MERRILL LYNCH
025 C000705 E
025 D000705 481
025 A000706 MORGAN DEAN WITTER
025 C000706 E
025 D000706 676
025 A000707 RAYMOND JAMES FINANCIAL
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025 D000707 234
025 A000708 TRAVELERS
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025 D000708 773
025 A000709 T. ROWE PRICE
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025 D000709 196
025 A000710 TRAVELERS
025 C000710 E
025 D000710 471
025 D000711 0
025 D000712 0
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028 A010700 2913
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<PAGE> PAGE 48
028 D030700 0
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028 E010700 1670
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045 000700 Y
046 000700 N
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048 I010700 0
048 I020700 0.000
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048 J020700 0.000
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055 A000700 N
055 B000700 N
056 000700 N
057 000700 N
062 A000700 N
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062 D000700 0.0
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062 F000700 0.0
<PAGE> PAGE 49
062 G000700 0.0
062 H000700 0.0
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063 A000700 0
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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
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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
070 M020700 N
<PAGE> PAGE 50
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 69957
071 B000700 45928
071 C000700 30935
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<PAGE> PAGE 51
074 A000700 3
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008 A000801 FEDERATED ADVISERS
008 B000801 A
008 C000801 801-34612
008 D010801 PITTSBURGH
008 D020801 PA
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015 A000801 STATE STREET BANK AND TRUST COMPANY
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<PAGE> PAGE 52
015 C030802 15265
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015 A000803 NATIONSBANK OF NORTH CAROLINA
015 B000803 S
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015 C030803 28255
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015 A000804 THE CHASE MANHATTAN CORPORATION
015 B000804 S
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015 C030804 10006
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015 A000805 MORGAN GUARANTY BANK & TRUST CO.
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015 A000806 BANKERS TRUST CO.
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015 A000807 BANK OF NEW YORK
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024 000800 N
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<PAGE> PAGE 53
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045 000800 Y
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056 000800 N
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<PAGE> PAGE 54
062 C000800 0.0
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066 F000800 N
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069 000800 N
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070 H010800 N
070 H020800 N
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070 I020800 N
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<PAGE> PAGE 55
070 L010800 Y
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070 P020800 N
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070 Q020800 N
070 R010800 Y
070 R020800 N
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<PAGE> PAGE 56
073 A010800 0.1500
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074 E000800 5603
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074 T000800 32875
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076 000800 0.00
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
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-END> Dec-31-1997
<INVESTMENTS-AT-COST> 253,505,693
<INVESTMENTS-AT-VALUE> 306,879,513
<RECEIVABLES> 1,859,731
<ASSETS-OTHER> 17,437
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 308,756,681
<PAYABLE-FOR-SECURITIES> 2,846,984
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 113,634
<TOTAL-LIABILITIES> 2,960,618
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 230,404,530
<SHARES-COMMON-STOCK> 15,578,504
<SHARES-COMMON-PRIOR> 12,694,935
<ACCUMULATED-NII-CURRENT> 1,592,091
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 20,425,622
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 53,373,820
<NET-ASSETS> 305,796,063
<DIVIDEND-INCOME> 3,999,327
<INTEREST-INCOME> 532,712
<OTHER-INCOME> 0
<EXPENSES-NET> 1,903,980
<NET-INVESTMENT-INCOME> 2,628,059
<REALIZED-GAINS-CURRENT> 20,429,655
<APPREC-INCREASE-CURRENT> 36,461,644
<NET-CHANGE-FROM-OPS> 59,519,358
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,147,286
<DISTRIBUTIONS-OF-GAINS> 3,728,320
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,511,603
<NUMBER-OF-SHARES-REDEEMED> 2,560,144
<SHARES-REINVESTED> 304,810
<NET-CHANGE-IN-ASSETS> 163,579,599
<ACCUMULATED-NII-PRIOR> 47,114
<ACCUMULATED-GAINS-PRIOR> 6,593,041
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,671,330
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,102,819
<AVERAGE-NET-ASSETS> 221,933,854
<PER-SHARE-NAV-BEGIN> 15.260
<PER-SHARE-NII> 0.019
<PER-SHARE-GAIN-APPREC> 4.640
<PER-SHARE-DIVIDEND> 0.100
<PER-SHARE-DISTRIBUTIONS> 0.360
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 19.630
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</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-31-1997
<PERIOD-END> Dec-31-1997
<INVESTMENTS-AT-COST> 88,479,024
<INVESTMENTS-AT-VALUE> 104,552,459
<RECEIVABLES> 575,592
<ASSETS-OTHER> 26,486
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 105,154,537
<PAYABLE-FOR-SECURITIES> 412,038
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 280,340
<TOTAL-LIABILITIES> 692,378
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 81,167,447
<SHARES-COMMON-STOCK> 7,311,923
<SHARES-COMMON-PRIOR> 5,382,230
<ACCUMULATED-NII-CURRENT> 1,023,047
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,198,230
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16,073,435
<NET-ASSETS> 104,462,159
<DIVIDEND-INCOME> 2,974,428
<INTEREST-INCOME> 317,905
<OTHER-INCOME> 0
<EXPENSES-NET> 660,284
<NET-INVESTMENT-INCOME> 2,632,049
<REALIZED-GAINS-CURRENT> 6,203,822
<APPREC-INCREASE-CURRENT> 11,041,239
<NET-CHANGE-FROM-OPS> 19,877,110
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,688,915
<DISTRIBUTIONS-OF-GAINS> 1,464,468
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,992,224
<NUMBER-OF-SHARES-REDEEMED> 1,330,203
<SHARES-REINVESTED> 267,672
<NET-CHANGE-IN-ASSETS> 40,904,623
<ACCUMULATED-NII-PRIOR> 91,190
<ACCUMULATED-GAINS-PRIOR> 1,447,599
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 579,563
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 869,168
<AVERAGE-NET-ASSETS> 77,794,764
<PER-SHARE-NAV-BEGIN> 11.810
<PER-SHARE-NII> 0.400
<PER-SHARE-GAIN-APPREC> 2.620
<PER-SHARE-DIVIDEND> 0.280
<PER-SHARE-DISTRIBUTIONS> 0.260
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.290
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<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-31-1997
<PERIOD-END> Dec-31-1997
<INVESTMENTS-AT-COST> 59,695,419
<INVESTMENTS-AT-VALUE> 59,695,419
<RECEIVABLES> 2,445,497
<ASSETS-OTHER> 7,477
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 62,148,393
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,489,050
<TOTAL-LIABILITIES> 2,489,050
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 59,659,343
<SHARES-COMMON-STOCK> 59,659,343
<SHARES-COMMON-PRIOR> 45,655,332
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 59,659,343
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,464,429
<OTHER-INCOME> 0
<EXPENSES-NET> 493,533
<NET-INVESTMENT-INCOME> 2,970,896
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,970,896
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,970,896
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 247,591,033
<NUMBER-OF-SHARES-REDEEMED> 236,555,828
<SHARES-REINVESTED> 2,968,806
<NET-CHANGE-IN-ASSETS> 14,004,011
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 306,771
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 617,207
<AVERAGE-NET-ASSETS> 61,354,185
<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>
<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-31-1997
<PERIOD-END> Dec-31-1997
<INVESTMENTS-AT-COST> 67,000,355
<INVESTMENTS-AT-VALUE> 68,267,278
<RECEIVABLES> 936,232
<ASSETS-OTHER> 17,191
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 69,220,701
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,121,751
<TOTAL-LIABILITIES> 6,121,751
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 60,543,576
<SHARES-COMMON-STOCK> 5,983,889
<SHARES-COMMON-PRIOR> 3,466,312
<ACCUMULATED-NII-CURRENT> 1,236,536
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 51,915
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,266,923
<NET-ASSETS> 63,098,950
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,153,498
<OTHER-INCOME> 0
<EXPENSES-NET> 373,740
<NET-INVESTMENT-INCOME> 2,779,758
<REALIZED-GAINS-CURRENT> 181,810
<APPREC-INCREASE-CURRENT> 1,068,779
<NET-CHANGE-FROM-OPS> 4,030,347
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,612,272
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,326,667
<NUMBER-OF-SHARES-REDEEMED> 1,969,286
<SHARES-REINVESTED> 160,196
<NET-CHANGE-IN-ASSETS> 28,134,403
<ACCUMULATED-NII-PRIOR> 69,050
<ACCUMULATED-GAINS-PRIOR> (129,895)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 278,790
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 585,068
<AVERAGE-NET-ASSETS> 46,804,582
<PER-SHARE-NAV-BEGIN> 10.090
<PER-SHARE-NII> 0.580
<PER-SHARE-GAIN-APPREC> 0.260
<PER-SHARE-DIVIDEND> 0.390
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.540
<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-31-1997
<PERIOD-END> Dec-31-1997
<INVESTMENTS-AT-COST> 146,787,627
<INVESTMENTS-AT-VALUE> 153,101,627
<RECEIVABLES> 3,058,808
<ASSETS-OTHER> 15,940
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 156,177,326
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13,698
<TOTAL-LIABILITIES> 13,698
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 144,815,089
<SHARES-COMMON-STOCK> 14,261,667
<SHARES-COMMON-PRIOR> 9,796,234
<ACCUMULATED-NII-CURRENT> 4,043,446
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 991,093
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,314,000
<NET-ASSETS> 156,163,628
<DIVIDEND-INCOME> 295,951
<INTEREST-INCOME> 9,806,094
<OTHER-INCOME> 0
<EXPENSES-NET> 854,860
<NET-INVESTMENT-INCOME> 9,247,185
<REALIZED-GAINS-CURRENT> 993,291
<APPREC-INCREASE-CURRENT> 3,934,285
<NET-CHANGE-FROM-OPS> 14,174,761
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,313,534
<DISTRIBUTIONS-OF-GAINS> 286,146
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,549,129
<NUMBER-OF-SHARES-REDEEMED> 3,281,443
<SHARES-REINVESTED> 543,973
<NET-CHANGE-IN-ASSETS> 90,120,318
<ACCUMULATED-NII-PRIOR> 94,756
<ACCUMULATED-GAINS-PRIOR> 226,201
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 637,608
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 854,860
<AVERAGE-NET-ASSETS> 106,067,443
<PER-SHARE-NAV-BEGIN> 10.240
<PER-SHARE-NII> 0.880
<PER-SHARE-GAIN-APPREC> 0.480
<PER-SHARE-DIVIDEND> 0.610
<PER-SHARE-DISTRIBUTIONS> 0.040
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.950
<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-31-1997
<PERIOD-END> Dec-31-1997
<INVESTMENTS-AT-COST> 32,925,998
<INVESTMENTS-AT-VALUE> 36,101,646
<RECEIVABLES> 364,814
<ASSETS-OTHER> 227,569
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 36,694,029
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 119,072
<TOTAL-LIABILITIES> 119,072
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 33,354,140
<SHARES-COMMON-STOCK> 2,980,850
<SHARES-COMMON-PRIOR> 2,230,237
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 52,191
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,168,626
<NET-ASSETS> 36,574,957
<DIVIDEND-INCOME> 433,772
<INTEREST-INCOME> 121,500
<OTHER-INCOME> 0
<EXPENSES-NET> 343,570
<NET-INVESTMENT-INCOME> 211,702
<REALIZED-GAINS-CURRENT> (37,491)
<APPREC-INCREASE-CURRENT> 2,044,058
<NET-CHANGE-FROM-OPS> 2,218,269
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 25,486
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,577,537
<NUMBER-OF-SHARES-REDEEMED> 189,323
<SHARES-REINVESTED> 2,349
<NET-CHANGE-IN-ASSETS> 18,823,241
<ACCUMULATED-NII-PRIOR> 152,130
<ACCUMULATED-GAINS-PRIOR> 208,015
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 273,830
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 616,886
<AVERAGE-NET-ASSETS> 27,233,776
<PER-SHARE-NAV-BEGIN> 11.160
<PER-SHARE-NII> 0.070
<PER-SHARE-GAIN-APPREC> 1.050
<PER-SHARE-DIVIDEND> 0.010
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.270
<EXPENSE-RATIO> 1.23
<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-31-1997
<PERIOD-END> Dec-31-1997
<INVESTMENTS-AT-COST> 42,606,226
<INVESTMENTS-AT-VALUE> 47,949,715
<RECEIVABLES> 518,564
<ASSETS-OTHER> 3,047
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 48,471,326
<PAYABLE-FOR-SECURITIES> 1,163,508
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 27,462
<TOTAL-LIABILITIES> 1,190,970
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 38,957,206
<SHARES-COMMON-STOCK> 2,928,503
<SHARES-COMMON-PRIOR> 1,326,805
<ACCUMULATED-NII-CURRENT> 47,398
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,932,263
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,343,489
<NET-ASSETS> 47,280,356
<DIVIDEND-INCOME> 220,745
<INTEREST-INCOME> 107,023
<OTHER-INCOME> 0
<EXPENSES-NET> 280,320
<NET-INVESTMENT-INCOME> 47,448
<REALIZED-GAINS-CURRENT> 2,940,396
<APPREC-INCREASE-CURRENT> 3,823,952
<NET-CHANGE-FROM-OPS> 6,811,796
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 37,404
<DISTRIBUTIONS-OF-GAINS> 109,551
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,679,568
<NUMBER-OF-SHARES-REDEEMED> 89,183
<SHARES-REINVESTED> 11,313
<NET-CHANGE-IN-ASSETS> 30,295,507
<ACCUMULATED-NII-PRIOR> 37,360
<ACCUMULATED-GAINS-PRIOR> 101,412
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 245,993
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 500,399
<AVERAGE-NET-ASSETS> 32,520,463
<PER-SHARE-NAV-BEGIN> 12.800
<PER-SHARE-NII> 0.020
<PER-SHARE-GAIN-APPREC> 3.410
<PER-SHARE-DIVIDEND> 0.020
<PER-SHARE-DISTRIBUTIONS> 0.070
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 16.140
<EXPENSE-RATIO> 0.85
<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> 12-mos
<FISCAL-YEAR-END> Dec-31-1997
<PERIOD-END> Dec-31-1997
<INVESTMENTS-AT-COST> 32,253,337
<INVESTMENTS-AT-VALUE> 33,827,076
<RECEIVABLES> 404,184
<ASSETS-OTHER> 1,149
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 34,232,409
<PAYABLE-FOR-SECURITIES> 1,325,768
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31,404
<TOTAL-LIABILITIES> 1,357,172
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31,155,415
<SHARES-COMMON-STOCK> 2,671,092
<SHARES-COMMON-PRIOR> 887,378
<ACCUMULATED-NII-CURRENT> 211,208
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (65,125)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,573,739
<NET-ASSETS> 32,875,237
<DIVIDEND-INCOME> 301,707
<INTEREST-INCOME> 118,742
<OTHER-INCOME> 0
<EXPENSES-NET> 110,024
<NET-INVESTMENT-INCOME> 310,425
<REALIZED-GAINS-CURRENT> (65,125)
<APPREC-INCREASE-CURRENT> 1,573,739
<NET-CHANGE-FROM-OPS> 1,819,039
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 99,217
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,789,634
<NUMBER-OF-SHARES-REDEEMED> 126,755
<SHARES-REINVESTED> 8,213
<NET-CHANGE-IN-ASSETS> 32,875,237
<ACCUMULATED-NII-PRIOR> 1,842
<ACCUMULATED-GAINS-PRIOR> 323
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 96,582
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 110,024
<AVERAGE-NET-ASSETS> 13,120,215
<PER-SHARE-NAV-BEGIN> 10.470
<PER-SHARE-NII> 0.230
<PER-SHARE-GAIN-APPREC> 1.760
<PER-SHARE-DIVIDEND> 0.150
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.310
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
