<PAGE> PAGE 1
000 A000000 06/30/1999
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007 C020300 FEDERATED PRIME MONEY FUND II
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007 C010400 4
007 C020400 FEDERATED FUND FOR U.S. GOVT SECURITIES II
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007 C020500 FEDERATED HIGH INCOME BOND FUND II
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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 L020100 N
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<PAGE> PAGE 10
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015 A000201 STATE STREET BANK AND TRUST CO.
015 B000201 C
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<PAGE> PAGE 11
015 B000202 S
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<PAGE> PAGE 12
015 B000211 S
015 C010211 BRUSSELS
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015 A000212 CITIBANK N.A.
015 B000212 S
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015 D010212 BRAZIL
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<PAGE> PAGE 13
015 C010221 HELSINKI
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015 A000222 BANQUE PARIBAS
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015 A000227 HONG KONG & SHANGHAI BANKING
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015 C010227 BOMBAY
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015 A000228 STANDARD CHARTERED BANK PLC
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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008 A000301 FEDERATED INVESTMENT MANAGEMENT COMPANY
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
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015 A000303 BANK OF NEW YORK
015 B000303 S
015 C010303 NEW YORK
015 C020303 NY
015 C030303 10006
015 E010303 X
015 A000304 THE CHASE MANHATTAN CORP.
015 B000304 S
015 C010304 NEW YORK
015 C020304 NY
015 C030304 10006
<PAGE> PAGE 21
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 Y
025 A000301 SALOMON SMITH BARNEY INC.
025 B000301 13-1912900
025 C000301 D
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028 C020300 388
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028 D020300 450
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028 E010300 19682
028 E020300 437
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<PAGE> PAGE 22
028 F010300 20838
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028 G020300 2130
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028 H000300 0
045 000300 Y
046 000300 N
047 000300 Y
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048 B020300 0.000
048 C010300 0
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048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
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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
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 Y
053 B000300 Y
053 C000300 N
055 A000300 N
055 B000300 N
056 000300 N
057 000300 N
062 A000300 Y
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062 E000300 0.0
<PAGE> PAGE 23
062 F000300 2.3
062 G000300 0.0
062 H000300 0.0
062 I000300 63.7
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062 O000300 1.3
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063 A000300 49
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 Y
070 K020300 N
070 L010300 N
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
<PAGE> PAGE 24
070 O020300 N
070 P010300 Y
070 P020300 Y
070 Q010300 N
070 Q020300 N
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070 R020300 N
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<PAGE> PAGE 25
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008 A000401 FEDERATED INVESTMENT MANAGEMENT COMPANY
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
<PAGE> PAGE 26
015 B000403 S
015 C010403 NEW YORK
015 C020403 NY
015 C030403 10006
015 E010403 X
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
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<PAGE> PAGE 27
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048 I020400 0.000
048 J010400 0
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048 K010400 0
048 K020400 0.000
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 Y
053 B000400 Y
053 C000400 N
055 A000400 N
055 B000400 N
<PAGE> PAGE 28
056 000400 N
057 000400 N
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 11.2
062 E000400 0.0
062 F000400 0.0
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062 H000400 0.0
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062 J000400 0.0
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062 N000400 80.2
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062 R000400 0.0
063 A000400 0
063 B000400 4.4
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 N
070 K020400 N
<PAGE> PAGE 29
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
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<PAGE> PAGE 30
073 A010400 0.4400
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008 A000501 FEDERATED INVESTMENT MANAGEMENT COMPANY
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
<PAGE> PAGE 31
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
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
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<PAGE> PAGE 32
028 B030500 0
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050 000500 N
<PAGE> PAGE 33
051 000500 N
052 000500 N
053 A000500 N
055 A000500 N
055 B000500 N
056 000500 N
057 000500 N
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064 A000500 Y
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
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070 B020500 N
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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
<PAGE> PAGE 34
070 I020500 N
070 J010500 Y
070 J020500 Y
070 K010500 N
070 K020500 N
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070 L020500 Y
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070 M020500 N
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070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 Y
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070 Q020500 N
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070 R020500 N
071 A000500 46691
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<PAGE> PAGE 35
072CC010500 0
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008 A000601 FEDERATED GLOBAL INVESTMENT MANAGEMENT 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
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<PAGE> PAGE 36
015 C010601 BOSTON
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015 C030601 02266
015 C040601 8600
015 E010601 X
015 A000602 PNC BANK, NA
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015 A000603 NATIONSBANK OF NORTH CAROLINA
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015 C010603 CHARLOTTE
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015 C030603 28255
015 E010603 X
015 A000604 THE CHASE MANHATTAN CORPORATION
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015 C010604 NEW YORK
015 C020604 NY
015 C030604 10006
015 E010604 X
015 A000605 MORGAN GUARANTY BANK & TRUST CO.
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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
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015 A000609 ERSTE BANK, VIENNA, AUSTRIA
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015 C010609 VIENNA
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<PAGE> PAGE 37
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
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015 C010611 BRUSSELS
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015 E040611 X
015 A000612 CITIBANK N.A.
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015 D010612 BRAZIL
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015 A000613 UNION BANK OF SWITZERLAND
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015 C010613 8021 ZURICH
015 D010613 SWITZERLAND
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015 A000614 HONGKONG & SHANGHAI BANKING CORP. LTD
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015 C010614 SHANGHAI
015 D010614 CHINA
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015 A000615 HONGKONG & SHANGHAI BANKING CORP. LTD
015 B000615 S
015 C010615 SHENZHEN
015 D010615 CHINA
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015 A000616 CITITRUST, S.A.
015 B000616 S
015 C010616 SANTAFE DE BOGOTA
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015 A000618 DEN DANSKE BANK
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015 A000619 BANCO SANTANDER
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<PAGE> PAGE 38
015 A000620 MERITA BANK
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015 D010624 HUNGARY
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015 A000625 DEUTSCHE/HONGKONG SHANGHAI BANKING
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015 C010625 BOMBAY
015 D010625 INDIA
015 D020625 400-001
015 E040625 X
015 A000626 STANDARD CHARTERED EQUITOR GROUP
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015 C010626 JAKARTA
015 D010626 INDONESIA
015 D020626 10220
015 E040626 X
015 A000627 BANK OF IRELAND
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015 C010627 DUBLIN 1
015 D010627 IRELAND
015 E040627 X
015 A000628 BANK HAPOALIM B.M.
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015 C010628 TEL AVIV
015 D010628 ISRAEL
015 E040628 X
015 A000629 BANQUE PARIBAS
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015 C010629 20121 MILANO
015 D010629 ITALY
<PAGE> PAGE 39
015 E040629 X
015 A000630 FUJI BANK
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015 C010630 TOKYO
015 D010630 JAPAN
015 E040630 X
015 A000631 BANK OF SEOUL
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015 C010631 SEOUL
015 D010631 KOREA
015 E040631 X
015 A000632 STATE STREET BANK & TRUST COMPANY
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015 D010632 UNITED KINGDOM
015 D020632 E14 5AF
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015 D010633 MEXICO
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015 D010634 MALAYSIA
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015 E040635 X
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015 D010636 NORWAY
015 E040636 X
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015 C010637 WELLINGTON
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015 E040637 X
015 A000638 CITIBANK, N.A. LIMA
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<PAGE> PAGE 40
015 D010639 THE PHILLIPPINES
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<PAGE> PAGE 41
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<PAGE> PAGE 42
015 D010658 MAURITIUS
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015 D010660 SRI LANKA
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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069 000600 N
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070 A020600 Y
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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
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070 O020600 N
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070 Q010600 N
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070 R010600 Y
<PAGE> PAGE 45
070 R020600 N
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<PAGE> PAGE 46
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008 B000701 A
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015 C010703 NEW YORK
015 C020703 NY
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<PAGE> PAGE 47
015 B000704 S
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 A000706 NATIONSBANK OF NORTH CAROLINA
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015 C010706 CHARLOTTE
015 C020706 NC
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015 A000707 PNC BANK, NA
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015 C010707 PITTSBURGH
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015 C030707 15265
015 E010707 X
024 000700 Y
025 A000701 CITIGROUP, INC.
025 C000701 E
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025 A000702 KNIGHT/TRIMARK GROUP, INC.
025 C000702 E
025 D000702 519
025 A000703 MORGAN STANLEY, DEAN WITTER & CO.
025 C000703 E
025 D000703 687
025 A000704 SCHWAB (CHARLES) CORP.
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<PAGE> PAGE 48
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<PAGE> PAGE 49
055 A000700 N
055 B000700 N
056 000700 N
057 000700 N
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069 000700 N
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<PAGE> PAGE 50
070 I010700 Y
070 I020700 N
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070 J020700 N
070 K010700 Y
070 K020700 N
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070 M020700 N
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070 O020700 N
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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015 A000901 STATE STREET BANK & TRUST COMPANY
015 B000901 C
015 C010901 BOSTON
015 C020901 MA
015 C030901 02266
015 C040901 8600
015 E010901 X
015 A000902 PNC BANK, NA
015 B000902 S
015 C010902 PITTSBURGH
015 C020902 PA
015 C030902 15265
015 E010902 X
015 A000903 NATIONSBANK OF NORTH CAROLINA
015 B000903 S
015 C010903 CHARLOTTE
015 C020903 NC
015 C030903 28255
015 E010903 X
015 A000904 THE CHASE MANHATTAN CORPORATION
015 B000904 S
015 C010904 NEW YORK
015 C020904 NY
015 C030904 10006
015 E010904 X
015 A000905 MORGAN GUARANTY BANK & TRUST CO.
015 B000905 S
015 C010905 NEW YORK
015 C020905 NY
015 C030905 10015
015 E010905 X
015 A000906 BANKERS TRUST CO.
015 B000906 S
015 C010906 NEW YORK
015 C020906 Y
015 C030906 10015
015 E010906 X
015 A000907 BANK OF NEW YORK
015 B000907 S
<PAGE> PAGE 58
015 C010907 NEW YORK
015 C020907 NY
015 C030907 10006
015 E010907 X
024 000900 Y
025 A000901 LEHMAN BROTHERS
025 C000901 D
025 D000901 249
025 D000902 0
025 D000903 0
025 D000904 0
025 D000905 0
025 D000906 0
025 D000907 0
025 D000908 0
028 A010900 0
028 A020900 0
028 A030900 0
028 A040900 0
028 B010900 0
028 B020900 0
028 B030900 0
028 B040900 0
028 C010900 0
028 C020900 0
028 C030900 0
028 C040900 0
028 D010900 3000
028 D020900 0
028 D030900 0
028 D040900 0
028 E010900 133
028 E020900 0
028 E030900 0
028 E040900 24
028 F010900 314
028 F020900 0
028 F030900 0
028 F040900 0
028 G010900 3447
028 G020900 0
028 G030900 0
028 G040900 24
028 H000900 0
045 000900 Y
046 000900 N
047 000900 Y
048 000900 0.600
048 A010900 0
048 A020900 0.000
048 B010900 0
<PAGE> PAGE 59
048 B020900 0.000
048 C010900 0
048 C020900 0.000
048 D010900 0
048 D020900 0.000
048 E010900 0
048 E020900 0.000
048 F010900 0
048 F020900 0.000
048 G010900 0
048 G020900 0.000
048 H010900 0
048 H020900 0.000
048 I010900 0
048 I020900 0.000
048 J010900 0
048 J020900 0.000
048 K010900 0
048 K020900 0.000
049 000900 N
050 000900 N
051 000900 N
052 000900 N
053 A000900 Y
053 B000900 Y
053 C000900 N
055 A000900 N
055 B000900 N
056 000900 N
057 000900 N
062 A000900 Y
062 B000900 0.0
062 C000900 0.0
062 D000900 14.4
062 E000900 0.0
062 F000900 0.0
062 G000900 0.0
062 H000900 0.0
062 I000900 0.0
062 J000900 0.0
062 K000900 0.0
062 L000900 0.0
062 M000900 10.7
062 N000900 0.0
062 O000900 0.0
062 P000900 72.9
062 Q000900 0.0
062 R000900 0.0
063 A000900 0
063 B000900 8.9
064 A000900 N
<PAGE> PAGE 60
064 B000900 N
066 A000900 N
067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
070 A010900 Y
070 A020900 Y
070 B010900 N
070 B020900 N
070 C010900 N
070 C020900 N
070 D010900 N
070 D020900 N
070 E010900 Y
070 E020900 N
070 F010900 N
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 N
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 Y
070 J020900 Y
070 K010900 Y
070 K020900 N
070 L010900 Y
070 L020900 N
070 M010900 Y
070 M020900 N
070 N010900 Y
070 N020900 N
070 O010900 Y
070 O020900 N
070 P010900 Y
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
071 A000900 5391
071 B000900 2490
071 C000900 2614
071 D000900 95
072 A000900 2
072 B000900 32
072 C000900 0
072 D000900 0
072 E000900 0
<PAGE> PAGE 61
072 F000900 3
072 G000900 19
072 H000900 0
072 I000900 4
072 J000900 1
072 K000900 0
072 L000900 2
072 M000900 0
072 N000900 4
072 O000900 0
072 P000900 0
072 Q000900 6
072 R000900 2
072 S000900 1
072 T000900 1
072 U000900 0
072 V000900 0
072 W000900 2
072 X000900 45
072 Y000900 43
072 Z000900 30
072AA000900 0
072BB000900 46
072CC010900 0
072CC020900 37
072DD010900 0
072DD020900 0
072EE000900 0
073 A010900 0.0000
073 A020900 0.0000
073 B000900 0.0000
073 C000900 0.0000
074 A000900 4
074 B000900 485
074 C000900 0
074 D000900 2816
074 E000900 0
074 F000900 0
074 G000900 0
074 H000900 0
074 I000900 0
074 J000900 0
074 K000900 0
074 L000900 46
074 M000900 38
074 N000900 3389
074 O000900 0
074 P000900 0
074 Q000900 0
074 R010900 0
074 R020900 0
<PAGE> PAGE 62
074 R030900 0
074 R040900 19
074 S000900 0
074 T000900 3370
074 U010900 343
074 U020900 0
074 V010900 9.82
074 V020900 0.00
074 W000900 0.0000
074 X000900 9
074 Y000900 0
075 A000900 0
075 B000900 2984
076 000900 0.00
008 A001001 FEDERATED INVESTMENT MANAGEMENT COMPANY
008 B001001 A
008 C001001 801-34612
008 D011001 PITTSBURGH
008 D021001 PA
008 D031001 15222
008 D041001 3779
015 A001001 STATE STREET BANK & TRUST COMPANY
015 B001001 C
015 C011001 BOSTON
015 C021001 MA
015 C031001 02266
015 C041001 8600
015 E011001 X
015 A001002 PNC BANK, NA
015 B001002 S
015 C011002 PITTSBURGH
015 C021002 PA
015 C031002 15265
015 E011002 X
015 A001003 NATIONSBANK OF NORTH CAROLINA
015 B001003 S
015 C011003 CHARLOTTE
015 C021003 NC
015 C031003 28255
015 E011003 X
015 A001004 THE CHASE MANHATTAN CORPORATION
015 B001004 S
015 C011004 NEW YORK
015 C021004 NY
015 C031004 10006
015 E011004 X
015 A001005 MORGAN GUARANTY BANK & TRUST CO.
015 B001005 S
015 C011005 NEW YORK
015 C021005 NY
015 C031005 10015
<PAGE> PAGE 63
015 E011005 X
015 A001006 BANKERS TRUST CO.
015 B001006 S
015 C011006 MEW YORK
015 C021006 NY
015 C031006 10015
015 E011006 X
015 A001007 BANK OF NEW YORK
015 B001007 S
015 C011007 NEW YORK
015 C021007 NY
015 C031007 10006
015 E011007 X
025 D001001 0
025 D001002 0
025 D001003 0
025 D001004 0
025 D001005 0
025 D001006 0
025 D001007 0
025 D001008 0
028 A011000 0
028 A021000 0
028 A031000 0
028 A041000 0
028 B011000 0
028 B021000 0
028 B031000 0
028 B041000 0
028 C011000 0
028 C021000 0
028 C031000 0
028 C041000 0
028 D011000 0
028 D021000 0
028 D031000 0
028 D041000 0
028 E011000 1808
028 E021000 0
028 E031000 0
028 E041000 0
028 F011000 0
028 F021000 0
028 F031000 0
028 F041000 0
028 G011000 1808
028 G021000 0
028 G031000 0
028 G041000 0
028 H001000 0
045 001000 Y
<PAGE> PAGE 64
046 001000 N
047 001000 Y
048 001000 0.600
048 A011000 0
048 A021000 0.000
048 B011000 0
048 B021000 0.000
048 C011000 0
048 C021000 0.000
048 D011000 0
048 D021000 0.000
048 E011000 0
048 E021000 0.000
048 F011000 0
048 F021000 0.000
048 G011000 0
048 G021000 0.000
048 H011000 0
048 H021000 0.000
048 I011000 0
048 I021000 0.000
048 J011000 0
048 J021000 0.000
048 K011000 0
048 K021000 0.000
049 001000 N
050 001000 N
051 001000 N
052 001000 N
053 A001000 Y
053 B001000 Y
053 C001000 N
055 A001000 N
055 B001000 N
056 001000 N
057 001000 N
062 A001000 N
062 B001000 0.0
062 C001000 0.0
062 D001000 0.0
062 E001000 0.0
062 F001000 0.0
062 G001000 0.0
062 H001000 0.0
062 I001000 0.0
062 J001000 0.0
062 K001000 0.0
062 L001000 0.0
062 M001000 0.0
062 N001000 0.0
062 O001000 0.0
<PAGE> PAGE 65
062 P001000 0.0
062 Q001000 0.0
062 R001000 0.0
063 A001000 0
063 B001000 0.0
066 A001000 Y
066 B001000 N
066 C001000 N
066 D001000 Y
066 E001000 N
066 F001000 N
066 G001000 N
067 001000 N
068 A001000 N
068 B001000 N
069 001000 N
070 A011000 Y
070 A021000 Y
070 B011000 Y
070 B021000 N
070 C011000 Y
070 C021000 N
070 D011000 Y
070 D021000 N
070 E011000 Y
070 E021000 N
070 F011000 Y
070 F021000 N
070 G011000 Y
070 G021000 N
070 H011000 Y
070 H021000 N
070 I011000 N
070 I021000 N
070 J011000 Y
070 J021000 N
070 K011000 Y
070 K021000 N
070 L011000 Y
070 L021000 Y
070 M011000 Y
070 M021000 N
070 N011000 Y
070 N021000 N
070 O011000 Y
070 O021000 N
070 P011000 Y
070 P021000 Y
070 Q011000 N
070 Q021000 N
070 R011000 N
<PAGE> PAGE 66
070 R021000 N
071 A001000 1798
071 B001000 29
071 C001000 1805
071 D001000 2
072 A001000 2
072 B001000 0
072 C001000 1
072 D001000 0
072 E001000 0
072 F001000 1
072 G001000 12
072 H001000 0
072 I001000 1
072 J001000 0
072 K001000 0
072 L001000 1
072 M001000 0
072 N001000 1
072 O001000 0
072 P001000 0
072 Q001000 4
072 R001000 2
072 S001000 0
072 T001000 0
072 U001000 0
072 V001000 0
072 W001000 2
072 X001000 24
072 Y001000 22
072 Z001000 -1
072AA001000 12
072BB001000 0
072CC011000 109
072CC021000 0
072DD011000 0
072DD021000 0
072EE001000 0
073 A011000 0.0000
073 A021000 0.0000
073 B001000 0.0000
073 C001000 0.0000
074 A001000 48
074 B001000 0
074 C001000 0
074 D001000 0
074 E001000 0
074 F001000 1890
074 G001000 0
074 H001000 0
074 I001000 0
<PAGE> PAGE 67
074 J001000 5
074 K001000 0
074 L001000 0
074 M001000 0
074 N001000 1943
074 O001000 13
074 P001000 0
074 Q001000 0
074 R011000 0
074 R021000 0
074 R031000 0
074 R041000 1
074 S001000 0
074 T001000 1929
074 U011000 181
074 U021000 0
074 V011000 10.67
074 V021000 0.00
074 W001000 0.0000
074 X001000 6
074 Y001000 0
075 A001000 0
075 B001000 1658
076 001000 0.00
008 A001101 FEDERATED INVESTMENT MANAGEMENT COMPANY
008 B001101 A
008 C001101 801-34612
008 D011101 PITTSBURGH
008 D021101 PA
008 D031101 15222
008 D041101 3779
015 A001101 STATE STREET BANK AND TRUST COMPANY
015 B001101 C
015 C011101 BOSTON
015 C021101 MA
015 C031101 02266
015 C041101 8600
015 E011101 X
015 A001102 PNC BANK, NA
015 B001102 S
015 C011102 PITTSBURGH
015 C021102 PA
015 C031102 15265
015 E011102 X
015 A001103 NATIONSBANK OF NORTH CAROLINA
015 B001103 S
015 C011103 CHARLOTTE
015 C021103 NC
015 C031103 28255
015 E011103 X
015 A001104 THE CHASE MANHATTAN CORPORATION
<PAGE> PAGE 68
015 B001104 S
015 C011104 NEW YORK
015 C021104 NY
015 C031104 10006
015 E011104 X
015 A001105 MORGAN GUARANTY BANK & TRUST CO.
015 B001105 S
015 C011105 NEW YORK
015 C021105 NY
015 C031105 10015
015 E011105 X
015 A001106 BANKERS TRUST CO.
015 B001106 S
015 C011106 NEW YORK
015 C021106 NY
015 C031106 10015
015 E011106 X
015 A001107 BANK OF NEW YORK
015 B001107 S
015 C011107 NEW YORK
015 C021107 NY
015 C031107 10006
015 E011107 X
015 A001108 CITIBANK N.A.
015 B001108 S
015 C011108 BUENOS ARIES
015 D011108 ARGENTINA
015 E041108 X
015 A001109 ERSTE BANK
015 B001109 S
015 C011109 VIENNA
015 D011109 AUSTRIA
015 E041109 X
015 A001110 WESTPAC CUSTODIAN NOMINEES
015 B001110 S
015 C011110 SIDNEY
015 D011110 AUSTRALIA
015 E041110 X
015 A001111 CITIBANK N.A.
015 B001111 S
015 C011111 SAO PAULO
015 D011111 BRAZIL
015 E041111 X
015 A001112 GENERALE DE BANQUE
015 B001112 S
015 C011112 BRUSSELS
015 D011112 BELGIUM
015 E041112 X
015 A001113 BARCLAYS BANK OF BOTSWANA LTD
015 B001113 S
015 C011113 GABORONE
<PAGE> PAGE 69
015 D011113 BOTSWANA
015 E041113 X
015 A001114 STATE STREET BANK & TRUST CO.
015 B001114 S
015 C011114 TORONTO
015 D011114 CANADA
015 E041114 X
015 A001115 UNION BANK OF SWITZERLAND
015 B001115 S
015 C011115 ZURICH
015 D011115 SWITZERLAND
015 E041115 X
015 A001116 HONG KONG & SHANGHAI BANKING CO.
015 B001116 S
015 C011116 SHANGHAI
015 D011116 CHINA
015 E041116 X
015 A001117 HONG KONG & SHANGHAI BANKING CO.
015 B001117 S
015 C011117 SHENZEN
015 D011117 CHINA
015 E041117 X
015 A001118 CITIBANK N.A.
015 B001118 S
015 C011118 SANTIAGO
015 D011118 CHILE
015 E041118 X
015 A001119 CITIBANK COLUMBIA S.A.
015 B001119 S
015 C011119 SANTAFE DE BOGOTA
015 D011119 COLUMBIA
015 E041119 X
015 A001120 BARCLAYS BANK
015 B001120 S
015 C011120 NICOSIA
015 D011120 CYPRUS
015 E041120 X
015 A001121 CELOSLOVANSKA OBCHODNI BANKA
015 B001121 S
015 C011121 PRAGUE
015 D011121 CZECH REPUBLIC
015 E041121 X
015 A001122 DRESDNER BANK AG
015 B001122 S
015 C011122 FRANKFURT
015 D011122 GERMANY
015 E041122 X
015 A001123 DEN DANSKE BANK
015 B001123 S
015 C011123 COPENHAGEN
015 D011123 DENMARK
<PAGE> PAGE 70
015 E041123 X
015 A001124 CITIBANK N.A.
015 B001124 S
015 C011124 QUINTO
015 D011124 ECUADOR
015 E041124 X
015 A001125 NATIONAL BANK OF EGYPT
015 B001125 S
015 C011125 CAIRO
015 D011125 EGYPT
015 E041125 X
015 A001126 HANSA BANK
015 B001126 S
015 C011126 TALLINN
015 D011126 ESTONIA
015 E041126 X
015 A001127 BANCO SANTANDER
015 B001127 S
015 C011127 MADRID
015 D011127 SPAIN
015 E041127 X
015 A001128 MERITA BANK
015 B001128 S
015 C011128 HELSINKI
015 D011128 FINLAND
015 E041128 X
015 A001129 BANQUE PARIBAS
015 B001129 S
015 C011129 PARIS
015 D011129 FRANCE
015 E041129 X
015 A001130 BARCLAYS BANK OF GHANA
015 B001130 S
015 C011130 TAKORADI
015 D011130 GHANA
015 E041130 X
015 A001131 NATIONAL BANK OF GREECE
015 B001131 S
015 C011131 ATHENS
015 D011131 GREECE
015 E041131 X
015 A001132 STANDARD CHARTERED BANK PLC
015 B001132 S
015 C011132 HONG KONG
015 D011132 HONG KONG
015 E041132 X
015 A001133 CITIBANK BUDAPEST
015 B001133 S
015 C011133 BUDAPEST
015 D011133 HUNGARY
015 E041133 X
<PAGE> PAGE 71
015 A001134 HONG KONG & SHANGHAI BANKING CO.
015 B001134 S
015 C011134 BOMBAY
015 D011134 INDIA
015 E041134 X
015 A001135 STANDARD CHARTERED BANK PLC
015 B001135 S
015 C011135 JAKARTA
015 D011135 INDONESIA
015 E041135 X
015 A001136 BANK OF IRELAND
015 B001136 S
015 C011136 DUBLIN
015 D011136 IRELAND
015 E041136 X
015 A001137 BANK HAOALIM
015 B001137 S
015 C011137 TEL AVIV
015 D011137 ISRAEL
015 E041137 X
015 A001138 BANQUE PARIBAS
015 B001138 S
015 C011138 MILAN
015 D011138 ITALY
015 E041138 X
015 A001139 SOCIETE GENERALE
015 B001139 S
015 C011139 ABIDJAN
015 D011139 IVORY COAST
015 E041139 X
015 A001140 FUJI BANK
015 B001140 S
015 C011140 TOKYO
015 D011140 JAPAN
015 E041140 X
015 A001141 THE BRITISH BANK OF THE MIDDLE EAST
015 B001141 S
015 C011141 AMAN
015 D011141 JORDAN
015 E041141 X
015 A001142 BARCLAYS BANK OF KENYA
015 B001142 S
015 C011142 NAIROBI
015 D011142 KENYA
015 E041142 X
015 A001143 HSBC SEOUL
015 B001143 S
015 C011143 SEOUL
015 D011143 KOREA
015 E041143 X
015 A001144 STATE STREET BANK & TRUST CO.
<PAGE> PAGE 72
015 B001144 S
015 C011144 LONDON
015 D011144 UNITED KINGDOM
015 E041144 X
015 A001145 CITIBANK N.A.
015 B001145 S
015 C011145 MEXICO CITY
015 D011145 MEXICO
015 E041145 X
015 A001146 STANDARD CHARTERED BANK MALAYSIA BERHAD
015 B001146 S
015 C011146 KUALA LUMPAR
015 D011146 MALAYSIA
015 E041146 X
015 A001147 BANQUE COMMERCIALE DU MAROC
015 B001147 S
015 C011147 CASABLANCA
015 D011147 MOROCCO
015 E041147 X
015 A001148 MEES PIERSON N.V.
015 B001148 S
015 C011148 AMSTERDAM
015 D011148 NETHERLANDS
015 E041148 X
015 A001149 CHRISTIANIA BANK OG KREDITKASSE
015 B001149 S
015 C011149 OSLO
015 D011149 NORWAY
015 E041149 X
015 A001150 ANZ BANKING GROUP
015 B001150 S
015 C011150 AUCKLAND
015 D011150 NEW ZEALAND
015 E041150 X
015 A001151 CITIBANK, N.A.
015 B001151 S
015 C011151 LIMA
015 D011151 PERU
015 E041151 X
015 A001152 STANDARD CHARTERED BANK PLC
015 B001152 S
015 C011152 MANILA
015 D011152 PHILIPPINES
015 E041152 X
015 A001153 CITIBANK
015 B001153 S
015 C011153 WARSAW
015 D011153 POLAND
015 E041153 X
015 A001154 BANCO COMERCIAL PORTUGUES
015 B001154 S
<PAGE> PAGE 73
015 C011154 LISBON
015 D011154 PORTUGAL
015 E041154 X
015 A001155 SKANDINAVISKA ENSKILDA BANKEN
015 B001155 S
015 C011155 STOCKHOLM
015 D011155 SWEDEN
015 E041155 X
015 A001156 DEVELOPMENT BANK OF SINGAPORE LTD.
015 B001156 S
015 C011156 SINGAPORE
015 D011156 SINGAPORE
015 E041156 X
015 A001157 CESKOSLOVENSKA ONCHODNA BANKA
015 B001157 S
015 C011157 BRATISLAVA
015 D011157 SLOVAK REPUBLIC
015 E041157 X
015 A001158 STANDARD CHARTERED BANK
015 B001158 S
015 C011158 BANGKOK
015 D011158 THAILAND
015 E041158 X
015 A001159 CITIBANK N.A.
015 B001159 S
015 C011159 ISTANBUL
015 D011159 TURKEY
015 E041159 X
015 A001160 CITIBANK
015 B001160 S
015 C011160 URAGUAY
015 D011160 URAGUAY
015 E041160 X
015 A001161 CITIBANK N.A.
015 B001161 S
015 C011161 CARACAS
015 D011161 VENZUELA
015 E041161 X
015 A001162 STANDARD BANK OF SOUTH AFRICA
015 B001162 S
015 C011162 JOHANNESBURG
015 D011162 SOUTH AFRICA
015 E041162 X
015 A001163 BARCLAYS BANK OF ZAMBIA
015 B001163 S
015 C011163 ZAMBIA
015 D011163 ZAMBIA
015 E041163 X
015 A001164 BARCLAYS BANK OF ZIMBABWE
015 B001164 S
015 C011164 ZIMBABWE
<PAGE> PAGE 74
015 D011164 ZIMBABWE
015 E041164 X
024 001100 N
028 A011100 0
028 A021100 0
028 A031100 0
028 A041100 0
028 B011100 0
028 B021100 0
028 B031100 0
028 B041100 0
028 C011100 0
028 C021100 0
028 C031100 0
028 C041100 0
028 D011100 0
028 D021100 0
028 D031100 0
028 D041100 0
028 E011100 250
028 E021100 0
028 E031100 0
028 E041100 0
028 F011100 0
028 F021100 0
028 F031100 0
028 F041100 0
028 G011100 250
028 G021100 0
028 G031100 0
028 G041100 0
028 H001100 0
045 001100 Y
046 001100 N
047 001100 Y
048 001100 0.850
048 A011100 0
048 A021100 0.000
048 B011100 0
048 B021100 0.000
048 C011100 0
048 C021100 0.000
048 D011100 0
048 D021100 0.000
048 E011100 0
048 E021100 0.000
048 F011100 0
048 F021100 0.000
048 G011100 0
048 G021100 0.000
048 H011100 0
<PAGE> PAGE 75
048 H021100 0.000
048 I011100 0
048 I021100 0.000
048 J011100 0
048 J021100 0.000
048 K011100 0
048 K021100 0.000
049 001100 N
050 001100 N
051 001100 N
052 001100 N
053 A001100 Y
053 B001100 Y
053 C001100 N
055 A001100 N
055 B001100 N
056 001100 N
057 001100 N
062 A001100 N
062 B001100 0.0
062 C001100 0.0
062 D001100 0.0
062 E001100 0.0
062 F001100 0.0
062 G001100 0.0
062 H001100 0.0
062 I001100 0.0
062 J001100 0.0
062 K001100 0.0
062 L001100 0.0
062 M001100 0.0
062 N001100 0.0
062 O001100 0.0
062 P001100 0.0
062 Q001100 0.0
062 R001100 0.0
066 A001100 Y
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<PAGE> PAGE 76
070 C011100 Y
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070 I021100 N
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070 K021100 N
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070 O011100 Y
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<PAGE> PAGE 77
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<PAGE> PAGE 78
074 Y001100 0
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SIGNATURE STEVEN KEANE
TITLE GENERAL COUNSEL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912577
<NAME> FEDERATED INSURANCE SERIES
<SERIES>
<NUMBER> 01
<NAME> FEDERATED AMERICAN LEADERS FUND II
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912577
<NAME> Federated Insurance Series
<SERIES>
<NUMBER> 08
<NAME> Federated Equity Income Fund II
<S> <C>
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<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-END> Jun-30-1999
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<REALIZED-GAINS-CURRENT> (733,775)
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<NUMBER-OF-SHARES-REDEEMED> (270,939)
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912577
<NAME> Federated Insurance Series
<SERIES>
<NUMBER> 07
<NAME> Federated Growth Strategies Fund II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-END> Jun-30-1999
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<APPREC-INCREASE-CURRENT> 7,668,014
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<NUMBER-OF-SHARES-REDEEMED> (183,500)
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<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (3,696,483)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 259,462
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<PER-SHARE-NAV-BEGIN> 17.910
<PER-SHARE-NII> (0.030)
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<PER-SHARE-NAV-END> 22.140
<EXPENSE-RATIO> 0.85
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912577
<NAME> Federated Insurance Series
<SERIES>
<NUMBER> 005
<NAME> Federated High Income Bond Fund II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-END> Jun-30-1999
<INVESTMENTS-AT-COST> 242,633,461
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<OVERDISTRIBUTION-GAINS> 0
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<GROSS-EXPENSE> 874,817
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<PER-SHARE-NAV-BEGIN> 10.920
<PER-SHARE-NII> 0.420
<PER-SHARE-GAIN-APPREC> (0.140)
<PER-SHARE-DIVIDEND> (0.860)
<PER-SHARE-DISTRIBUTIONS> (0.070)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.270
<EXPENSE-RATIO> 0.79
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 000912577
<NAME> FEDERATED INSURANCE SERIES
<SERIES>
<NUMBER> 06
<NAME> FEDERATED INTERNATIONAL EQUITY FUND II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-END> Jun-30-1999
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<ACCUMULATED-NET-GAINS> 7,695,871
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1,537,970)
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<NUMBER-OF-SHARES-REDEEMED> (272,207)
<SHARES-REINVESTED> 99,868
<NET-CHANGE-IN-ASSETS> 3,403,275
<ACCUMULATED-NII-PRIOR> (102,789)
<ACCUMULATED-GAINS-PRIOR> 1,496,824
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 270,737
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 456,809
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<PER-SHARE-NAV-BEGIN> 15.390
<PER-SHARE-NII> 0.020
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<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> (0.450)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.930
<EXPENSE-RATIO> 1.25
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912577
<NAME> Federated Insurance Series
<SERIES>
<NUMBER> 03
<NAME> Federated Prime Money Fund II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-END> Jun-30-1999
<INVESTMENTS-AT-COST> 133,025,153
<INVESTMENTS-AT-VALUE> 133,025,153
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<OTHER-ITEMS-LIABILITIES> 525,311
<TOTAL-LIABILITIES> 525,311
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 132,845,262
<SHARES-COMMON-STOCK> 132,845,262
<SHARES-COMMON-PRIOR> 103,096,582
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 132,845,262
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,070,442
<OTHER-INCOME> 0
<EXPENSES-NET> (467,070)
<NET-INVESTMENT-INCOME> 2,603,372
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,603,372)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 158,445,758
<NUMBER-OF-SHARES-REDEEMED> (130,826,635)
<SHARES-REINVESTED> 2,129,557
<NET-CHANGE-IN-ASSETS> 29,748,680
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 302,812
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 467,070
<AVERAGE-NET-ASSETS> 122,128,694
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.020
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> (0.020)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.77
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912577
<NAME> Federated Insurance Series
<SERIES>
<NUMBER> 09
<NAME> Federated Quality Bond Fund II
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-END> Jun-30-1999
<INVESTMENTS-AT-COST> 3,337,648
<INVESTMENTS-AT-VALUE> 3,301,096
<RECEIVABLES> 45,842
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<SENIOR-EQUITY> 0
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<ACCUMULATED-NII-CURRENT> 29,520
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (46,227)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (36,552)
<NET-ASSETS> 3,370,109
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 31,989
<OTHER-INCOME> 0
<EXPENSES-NET> 2,469
<NET-INVESTMENT-INCOME> 29,520
<REALIZED-GAINS-CURRENT> (46,227)
<APPREC-INCREASE-CURRENT> (36,552)
<NET-CHANGE-FROM-OPS> (53,259)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 345,671
<NUMBER-OF-SHARES-REDEEMED> (2,410)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3,370,109
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,139
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 45,137
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<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.090
<PER-SHARE-GAIN-APPREC> (0.270)
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.820
<EXPENSE-RATIO> 0.50
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912577
<NAME> Federated Insurance Series
<SERIES>
<NUMBER> 10
<NAME> Federated Small Cap Strategies Fund II
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-END> Jun-30-1999
<INVESTMENTS-AT-COST> 1,781,010
<INVESTMENTS-AT-VALUE> 1,890,000
<RECEIVABLES> 5,411
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 47,767
<TOTAL-ASSETS> 1,943,178
<PAYABLE-FOR-SECURITIES> 12,715
<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 14,411
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,808,404
<SHARES-COMMON-STOCK> 180,814
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (397)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,770
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 108,990
<NET-ASSETS> 1,928,767
<DIVIDEND-INCOME> 1,144
<INTEREST-INCOME> 58
<OTHER-INCOME> 0
<EXPENSES-NET> 1,599
<NET-INVESTMENT-INCOME> (397)
<REALIZED-GAINS-CURRENT> 11,770
<APPREC-INCREASE-CURRENT> 108,990
<NET-CHANGE-FROM-OPS> 120,363
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 180,814
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,928,864
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,158
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 23,551
<AVERAGE-NET-ASSETS> 1,657,991
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> 0.670
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.670
<EXPENSE-RATIO> 1.03
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912577
<NAME> FEDERATED INSURANCE SERIES
<SERIES>
<NUMBER> 11
<NAME> FEDERATED STRATEGIC INCOME FUND II
<S> <C>
<PERIOD-TYPE> 2-MOS
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-END> Jun-30-1999
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 250
<TOTAL-ASSETS> 250
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 250
<SHARES-COMMON-STOCK> 25
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 250
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 25
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 250
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 250
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.000
<EXPENSE-RATIO> 0.00
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912577
<NAME> FEDERATED INSURANCE SERIES
<SERIES>
<NUMBER> 02
<NAME> FEDERATED UTILITY FUND II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-END> Jun-30-1999
<INVESTMENTS-AT-COST> 164,138,637
<INVESTMENTS-AT-VALUE> 182,808,165
<RECEIVABLES> 1,676,670
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 44,538
<TOTAL-ASSETS> 184,529,373
<PAYABLE-FOR-SECURITIES> 1,858,376
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 19,193
<TOTAL-LIABILITIES> 1,877,569
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 155,652,548
<SHARES-COMMON-STOCK> 12,571,238
<SHARES-COMMON-PRIOR> 10,613,148
<ACCUMULATED-NII-CURRENT> 2,803,719
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,526,009
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 18,669,528
<NET-ASSETS> 182,651,804
<DIVIDEND-INCOME> 3,359,051
<INTEREST-INCOME> 220,806
<OTHER-INCOME> 0
<EXPENSES-NET> (773,699)
<NET-INVESTMENT-INCOME> 2,806,158
<REALIZED-GAINS-CURRENT> 5,768,792
<APPREC-INCREASE-CURRENT> (3,286,287)
<NET-CHANGE-FROM-OPS> 5,288,663
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,042,798)
<DISTRIBUTIONS-OF-GAINS> (8,007,412)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,269,127
<NUMBER-OF-SHARES-REDEEMED> (1,206,086)
<SHARES-REINVESTED> 895,049
<NET-CHANGE-IN-ASSETS> 20,613,982
<ACCUMULATED-NII-PRIOR> 4,040,359
<ACCUMULATED-GAINS-PRIOR> 7,764,629
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 614,662
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 773,699
<AVERAGE-NET-ASSETS> 165,132,007
<PER-SHARE-NAV-BEGIN> 15.270
<PER-SHARE-NII> 0.210
<PER-SHARE-GAIN-APPREC> 0.160
<PER-SHARE-DIVIDEND> (0.370)
<PER-SHARE-DISTRIBUTIONS> (0.740)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.530
<EXPENSE-RATIO> 0.94
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000912577
<NAME> Federated Insurance Series
<SERIES>
<NUMBER> 04
<NAME> Federated Fund for U.S. Government Securities II
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-END> Jun-30-1999
<INVESTMENTS-AT-COST> 134,448,819
<INVESTMENTS-AT-VALUE> 131,958,804
<RECEIVABLES> 1,072,647
<ASSETS-OTHER> 618
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 132,032,069
<PAYABLE-FOR-SECURITIES> 12,334,869
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13,641
<TOTAL-LIABILITIES> 12,348,510
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 120,299,003
<SHARES-COMMON-STOCK> 11,502,033
<SHARES-COMMON-PRIOR> 9,990,998
<ACCUMULATED-NII-CURRENT> 3,086,859
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (212,288)
<ACCUM-APPREC-OR-DEPREC> (2,490,015)
<NET-ASSETS> 120,683,559
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,569,778
<OTHER-INCOME> 0
<EXPENSES-NET> (499,511)
<NET-INVESTMENT-INCOME> 3,070,267
<REALIZED-GAINS-CURRENT> (210,587)
<APPREC-INCREASE-CURRENT> (4,292,216)
<NET-CHANGE-FROM-OPS> (1,432,536)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,656,024)
<DISTRIBUTIONS-OF-GAINS> (920,857)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,027,502
<NUMBER-OF-SHARES-REDEEMED> (2,042,588)
<SHARES-REINVESTED> 526,121
<NET-CHANGE-IN-ASSETS> 16,342,522
<ACCUMULATED-NII-PRIOR> 4,672,616
<ACCUMULATED-GAINS-PRIOR> 919,156
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 351,790
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 499,511
<AVERAGE-NET-ASSETS> 117,895,661
<PER-SHARE-NAV-BEGIN> 11.150
<PER-SHARE-NII> 0.240
<PER-SHARE-GAIN-APPREC> (0.370)
<PER-SHARE-DIVIDEND> (0.440)
<PER-SHARE-DISTRIBUTIONS> (0.090)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.490
<EXPENSE-RATIO> 0.85
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
ITEM 77D
POLICIES WITH RESPECT TO SECURITY INVESTMENTS
A Meeting of the Board of Trustees (the "Trustees") of Federated Insurance
Series was held on May 19, 1999.
After full discussion, on motion duly made and seconded, the Trustees
unanimously, and without shareholder approval, authorized and approved the
addition of a non-fundamental investment policy of Federated Fund for U.S.
Government Securities II (the "Fund") as follows:
"The Fund may invest up to 35% of its assets in investment grade non-
governmental mortgage backed securities."
Current as of: 8/18/94
ITEM 77Q(a)(i)
MATERIAL AMENDMENTS TO THE REGISTRANT'S CHARTER OR BY-LAWS
FEDERATED INSURANCE SERIES
Amendment No. 8
to the
DECLARATION OF TRUST
Amended and Restated as of December 7, 1993
THIS Declaration of Trust is amended as follows:
A. Strike the first paragraph of Section 5 of Article III from the
Declaration of Trust and substitute in its place the following:
"Section 5. Establishment and Designation of Series or Class.
Without limiting the authority of the Trustees set forth in
Article XII, Section 8, inter alia, to establish and designate any
additional Series or Class or to modify the rights and preferences
of any existing Series or Class, the Series shall be, and are
established and designated as:
Federated American Leaders Fund II
Federated Equity Income Fund II
Federated Fund for U.S. Government Securities II
Federated Growth Strategies Fund II
Federated High Income Bond Fund II
Federated International Equity Fund II
Federated Prime Money Fund II
Federated Quality Bond Fund II
Federated Utility Fund II"
The undersigned hereby certify that the above-stated Amendment is a true
and correct Amendment to the Declaration of Trust, as adopted by the Board of
Trustees by unanimous consent on the 28th day of January, 1999.
WITNESS the due execution hereof this 16th day of February, 1999.
/s/ John F. Donahue /s/ Lawrence D. Ellis, M.D.
John F. Donahue Lawrence D. Ellis, M.D.
/s/ Thomas G. Bigley /s/ Edward L. Flaherty, Jr.
Thomas G. Bigley Edward L. Flaherty, Jr.
/s/ John T. Conroy, Jr. /s/ Peter E. Madden
John T. Conroy, Jr. Peter E. Madden
/s/ Nicholas P. Constantakis /s/ John E. Murray, Jr.
Nicholas P. Constantakis John E. Murray, Jr.
/s/ William J. Copeland /s/ Wesley W. Posvar
William J. Copeland Wesley W. Posvar
/s/ J. Christopher Donahue /s/ Marjorie P. Smuts
J. Christopher Donahue Marjorie P. Smuts
/s/ James E. Dowd /s/ John S. Walsh
James E. Dowd John S. Walsh
Current as of: 8/18/94
ITEM 77Q(a)(ii)
MATERIAL AMENDMENTS TO THE REGISTRANT'S CHARTER OR BY-LAWS
FEDERATED INSURANCE SERIES
Amendment No. 9
to the
DECLARATION OF TRUST
Amended and Restated as of December 7, 1993
THIS Declaration of Trust is amended as follows:
A. Strike the first paragraph of Section 5 of Article III from the
Declaration of Trust and substitute in its place the following:
"Section 5. Establishment and Designation of Series or Class.
Without limiting the authority of the Trustees set forth in
Article XII, Section 8, inter alia, to establish and designate any
additional Series or Class or to modify the rights and preferences
of any existing Series or Class, the Series shall be, and are
established and designated as:
Federated American Leaders Fund II
Federated Equity Income Fund II
Federated Fund for U.S. Government Securities II
Federated Growth Strategies Fund II
Federated High Income Bond Fund II
Federated International Equity Fund II
Federated Prime Money Fund II
Federated Quality Bond Fund II
Federated Small Cap Strategies Fund II
Federated Strategic Income Fund II
Federated Utility Fund II"
The undersigned hereby certify that the above-stated Amendment is a true
and correct Amendment to the Declaration of Trust, as adopted by the Board of
Trustees at a meeting on the 20th day of May, 1999.
WITNESS the due execution hereof this 20th day of May, 1999.
/s/ John F. Donahue /s/ Lawrence D. Ellis, M.D.
John F. Donahue Lawrence D. Ellis, M.D.
/s/ Thomas G. Bigley /s/ Edward L. Flaherty, Jr.
Thomas G. Bigley Edward L. Flaherty, Jr.
/s/ John T. Conroy, Jr. /s/ Peter E. Madden
John T. Conroy, Jr. Peter E. Madden
/s/ Nicholas P. Constantakis /s/ John E. Murray, Jr.
Nicholas P. Constantakis John E. Murray, Jr.
/s/ William J. Copeland /s/ Wesley W. Posvar
William J. Copeland Wesley W. Posvar
/s/ J. Christopher Donahue /s/ Marjorie P. Smuts
J. Christopher Donahue Marjorie P. Smuts
/s/ John S. Walsh
James E. Dowd John S. Walsh
Current as of: 8/18/94
ITEM 77Q(e)(i)
COPIES OF ANY NEW OR AMENDED REGISTRANT INVESTMENT ADVISORY CONTRACTS
EXHIBIT I
to the
Investment Advisory Contract
FEDERATED INSURANCE SERIES
Federated Quality Bond Fund II
For all services rendered by Adviser hereunder, the above-named Fund of
the Trust shall pay to Adviser and Adviser agrees to accept as full
compensation for all services rendered hereunder, an annual investment
advisory fee equal to .60 of 1% of the average daily net assets of the Fund.
The portion of the fee based upon the average daily net assets of the
Fund shall be accrued daily at the rate of 1/365th of 0.60 of 1% applied to
the daily net assets of the Fund.
The advisory fee so accrued shall be paid to Adviser daily.
Witness the due execution hereof this 1st day of March, 1999.
Federated Advisers
By: /s/ William D. Dawson, III
Name: William D. Dawson, III
Title: Executive Vice President
Federated Insurance Series
By: /s/ J. Christopher Donahue
Name: J. Christopher Donahue
Title: President
Current as of: 8/18/94
ITEM 77Q(e)(ii)
COPIES OF ANY NEW OR AMENDED REGISTRANT INVESTMENT ADVISORY CONTRACTS
EXHIBIT J
to the
Investment Advisory Contract
FEDERATED INSURANCE SERIES
Federated Small Cap Strategies Fund II
For all services rendered by Adviser hereunder, the above-named Fund of
the Trust shall pay to Adviser and Adviser agrees to accept as full
compensation for all services rendered hereunder, an annual investment
advisory fee equal to .75 of 1% of the average daily net assets of the Fund.
The portion of the fee based upon the average daily net assets of the
Fund shall be accrued daily at the rate of 1/365th of 0.75 of 1% applied to
the daily net assets of the Fund.
The advisory fee so accrued shall be paid to Adviser daily.
Witness the due execution hereof this 1st day of June, 1999.
Federated Investment Management Company
By: /s/ G. Andrew Bonnewell
Name: G. Andrew Bonnewell
Title: Vice President
Federated Insurance Series
By: /s/ J. Christopher Donahue
Name: J. Christopher Donahue
Title: President
Current as of: 8/18/94
ITEM 77Q(e)(iii)
COPIES OF ANY NEW OR AMENDED REGISTRANT INVESTMENT ADVISORY CONTRACTS
EXHIBIT K
to the
Investment Advisory Contract
FEDERATED INSURANCE SERIES
Federated Strategic Income Fund II
For all services rendered by Adviser hereunder, the above-named Fund of
the Trust shall pay to Adviser and Adviser agrees to accept as full
compensation for all services rendered hereunder, an annual investment
advisory fee equal to .85 of 1% of the average daily net assets of the Fund.
The portion of the fee based upon the average daily net assets of the
Fund shall be accrued daily at the rate of 1/365th of 0.85 of 1% applied to
the daily net assets of the Fund.
The advisory fee so accrued shall be paid to Adviser daily.
Witness the due execution hereof this 1st day of June, 1999.
Federated Investment Management Company
By: /s/ G. Andrew Bonnewell
Name: G. Andrew Bonnewell
Title: Vice President
Federated Insurance Series
By: /s/ J. Christopher Donahue
Name: J. Christopher Donahue
Title: President
Current as of: 8/18/94
ITEM 77Q(e)(iv)
COPIES OF ANY NEW OR AMENDED REGISTRANT INVESTMENT ADVISORY CONTRACTS
Exhibit A
Federated Insurance Series
Federated Strategic Income Fund II
Sub-Advisory Contract
For all services rendered by Sub-Adviser hereunder, Sub-Adviser shall
receive from the Adviser an allocable portion of each Fund's investment
advisory fee. Such allocation shall be based on the amount of foreign
securities which Sub-Adviser is managing for each Fund. The Sub-Advisory Fee
shall be accrued daily, and paid daily as set forth in the Primary Advisory
Contract dated December 1, 1993.
This Exhibit duly incorporates by reference the Sub-Advisory Agreement.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed on their behalf by their duly authorized officers this 1st day of
June, 1999.
FEDERATED INVESTMENT
MANAGEMENT COMPANY
By: /s/ G. Andrew Bonnewell
Name: G. Andrew Bonnewell
Title: Vice President
FEDERATED GLOBAL INVESTMENT
MANAGEMENT CORP.
By: /s/ J. Christopher Donahue
Name: J. Christopher Donahue
Title: President
Current as of: 8/18/94
