<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
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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070 G010200 Y
<PAGE> PAGE 19
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 Y
070 K010200 N
070 K020200 N
070 L010200 Y
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
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071 C000200 165777
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<PAGE> PAGE 20
072 Y000200 26
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008 A000301 FEDERATED INVESTMENT MANAGEMENT COMPANY
008 B000301 A
008 C000301 801-34612
008 D010301 PITTSBURGH
008 D020301 PA
<PAGE> PAGE 21
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
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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
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
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<PAGE> PAGE 22
025 D000306 0
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028 A020300 0
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046 000300 N
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<PAGE> PAGE 23
048 H020300 0.000
048 I010300 0
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048 J020300 0.000
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048 K020300 0.000
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055 B000300 N
056 000300 N
057 000300 N
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062 O000300 0.0
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062 Q000300 0.0
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063 A000300 0
063 B000300 4.7
064 A000300 N
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
<PAGE> PAGE 24
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
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 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
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<PAGE> PAGE 25
072 Y000300 1
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008 A000401 FEDERATED INVESTMENT MANAGEMENT COMPANY
008 B000401 A
008 C000401 801-34612
008 D010401 PITTSBURGH
008 D020401 PA
<PAGE> PAGE 26
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
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
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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
025 D000406 0
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<PAGE> PAGE 28
048 H020400 0.000
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055 A000400 Y
055 B000400 N
056 000400 N
057 000400 N
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064 B000400 N
066 A000400 N
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070 D020400 N
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070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
<PAGE> PAGE 29
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
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<PAGE> PAGE 30
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008 A000501 FEDERATED INVESTMENT MANAGEMENT COMPANY
008 B000501 A
008 C000501 801-34612
008 D010501 PITTSBURGH
008 D020501 PA
<PAGE> PAGE 31
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
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015 C020502 PA
015 C030502 15265
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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
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<PAGE> PAGE 32
025 D000506 0
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<PAGE> PAGE 33
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067 000500 N
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070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
<PAGE> PAGE 34
070 G020500 N
070 H010500 N
070 H020500 N
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070 I020500 N
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070 J020500 Y
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070 K020500 N
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
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<PAGE> PAGE 35
072 Y000500 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
<PAGE> PAGE 36
008 D030601 10038
008 D040601 4965
015 A000601 STATE STREET BANK AND TRUST COMPANY
015 B000601 C
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015 C030601 02266
015 C040601 8600
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015 C030602 15265
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015 A000603 NATIONSBANK OF NORTH CAROLINA
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015 C010603 CHARLOTTE
015 C020603 NC
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.
015 B000608 S
015 C010608 BUENOS AIRES
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015 A000609 ERSTE BANK, VIENNA, AUSTRIA
<PAGE> PAGE 37
015 B000609 S
015 C010609 VIENNA
015 D010609 AUSTRIA
015 E040609 X
015 A000610 WESTPAC CUSTODIAN NOMINEE LTD
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015 C010610 SIDNEY
015 D010610 AUSTRALIA
015 D020610 2000
015 E040610 X
015 A000611 GENERALE DE BANQUE
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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 A000614 HONGKONG & SHANGHAI BANKING CORP. LTD
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015 D010614 CHINA
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015 A000615 HONGKONG & SHANGHAI BANKING CORP. LTD
015 B000615 S
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015 D010615 CHINA
015 E040615 X
015 A000616 CITITRUST, S.A.
015 B000616 S
015 C010616 SANTAFE DE BOGOTA
015 D010616 COLOMBIA
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015 A000617 DRESDNER BANK AG
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015 C010617 FRANKFURT
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015 A000618 DEN DANSKE BANK
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<PAGE> PAGE 38
015 B000619 S
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015 A000620 MERITA BANK
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015 C010627 DUBLIN 1
015 D010627 IRELAND
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<PAGE> PAGE 39
015 A000629 BANQUE PARIBAS
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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
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
063 A000600 0
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070 E020600 N
070 F010600 Y
070 F020600 N
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070 G020600 N
070 H010600 Y
070 H020600 N
070 I010600 Y
070 I020600 N
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070 J020600 N
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070 K020600 N
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070 L020600 Y
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070 P020600 N
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070 Q020600 N
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070 R020600 N
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
015 C030704 10006
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
067 000700 N
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070 H020700 N
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070 I020700 N
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070 J020700 N
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070 K020700 N
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070 M020700 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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075 B000800 67844
076 000800 0.00
008 A000901 FEDERATED INVESTMENT MANAGEMENT COMPANY
008 B000901 A
008 C000901 801-34612
008 D010901 PITTSBURGH
008 D020901 PA
008 D030901 15222
008 D040901 3779
015 A000901 STATE STREET BANK AND TRUST CO.
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
<PAGE> PAGE 58
015 C020905 NY
015 C030905 10015
015 E010905 X
015 A000906 BANKERS TRUST CO.
015 B000906 S
015 C010906 NEW YORK
015 C020906 NY
015 C030906 10015
015 E010906 X
015 A000907 BANK OF NEW YORK
015 B000907 S
015 C010907 NEW YORK
015 C020907 NY
015 C030907 10006
015 E010907 X
024 000900 Y
025 A000901 LEHMAN BROTHERS
025 B000901 13-2518466
025 C000901 D
025 D000901 246
025 A000902 CITIGROUP, INC.
025 C000902 E
025 D000902 235
025 A000903 PAINE WEBBER
025 B000903 13-2638166
025 C000903 D
025 D000903 244
025 D000904 0
025 D000905 0
025 D000906 0
025 D000907 0
025 D000908 0
028 A010900 1823
028 A020900 0
028 A030900 0
028 A040900 2186
028 B010900 4876
028 B020900 0
028 B030900 0
028 B040900 1409
028 C010900 2069
028 C020900 0
028 C030900 0
028 C040900 12
028 D010900 7048
028 D020900 0
028 D030900 0
028 D040900 111
028 E010900 2000
028 E020900 0
028 E030900 0
<PAGE> PAGE 59
028 E040900 21
028 F010900 1601
028 F020900 0
028 F030900 0
028 F040900 457
028 G010900 19417
028 G020900 0
028 G030900 0
028 G040900 4196
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
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
055 A000900 Y
055 B000900 N
056 000900 N
057 000900 N
062 A000900 Y
062 B000900 0.0
062 C000900 0.0
062 D000900 5.0
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
<PAGE> PAGE 60
062 L000900 0.0
062 M000900 28.9
062 N000900 0.0
062 O000900 1.4
062 P000900 60.2
062 Q000900 0.0
062 R000900 2.7
063 A000900 0
063 B000900 8.2
066 A000900 N
070 A010900 Y
070 A020900 Y
070 B010900 Y
070 B020900 N
070 C010900 Y
070 C020900 N
070 D010900 N
070 D020900 N
070 E010900 N
070 E020900 N
070 F010900 Y
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 Y
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 Y
070 J020900 Y
070 K010900 N
070 K020900 N
070 L010900 Y
070 L020900 Y
070 M010900 N
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 27540
071 B000900 9812
071 C000900 8259
071 D000900 119
072 A000900 9
<PAGE> PAGE 61
072 B000900 377
072 C000900 6
072 D000900 0
072 E000900 0
072 F000900 34
072 G000900 82
072 H000900 0
072 I000900 20
072 J000900 2
072 K000900 0
072 L000900 11
072 M000900 0
072 N000900 5
072 O000900 0
072 P000900 0
072 Q000900 29
072 R000900 10
072 S000900 3
072 T000900 0
072 U000900 0
072 V000900 0
072 W000900 1
072 X000900 197
072 Y000900 159
072 Z000900 345
072AA000900 0
072BB000900 71
072CC010900 0
072CC020900 297
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 930
074 C000900 0
074 D000900 16859
074 E000900 493
074 F000900 0
074 G000900 0
074 H000900 0
074 I000900 0
074 J000900 0
074 K000900 0
074 L000900 367
074 M000900 0
074 N000900 18653
074 O000900 0
<PAGE> PAGE 62
074 P000900 0
074 Q000900 0
074 R010900 0
074 R020900 0
074 R030900 0
074 R040900 31
074 S000900 0
074 T000900 18622
074 U010900 1900
074 U020900 0
074 V010900 9.80
074 V020900 0.00
074 W000900 0.0000
074 X000900 7
074 Y000900 0
075 A000900 0
075 B000900 8311
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.
<PAGE> PAGE 63
015 B001005 S
015 C011005 NEW YORK
015 C021005 NY
015 C031005 10015
015 E011005 X
015 A001006 BANKERS TRUST CO.
015 B001006 S
015 C011006 NEW 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
024 001000 Y
025 A001001 JEFFERIES GROUP, INC.
025 C001001 E
025 D001001 9
025 D001002 0
025 D001003 0
025 D001004 0
025 D001005 0
025 D001006 0
025 D001007 0
025 D001008 0
028 A011000 3
028 A021000 0
028 A031000 0
028 A041000 0
028 B011000 3
028 B021000 0
028 B031000 0
028 B041000 0
028 C011000 12
028 C021000 0
028 C031000 0
028 C041000 35
028 D011000 15
028 D021000 0
028 D031000 0
028 D041000 22
028 E011000 20
028 E021000 0
028 E031000 0
028 E041000 0
028 F011000 31
028 F021000 0
028 F031000 0
<PAGE> PAGE 64
028 F041000 14
028 G011000 81
028 G021000 0
028 G031000 0
028 G041000 71
028 H001000 0
045 001000 Y
046 001000 N
047 001000 Y
048 001000 0.750
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
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 2813
071 B001000 1410
071 C001000 1833
071 D001000 77
072 A001000 8
072 B001000 4
072 C001000 6
072 D001000 0
072 E001000 0
072 F001000 9
072 G001000 75
072 H001000 0
072 I001000 9
072 J001000 2
072 K001000 0
072 L001000 10
072 M001000 0
072 N001000 0
072 O001000 0
072 P001000 0
072 Q001000 22
072 R001000 12
072 S001000 6
072 T001000 0
072 U001000 0
072 V001000 0
072 W001000 7
072 X001000 152
072 Y001000 140
072 Z001000 -2
072AA001000 162
072BB001000 0
072CC011000 506
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 5
074 B001000 660
074 C001000 0
074 D001000 0
074 E001000 0
074 F001000 2062
074 G001000 0
074 H001000 0
074 I001000 0
<PAGE> PAGE 67
074 J001000 0
074 K001000 0
074 L001000 1
074 M001000 0
074 N001000 2728
074 O001000 0
074 P001000 0
074 Q001000 0
074 R011000 0
074 R021000 0
074 R031000 0
074 R041000 26
074 S001000 0
074 T001000 2702
074 U011000 194
074 U021000 0
074 V011000 13.91
074 V021000 0.00
074 W001000 0.0000
074 X001000 5
074 Y001000 0
075 A001000 0
075 B001000 1935
076 001000 0.00
008 A001101 FEDERATEDINVESTMENT MANAGEMENT COMPANY
008 B001101 A
008 C001101 801-34612
008 D011101 PITTSBURGH
008 D021101 PA
008 D031101 15222
008 D041101 3779
015 A001101 BANK OF NEW YORK
015 B001101 S
015 C011101 NEW YORK
015 C021101 NY
015 C031101 10006
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 BANKERS TRUST CO.
015 B001103 S
015 C011103 NEW YORK
015 C021103 NY
015 C031103 10015
015 E011103 X
015 A001104 MORGAN GUARANTY BANK & TRUST CO.
015 B001104 S
<PAGE> PAGE 68
015 C011104 NEW YORK
015 C021104 NY
015 C031104 10015
015 E011104 X
015 A001105 THE CHASE MANHATTAN CORPORATION
015 B001105 S
015 C011105 NEW YORK
015 C021105 NY
015 C031105 10006
015 E011105 X
015 A001106 NATIONSBANK OF NORTH CAROLINA
015 B001106 S
015 C011106 CHARLOTTE
015 C021106 NC
015 C031106 28255
015 E011106 X
015 A001107 CITIBANK N.A.
015 B001107 S
015 C011107 BUENOS ARIES
015 D011107 ARGENTINA
015 E041107 X
015 A001108 ERSTE BANK
015 B001108 S
015 C011108 VIENNA
015 D011108 AUSTRIA
015 E041108 X
015 A001109 WESTPAC CUSTODIAN NOMINEES
015 B001109 S
015 C011109 SIDNEY
015 D011109 AUSTRALIA
015 E041109 X
015 A001110 GENERAL DE BANQUE
015 B001110 S
015 C011110 BRUSSELS
015 D011110 BELGIUM
015 E041110 X
015 A001111 CITIBANK N.A.
015 B001111 S
015 C011111 PAULO
015 D011111 BRAZIL
015 E041111 X
015 A001112 HONG KONG & SHANGHAI BANKING
015 B001112 S
015 C011112 SHANGHAI
015 D011112 CHINA
015 E041112 X
015 A001113 HONG KONG & SHANGHAI BANKING
015 B001113 S
015 C011113 SHENZEN
015 D011113 CHINA
015 E041113 X
<PAGE> PAGE 69
015 A001114 CELOSLOBANSKA OBCHODNI BANKA
015 B001114 S
015 C011114 PRAGUE
015 D011114 CZECH REPUBLIC
015 E041114 X
015 A001115 CITIBANK, N.A
015 B001115 S
015 C011115 SANTIAGO
015 D011115 CHILE
015 E041115 X
015 A001116 CITIBANK COLUMBIA S.A
015 B001116 S
015 C011116 SANTAFE DE BOGOTA
015 D011116 COLUMBIA
015 E041116 X
015 A001117 BARCLAYS BANK
015 B001117 S
015 C011117 NICOSIA
015 D011117 CYPRUS
015 E041117 X
015 A001118 DEN DANSKE BANK
015 B001118 S
015 C011118 COPENHAGEN
015 D011118 DENMARK
015 E041118 X
015 A001119 MERITA BANK
015 B001119 S
015 C011119 HELSINKI
015 D011119 FINLAND
015 E041119 X
015 A001120 BANQUE PARIBAS
015 B001120 S
015 C011120 PARIS
015 D011120 FRANCE
015 E041120 X
015 A001121 DRESDNER BANK AG
015 B001121 S
015 C011121 FRANKFURT
015 D011121 GERMANY
015 E041121 X
015 A001122 NATIONAL BANK OF GREECE
015 B001122 S
015 C011122 ATHENS
015 D011122 GREECE
015 E041122 X
015 A001123 STANDARD CHARTERED BANK PLC
015 B001123 S
015 C011123 HONG KONG
015 D011123 HONG KONG
015 E041123 X
015 A001124 CITIBANK BUDAPEST
<PAGE> PAGE 70
015 B001124 S
015 C011124 BUDAPEST
015 D011124 HUNGARY
015 E041124 X
015 A001125 HONG KONG & SHANGHAI BANKING
015 B001125 S
015 C011125 BOMBAY
015 D011125 INDIA
015 E041125 X
015 A001126 STANDARD CHARTERED BANK PLC
015 B001126 S
015 C011126 JAKARTA
015 D011126 INDONESIA
015 E041126 X
015 A001127 BANK OF IRELAND
015 B001127 S
015 C011127 DUBLIN
015 D011127 IRELAND
015 E041127 X
015 A001128 BANK HAOALIM
015 B001128 S
015 C011128 TEL AVIV
015 D011128 ISRAEL
015 E041128 X
015 A001129 BANQUE PARIBAS
015 B001129 S
015 C011129 MILAN
015 D011129 ITALY
015 E041129 X
015 A001130 FUJI BANK
015 B001130 S
015 C011130 TOKYO
015 D011130 JAPAN
015 E041130 X
015 A001131 STANDARD CHARTERED BANK MALAYSIA BERHAD
015 B001131 S
015 C011131 KUALA LUMPAR
015 D011131 MALAYSIA
015 E041131 X
015 A001132 CITIBANK N.A.
015 B001132 S
015 C011132 MEXICO CITY
015 D011132 MEXICO
015 E041132 X
015 A001133 BANQUE COMMERCIALE DU MAROC
015 B001133 S
015 C011133 CASABLANCA
015 D011133 MOROCCO
015 E041133 X
015 A001134 MEES PIERSON N.V.
015 B001134 S
<PAGE> PAGE 71
015 C011134 AMSTERDAM
015 D011134 NETHERLANDS
015 E041134 X
015 A001135 CHRISTIANIA BANK OG KREDITKASSE
015 B001135 S
015 C011135 OSLO
015 D011135 NORWAY
015 E041135 X
015 A001136 CITIBANK, N.A.
015 B001136 S
015 C011136 LIMA
015 D011136 PERU
015 E041136 X
015 A001137 STANDARD CHARTERED BANK PLC
015 B001137 S
015 C011137 MANILA
015 D011137 PHILIPPINES
015 E041137 X
015 A001138 BANCO COMMERCIAL PORTUGUES
015 B001138 S
015 C011138 LISBON
015 D011138 PORTUGAL
015 E041138 X
015 A001139 CESKOSLOVENSKA OBCHODNA BANKA A.S.
015 B001139 S
015 C011139 BRATISLAVA
015 D011139 SLOVAK REPUBLIC
015 E041139 X
015 A001140 STANDARD BANK OF SOUTH AFRICA
015 B001140 S
015 C011140 JOHANNESBURG
015 D011140 SOUTH AFRICA
015 E041140 X
015 A001141 SKANDINAVISKA ENSKILDA BANKEN
015 B001141 S
015 C011141 STOCKHOLM
015 D011141 SWEDEN
015 E041141 X
015 A001142 CITIBANK
015 B001142 S
015 C011142 WARSAW
015 D011142 POLAND
015 E041142 X
015 A001143 CITIBANK N.A.
015 B001143 S
015 C011143 ISTANBUL
015 D011143 TURKEY
015 E041143 X
015 A001144 STANDARD CHARTERED BANK
015 B001144 S
015 C011144 BANKGKOK
<PAGE> PAGE 72
015 D011144 THAILAND
015 E041144 X
015 A001145 STATE STREET BANK & TRUST CO.
015 B001145 S
015 C011145 LONDON
015 D011145 UNITED KINGDOM
015 E041145 X
015 A001146 CITIBANK N.A.
015 B001146 S
015 C011146 CARACAS
015 D011146 VENEZUELA
015 E041146 X
015 A001147 BANCO SANTANDER
015 B001147 S
015 C011147 MADRID
015 D011147 SPAIN
015 E041147 X
015 A001148 UNION BANK OF SWITZERLAND
015 B001148 S
015 C011148 ZURICH
015 D011148 SWITZERLAND
015 E041148 X
015 A001149 DEVELOPMENT BANK OF SINGAPORE LTD
015 B001149 S
015 C011149 SINGAPORE
015 D011149 SINGAPORE
015 E041149 X
015 A001150 BARCLAYS BANK OF BOTSWANA LTD
015 B001150 S
015 C011150 GABORONE
015 D011150 BOTSWANA
015 E041150 X
015 A001151 STATE STREET BANK & TRUST CO.
015 B001151 S
015 C011151 TORONTO
015 D011151 CANADA
015 E041151 X
015 A001152 CITIBANK N.A.
015 B001152 S
015 C011152 QUINTO
015 D011152 ECUADOR
015 E041152 X
015 A001153 NATIONAL BANK OF EGYPT
015 B001153 S
015 C011153 CAIRO
015 D011153 EGYPT
015 E041153 X
015 A001154 HANSA BANK
015 B001154 S
015 C011154 TALLINN
015 D011154 ESTONIA
<PAGE> PAGE 73
015 E041154 X
015 A001155 BARCLAYS BANK OF GHANA
015 B001155 S
015 C011155 TAKORADI
015 D011155 GHANA
015 E041155 X
015 A001156 SOCIETE GENERALE
015 B001156 S
015 C011156 ABIDJAN
015 D011156 IVORY COAST
015 E041156 X
015 A001157 BRITISH BANK OF THE MIDDLE EAST
015 B001157 S
015 C011157 AMAN
015 D011157 JORDAN
015 E041157 X
015 A001158 BARCLAYS BANK OF KENYA
015 B001158 S
015 C011158 NAIROBI
015 D011158 KENYA
015 E041158 X
015 A001159 HSBC SEOUL
015 B001159 S
015 C011159 SEOUL
015 D011159 KENYA
015 E041159 X
015 A001160 ANZ BANKING GROUP
015 B001160 S
015 C011160 AUCKLAND
015 D011160 NEW ZEALAND
015 E041160 X
015 A001161 CITIBANK
015 B001161 S
015 C011161 URAGUAY
015 D011161 URAGUAY
015 E041161 X
015 A001162 BARCLAYS BANK OF ZAMBIA
015 B001162 S
015 C011162 ZAMBIA
015 D011162 ZAMBIA
015 E041162 X
015 A001163 BARCLAYS BANK OF ZIMBABWE
015 B001163 S
015 C011163 ZIMBABWE
015 D011163 ZIMBABWE
015 E041163 X
015 A001164 STATE STREET BANK & TRUST CO.
015 B001164 C
015 C011164 BOSTON
015 C021164 MA
015 C031164 02266
<PAGE> PAGE 74
015 C041164 8600
015 E011164 X
024 001100 N
025 D001101 0
025 D001102 0
025 D001103 0
025 D001104 0
025 D001105 0
025 D001106 0
025 D001107 0
025 D001108 0
028 A011100 15028
028 A021100 0
028 A031100 0
028 A041100 0
028 B011100 135
028 B021100 0
028 B031100 0
028 B041100 0
028 C011100 23
028 C021100 0
028 C031100 0
028 C041100 1
028 D011100 102
028 D021100 0
028 D031100 0
028 D041100 0
028 E011100 96
028 E021100 0
028 E031100 0
028 E041100 0
028 F011100 203
028 F021100 0
028 F031100 0
028 F041100 0
028 G011100 15587
028 G021100 0
028 G031100 0
028 G041100 1
028 H001100 0
045 001100 Y
046 001100 Y
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
<PAGE> PAGE 75
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
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
055 A001100 N
055 B001100 N
056 001100 N
057 001100 N
062 A001100 Y
062 B001100 1.8
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 31.7
062 O001100 0.0
062 P001100 29.5
062 Q001100 35.7
062 R001100 0.0
063 A001100 0
063 B001100 9.3
064 A001100 N
064 B001100 N
066 A001100 N
067 001100 N
068 A001100 N
068 B001100 N
069 001100 N
070 A011100 Y
070 A021100 Y
070 B011100 Y
070 B021100 N
070 C011100 Y
<PAGE> PAGE 76
070 C021100 N
070 D011100 N
070 D021100 N
070 E011100 N
070 E021100 N
070 F011100 Y
070 F021100 N
070 G011100 Y
070 G021100 N
070 H011100 Y
070 H021100 N
070 I011100 N
070 I021100 N
070 J011100 Y
070 J021100 Y
070 K011100 N
070 K021100 N
070 L011100 Y
070 L021100 Y
070 M011100 N
070 M021100 N
070 N011100 Y
070 N021100 N
070 O011100 Y
070 O021100 N
070 P011100 Y
070 P021100 N
070 Q011100 N
070 Q021100 N
070 R011100 N
070 R021100 N
071 A001100 16445
071 B001100 578
071 C001100 14779
071 D001100 4
072 A001100 12
072 B001100 650
072 C001100 0
072 D001100 0
072 E001100 0
072 F001100 63
072 G001100 61
072 H001100 0
072 I001100 8
072 J001100 4
072 K001100 0
072 L001100 9
072 M001100 0
072 N001100 4
072 O001100 0
072 P001100 0
<PAGE> PAGE 77
072 Q001100 22
072 R001100 12
072 S001100 4
072 T001100 0
072 U001100 0
072 V001100 0
072 W001100 5
072 X001100 192
072 Y001100 128
072 Z001100 586
072AA001100 3
072BB001100 0
072CC011100 0
072CC021100 16
072DD011100 0
072DD021100 0
072EE001100 0
073 A011100 0.0000
073 A021100 0.0000
073 B001100 0.0000
073 C001100 0.0000
074 A001100 2
074 B001100 295
074 C001100 0
074 D001100 15656
074 E001100 0
074 F001100 0
074 G001100 0
074 H001100 0
074 I001100 0
074 J001100 0
074 K001100 0
074 L001100 226
074 M001100 0
074 N001100 16179
074 O001100 0
074 P001100 0
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
074 R041100 20
074 S001100 0
074 T001100 16159
074 U011100 1558
074 U021100 0
074 V011100 10.37
074 V021100 0.00
074 W001100 0.0000
074 X001100 5
074 Y001100 0
<PAGE> PAGE 78
075 A001100 0
075 B001100 15312
076 001100 0.00
SIGNATURE STEVEN KEANE
TITLE GENERAL COUNSEL
Item 77C-Matters Submitted to a Vote of Securities Holders
Las Meeting of Shareholders
A Special Meeting of Shareholders of Federated Fund for U.S. Government
Securities II (the "Fund"), a portfolio of Federated Insurance Series, was
held on November 15, 1999. On September 16, 1999, the record date for
shareholders voting at the meeting, there were 12,202,596 total outstanding
shares. The following items were considered by shareholders of the Fund and
the results of their voting were as follows:
AGENDA ITEM 1: To elect six Trustees-all portfolios of Federated Insurance
Series voting together.
SHARES VOTED SHARES WITHHELD
FOR AUTHORITY
Thomas G. Bigley 240,211,548 7,152,692
Nicholas P. Constantakis 239,928,312 7,435,928
John F. Cunningham 240,226,307 7,137,933
Charles F. Mansfield 240,298,855 7,065,386
John E. Murray, Jr. 240,016,672 7,347,569
John S. Walsh 240,224,615 7,139,625
AGENDA ITEM 2: To make changes to the Fund's fundamental investment policies:
(a) To approve amending the Fund's fundamental investment policy regarding
diversification:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
8,476,534 435,015 721,129
(b) To approve amending the Fund's fundamental investment policy regarding
borrowing money and issuing senior securities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
8,469,335 469,981 693,362
(c) To approve amending the Fund's fundamental investment policy regarding
investments in real estate:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
8,453,004 458,545 721,129
(d) To approve amending the Fund's fundamental investment policy regarding
investments in commodities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
8,470,091 441,458 721,129
(e) To approve amending the Fund's fundamental investment policy regarding
underwriting securities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
8,474,330 437,218 721,129
(f) To approve amending the Fund's fundamental investment policy regarding
lending by the Fund:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
8,466,699 442,646 723,333
(g) To approve amending the Fund's fundamental investment policy regarding
concentration of the Fund's investments in the securities of companies in the
same industry:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
8,468,946 442,602 721,129
(h) To approve amending, and making non-fundamental, the Fund's fundamental
investment policy regarding buying securities on margin:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
8,466,826 444,722 721,129
(i) To approve amending, and making non-fundamental, the Fund's fundamental
investment policy regarding pledging assets:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
8,465,655 443,690 723,333
AGENDA ITEM 3: To approve eliminating the Fund's fundamental investment policy
regarding selling securities short:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
8,229,443 540,032 863,203
Last Meeting of Shareholders
A Special Meeting of Shareholders of Federated Prime Money Fund II
(the "Fund"), a portfolio of Federated Insurance Series, was held on
November 15, 1999. On September 16, 1999, the record date for shareholders
voting at the meeting, there were 166,056,393 total outstanding shares. The
following items were considered by shareholders of the Fund and the results
of their voting were as follows:
AGENDA ITEM 1: To elect six Trustees-all portfolios of Federated Insurance
Series voting together.
SHARES VOTED SHARES WITHHELD
FOR AUTHORITY
Thomas G. Bigley 240,211,548 7,152,692
Nicholas P. Constantakis 239,928,312 7,435,928
John F. Cunningham 240,226,307 7,137,933
Charles F. Mansfield 240,298,855 7,065,386
John E. Murray, Jr. 240,016,672 7,347,569
John S. Walsh 240,224,615 7,139,625
AGENDA ITEM 2: To make changes to the Fund's fundamental investment policies:
(a) To approve amending the Fund's fundamental investment policy regarding
diversification:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
154,297,217 6,729,189 5,029,986
(b) To approve amending the Fund's fundamental investment policy regarding
borrowing money and issuing senior securities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
154,059,980 6,966,425 5,029,986
(c) To approve amending the Fund's fundamental investment policy regarding
investments in real estate:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
154,279,590 6,746,816 5,029,986
(d) To approve amending the Fund's fundamental investment policy regarding
investments in commodities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
153,822,401 7,204,004 5,029,986
(e) To approve amending the Fund's fundamental investment policy regarding
underwriting securities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
154,297,217 6,729,189 5,029,986
(f) To approve amending the Fund's fundamental investment policy regarding
lending by the Fund:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
154,193,187 6,833,218 5,029,986
(g) To approve amending the Fund's fundamental investment policy regarding
concentration of the Fund's investments in the securities of companies in the
same industry:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
154,279,590 6,746,816 5,029,986
(h) To approve amending, and making non-fundamental, the Fund's fundamental
investment policy regarding buying securities on margin:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
154,000,068 7,026,338 5,029,986
(i) To approve amending, and making non-fundamental, the Fund's fundamental
investment policy regarding pledging assets:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
154,052,711 6,973,694 5,029,986
AGENDA ITEM 3: To approve eliminating the Fund's fundamental investment policy
regarding selling securities short:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
149,772,617 8,975,181 7,308,594
Item 77C: Matters Submitted to a Vote of Securities Holders
Last Meeting of Shareholders
A Special Meeting of Shareholders of Federated American Leaders Fund II was
held on November 15, 1999. On September 16, 1999, the record date for
shareholders voting at the meeting, there were 22,306,099 total outstanding
shares. The following items were considered by shareholders of the Fund and
the results of their voting were as follows:
AGENDA ITEM 1: To elect six Trustees1-all portfolios of Federated Insurance
Series voting together.
SHARES VOTED SHARES WITHHELD
FOR AUTHORITY
Thomas G. Bigley 240,211,548 7,152,692
Nicholas P. Constantakis 239,928,312 7,435,928
John F. Cunningham 240,226,307 7,137,933
Charles F. Mansfield 240,298,855 7,065,386
John E. Murray, Jr. 240,016,672 7,347,569
John S. Walsh 240,224,615 7,139,625
1 The following Trustees continued their terms as Trustees: John F. Donahue,
John T. Conroy, Jr., J. Christopher Donahue, Lawrence D. Ellis, M.D., Peter E.
Madden and Marjorie P. Smuts.
AGENDA ITEM 2: To make changes to the Fund's fundamental investment policies:
(a) To approve amending the Fund's fundamental investment policy regarding
diversification:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
19,770,812 768,517 1,169,537
(b) To approve amending the Fund's fundamental investment policy regarding
borrowing money and issuing senior securities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
19,717,902 821,426 1,169,537
(c) To approve amending the Fund's fundamental investment policy regarding
investments in real estate:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
19,760,400 778,928 1,169,537
(d) To approve amending the Fund's fundamental investment policy regarding
investments in commodities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
19,704,803 834,526 1,169,537
(e) To approve amending the Fund's fundamental investment policy regarding
underwriting securities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
19,783,728 755,601 1,169,537
(f) To approve amending the Fund's fundamental investment policy regarding
lending by the Fund:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
19,711,941 827,388 1,169,537
(g) To approve amending the Fund's fundamental investment policy regarding
concentration of the Fund's investments in the securities of companies in the
same industry:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
19,736,313 803,016 1,169,537
(h) To approve amending, and making non-fundamental, the Fund's fundamental
investment policy regarding buying securities on margin:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
19,701,884 837,444 1,169,537
(i) To approve amending, and making non-fundamental, the Fund's fundamental
investment policy regarding pledging assets:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
19,710,697 828,631 1,169,537
AGENDA ITEM 3: To approve eliminating the Fund's fundamental investment policy
regarding selling securities short:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
19,044,370 1,105,055 1,559,441
Last Meeting of Shareholders
A Special Meeting of Shareholders of the Federated Utility Fund II was held on
November 15, 1999. On September 16, 1999, the record date for shareholders
voting at the meeting, there were 12,927,981 total outstanding shares. The
following items were considered by shareholders of the Fund and the results of
their voting were as follows:
AGENDA ITEM 1: To elect six Trustees1-all portfolios of Federated Insurance
Series voting together.
SHARES VOTED SHARES WITHHELD
FOR AUTHORITY
Thomas G. Bigley 240,211,548 7,152,692
Nicholas P. Constantakis 239,928,312 7,435,928
John F. Cunningham 240,226,307 7,137,933
Charles F. Mansfield 240,298,855 7,065,386
John E. Murray, Jr. 240,016,672 7,347,569
John S. Walsh 240,224,615 7,139,625
1 The following Trustees continued their terms as Trustees: John F. Donahue,
John T. Conroy, Jr., J. Christopher Donahue, Lawrence D. Ellis, M.D., Peter E.
Madden and Marjorie P. Smuts.
AGENDA ITEM 2: To make changes to the Fund's fundamental investment policies:
(a) To approve amending the Fund's fundamental investment policy regarding
diversification:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
11,562,379 473,315 733,919
(b) To approve amending the Fund's fundamental investment policy regarding
borrowing money and issuing senior securities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
11,555,063 480,631 733,919
(c) To approve amending the Fund's fundamental investment policy regarding
investments in real estate:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
11,567,164 468,531 733,919
(d) To approve amending the Fund's fundamental investment policy regarding
investments in commodities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
11,536,007 499,687 733,919
(e) To approve amending the Fund's fundamental investment policy regarding
underwriting securities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
11,568,898 466,796 733,919
(f) To approve amending the Fund's fundamental investment policy regarding
lending by the Fund:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
11,535,039 500,656 733,919
(g) To approve amending the Fund's fundamental investment policy regarding
concentration of the Fund's investments in the securities of companies in the
same industry:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
11,562,779 472,915 733,919
(h) To approve amending, and making non-fundamental, the Fund's fundamental
investment policy regarding buying securities on margin:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
11,526,992 508,703 733,919
(i) To approve amending, and making non-fundamental, the Fund's fundamental
investment policy regarding pledging assets:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
11,549,557 486,137 733,919
AGENDA ITEM 3: To approve eliminating the Fund's fundamental investment policy
regarding selling securities short:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
11,286,396 678,524 804,693
Last Meeting of Shareholders
A Special Meeting of Shareholders of Federated High Income Bond Fund II was
held on November 15, 1999. On September 16, 1999, the record date for
shareholders voting at the meeting, there were 22,446,137 total outstanding
shares. The following items were considered by shareholders of the Fund and
the results of their voting were as follows:
AGENDA ITEM 1: To elect six Trustees1-all portfolios of Federated Insurance
Series voting together.
SHARES VOTED SHARES WITHHELD
FOR AUTHORITY
Thomas G. Bigley 240,211,548 7,152,692
Nicholas P. Constantakis 239,928,312 7,435,928
John F. Cunningham 240,226,307 7,137,933
Charles F. Mansfield 240,298,855 7,065,386
John E. Murray, Jr. 240,016,672 7,347,569
John S. Walsh 240,224,615 7,139,625
1 The following Trustees continued their terms as Trustees: John F. Donahue,
John T. Conroy, Jr., J. Christopher Donahue, Lawrence D. Ellis, M.D.,
Peter E. Madden and Marjorie P. Smuts.
AGENDA ITEM 2: To make changes to the Fund's fundamental investment policies:
(a) To approve amending the Fund's fundamental investment policy regarding
diversification:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
20,245,984 755,913 1,428,257
(b) To approve amending the Fund's fundamental investment policy regarding
borrowing money and issuing senior securities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
20,249,076 752,821 1,428,257
(c) To approve amending the Fund's fundamental investment policy regarding
investments in real estate:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
20,237,380 764,518 1,428,257
(d) To approve amending the Fund's fundamental investment policy regarding
investments in commodities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
20,198,968 802,929 1,428,257
(e) To approve amending the Fund's fundamental investment policy regarding
underwriting securities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
20,248,655 753,243 1,428,257
(f) To approve amending the Fund's fundamental investment policy regarding
lending by the Fund:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
20,237,880 764,018 1,428,257
(g) To approve amending the Fund's fundamental investment policy regarding
concentration of the Fund's investments in the securities of companies in the
same industry:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
20,224,208 777,690 1,428,257
(h) To approve amending, and making non-fundamental, the Fund's fundamental
investment policy regarding buying securities on margin:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
20,202,038 799,859 1,428,257
(i) To approve amending, and making non-fundamental, the Fund's fundamental
investment policy regarding pledging assets:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
20,233,067 768,830 1,428,257
AGENDA ITEM 3: To approve eliminating the Fund's fundamental investment policy
regarding selling securities short:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
19,639,585 1,224,826 1,565,743
Last Meeting of Shareholders
A Special Meeting of Shareholders of Federated International Equity Fund II
was held on November 15, 1999. On September 16, 1999, the record date for
shareholders voting at the meeting, there were 3,616,683 total outstanding
shares. The following items were considered by shareholders of the Fund and
the results of their voting were as follows:
AGENDA ITEM 1: To elect six Trustees1-all portfolios of Federated Insurance
Series voting together.
SHARES VOTED SHARES WITHHELD
FOR AUTHORITY
Thomas G. Bigley 240,211,548 7,152,692
Nicholas P. Constantakis 239,928,312 7,435,928
John F. Cunningham 240,226,307 7,137,933
Charles F. Mansfield 240,298,855 7,065,386
John E. Murray, Jr. 240,016,672 7,347,569
John S. Walsh 240,224,615 7,139,625
1 The following Trustees continued their terms as Trustees: John F. Donahue,
John T. Conroy, Jr., J. Christopher Donahue, Lawrence D. Ellis, M.D., Peter E.
Madden and Marjorie P. Smuts.
AGENDA ITEM 2: To make changes to the Fund's fundamental investment policies:
(a) To approve amending the Fund's fundamental investment policy regarding
diversification:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
3,294,754 132,171 189,589
(b) To approve amending the Fund's fundamental investment policy regarding
borrowing money and issuing senior securities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
3,286,091 140,833 189,589
(c) To approve amending the Fund's fundamental investment policy regarding
investments in real estate:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
3,293,331 133,594 189,589
(d) To approve amending the Fund's fundamental investment policy regarding
investments in commodities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
3,286,091 140,833 189,589
(e) To approve amending the Fund's fundamental investment policy regarding
underwriting securities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
3,294,754 132,171 189,589
(f) To approve amending the Fund's fundamental investment policy regarding
lending by the Fund:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
3,286,091 140,833 189,589
(g) To approve amending the Fund's fundamental investment policy regarding
concentration of the Fund's investments in the securities of companies in the
same industry:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
3,279,087 147,838 189,589
(h) To approve amending, and making non-fundamental, the Fund's fundamental
investment policy regarding buying securities on margin:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
3,288,852 138,073 189,589
(h) To approve amending, and making non-fundamental, the Fund's fundamental
investment policy regarding pledging assets:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
3,283,539 143,385 189,589
AGENDA ITEM 3: To approve eliminating the Fund's fundamental investment policy
regarding selling securities short:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
3,177,308 218,067 221,139
Last Meeting of Shareholders
A Special Meeting of Shareholders of Federated Growth Strategies Fund II was
held on November 15, 1999. On September 16, 1999, the record date for
shareholders voting at the meeting, there were 3,877,702 total outstanding
shares. The following items were considered by shareholders of the Fund and
the results of their voting were as follows:
AGENDA ITEM 1: To elect six Trustees1-all portfolios of Federated Insurance
Series voting together.
SHARES VOTED SHARES WITHHELD
FOR AUTHORITY
Thomas G. Bigley 240,211,548 7,152,692
Nicholas P. Constantakis 239,928,312 7,435,928
John F. Cunningham 240,226,307 7,137,933
Charles F. Mansfield 240,298,855 7,065,386
John E. Murray, Jr. 240,016,672 7,347,569
John S. Walsh 240,224,615 7,139,625
1 The following Trustees continued their terms as Trustees: John F. Donahue,
John T. Conroy, Jr., J. Christopher Donahue, Lawrence D. Ellis, M.D., Peter E.
Madden and Marjorie P. Smuts.
AGENDA ITEM 2: To make changes to the Fund's fundamental investment policies:
(a) To approve amending the Fund's fundamental investment policy regarding
diversification:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
3,608,487 118,309 148,364
(b) To approve amending the Fund's fundamental investment policy regarding
borrowing money and issuing senior securities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
3,618,883 107,913 148,364
(c) To approve amending the Fund's fundamental investment policy regarding
investments in real estate:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
3,627,708 99,088 148,364
(d) To approve amending the Fund's fundamental investment policy regarding
investments in commodities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
3,618,335 108,461 148,364
(e) To approve amending the Fund's fundamental investment policy regarding
underwriting securities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
3,629,570 97,226 148,364
(f) To approve amending the Fund's fundamental investment policy regarding
lending by the Fund:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
3,621,172 105,624 148,364
(g) To approve amending the Fund's fundamental investment policy regarding
concentration of the Fund's investments in the securities of companies in the
same industry:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
3,622,646 104,150 148,364
(h) To approve amending, and making non-fundamental, the Fund's fundamental
investment policy regarding buying securities on margin:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
3,618,565 108,231 148,364
(i) To approve amending, and making non-fundamental, the Fund's fundamental
investment policy regarding pledging assets:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
3,623,700 103,096 148,364
AGENDA ITEM 3: To approve eliminating the Fund's fundamental investment policy
regarding selling securities short:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
3,564,685 116,179 194,296
Last Meeting of Shareholders
A Special Meeting of Shareholders of Federated Equity Income Fund II was held
on November 15, 1999. On September 16, 1999, the record date for
shareholders voting at the meeting, there were 4,831,383 total outstanding
shares. The following items were considered by shareholders of the Fund and
the results of their voting were as follows:
AGENDA ITEM 1: To elect six Trustees1-all portfolios of Federated Insurance
Series voting together.
SHARES VOTED SHARES WITHHELD
FOR AUTHORITY
Thomas G. Bigley 240,211,548 7,152,692
Nicholas P. Constantakis 39,928,312 7,435,928
John F. Cunningham 240,226,307 7,137,933
Charles F. Mansfield 240,298,855 7,065,386
John E. Murray, Jr. 240,016,672 7,347,569
John S. Walsh 240,224,615 7,139,625
1 The following Trustees continued their terms as Trustees: John F. Donahue,
John T. Conroy, Jr., J. Christopher Donahue, Lawrence D. Ellis, M.D., Peter
E. Madden and Marjorie P. Smuts.
AGENDA ITEM 2: To make changes to the Fund's fundamental investment policies:
(a) To approve amending the Fund's fundamental investment policy regarding
diversification:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
4,389,194 194,962 245,475
(b) To approve amending the Fund's fundamental investment policy regarding
borrowing money and issuing senior securities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
4,397,912 186,245 245,475
(c) To approve amending the Fund's fundamental investment policy regarding
investments in real estate:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
4,403,682 180,475 245,475
(d) To approve amending the Fund's fundamental investment policy regarding
investments in commodities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
4,383,985 200,171 245,475
(e) To approve amending the Fund's fundamental investment policy regarding
underwriting securities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
4,407,121 177,035 245,475
(f) To approve amending the Fund's fundamental investment policy regarding
lending by the Fund:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
4,394,181 189,975 245,475
(g) To approve amending the Fund's fundamental investment policy regarding
concentration of the Fund's investments in the securities of companies in the
same industry:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
4,401,560 182,596 245,475
(h) To approve amending, and making non-fundamental, the Fund's fundamental
investment policy regarding buying securities on margin:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
4,383,813 190,343 245,475
(i) To approve amending, and making non-fundamental, the Fund's fundamental
investment policy regarding pledging assets:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
4,404,572 179,585 245,475
AGENDA ITEM 3: To approve eliminating the Fund's fundamental investment
policy regarding selling securities short:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
4,260,398 280,352 288,883
Last Meeting of Shareholders
A Special Meeting of Shareholders of Federated Quality Bond Fund II was held
on November 15, 1999. On September 16, 1999, the record date for
shareholders voting at the meeting, there were 767,482 total outstanding
shares. The following items were considered by shareholders of the Fund
and the results of their voting were as follows:
AGENDA ITEM 1: To elect six Trustees1-all portfolios of Federated Insurance
Series voting together.
SHARES VOTED SHARES WITHHELD
FOR AUTHORITY
Thomas G. Bigley 240,211,548 7,152,692
Nicholas P. Constantakis 239,928,312 7,435,928
John F. Cunningham 240,226,307 7,137,933
Charles F. Mansfield 240,298,855 7,065,386
John E. Murray, Jr. 240,016,672 7,347,569
John S. Walsh 240,224,615 7,139,625
1 The following Trustees continued their terms as Trustees: John F.
Donahue, John T. Conroy, Jr., J. Christopher Donahue, Lawrence D.
Ellis, M.D., Peter E. Madden and Marjorie P. Smuts.
AGENDA ITEM 2: To make changes to the Fund's fundamental investment policies:
(a) To approve amending the Fund's fundamental investment policy regarding
diversification:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
299,177 448,656 19,613
(b) To approve amending the Fund's fundamental investment policy regarding
borrowing money and issuing senior securities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
299,177 448,656 19,613
(c) To approve amending the Fund's fundamental investment policy regarding
investments in real estate:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
299,018 448,815 19,613
(d) To approve amending the Fund's fundamental investment policy regarding
investments in commodities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
299,018 448,815 19,613
(e) To approve amending the Fund's fundamental investment policy regarding
underwriting securities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
299,177 448,656 19,613
(f) To approve amending the Fund's fundamental investment policy regarding
lending by the Fund:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
299,177 448,656 19,613
(g) To approve amending the Fund's fundamental investment policy regarding
concentration of the Fund's investments in the securities of companies in the
same industry:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
299,177 448,656 19,613
(h) To approve amending, and making non-fundamental, the Fund's fundamental
investment policy regarding buying securities on margin:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
299,177 448,656 19,613
(i) To approve amending, and making non-fundamental, the Fund's fundamental
investment policy regarding pledging assets:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
299,177 448,656 19,613
AGENDA ITEM 3: To approve eliminating the Fund's fundamental investment
policy regarding selling securities short:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
292,756 457,039 17,652
Last Meeting of Shareholders
A Special Meeting of Shareholders of Federated Small Cap Strategies Fund II
was held on November 15, 1999. On September 16, 1999, the record date for
shareholders voting at the meeting, there were 177,761 total outstanding
shares. The following items were considered by shareholders of the Fund
and the results of their voting were as follows:
AGENDA ITEM 1: To elect six Trustees1-all portfolios of Federated Insurance
Series voting together.
SHARES VOTED SHARES WITHHELD
FOR AUTHORITY
Thomas G. Bigley 240,211,548 7,152,692
Nicholas P. Constantakis 239,928,312 7,435,928
John F. Cunningham 240,226,307 7,137,933
Charles F. Mansfield 240,298,855 7,065,386
John E. Murray, Jr. 240,016,672 7,347,569
John S. Walsh 240,224,615 7,139,625
1 The following Trustees continued their terms as Trustees: John F. Donahue,
John T. Conroy, Jr., J. Christopher Donahue, Lawrence D. Ellis, M.D.,
Peter E. Madden and Marjorie P. Smuts.
AGENDA ITEM 2: To make changes to the Fund's fundamental investment policies:
(a) To approve amending the Fund's fundamental investment policy regarding
diversification:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
173,578 4,183 0
(c) To approve amending the Fund's fundamental investment policy regarding
borrowing money and issuing senior securities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
173,578 4,183 0
(c) To approve amending the Fund's fundamental investment policy regarding
investments in real estate:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
173,578 4,183 0
(d) To approve amending the Fund's fundamental investment policy regarding
investments in commodities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
173,578 4,183 0
(e) To approve amending the Fund's fundamental investment policy regarding
underwriting securities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
173,578 4,183 0
(f) To approve amending the Fund's fundamental investment policy regarding
lending by the Fund:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
173,578 4,183 0
(g) To approve amending the Fund's fundamental investment policy regarding
concentration of the Fund's investments in the securities of companies in the
same industry:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
173,578 4,183 0
(h) To approve amending, and making non-fundamental, the Fund's fundamental
investment policy regarding buying securities on margin:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
173,578 4,183 0
(i) To approve amending, and making non-fundamental, the Fund's fundamental
investment policy regarding pledging assets:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
173,578 4,183 0
AGENDA ITEM 3: To approve eliminating the Fund's fundamental investment
policy regarding selling securities short:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
173,578 4,183 0
Last Meeting of Shareholders
A Special Meeting of Shareholders of Federated Strategic Income Fund II was
held on November 15, 1999. On September 16, 1999, the record date for
shareholders voting at the meeting, there were 1,517,441 total outstanding
shares. The following items were considered by shareholders of the Fund and
the results of their voting were as follows:
AGENDA ITEM 1: To elect six Trustees1-all portfolios of Federated Insurance
Series voting together.
SHARES VOTED SHARES WITHHELD
FOR AUTHORITY
Thomas G. Bigley 240,211,548 7,152,692
Nicholas P. Constantakis 239,928,312 7,435,928
John F. Cunningham 240,226,307 7,137,933
Charles F. Mansfield 240,298,855 7,065,386
John E. Murray, Jr. 240,016,672 7,347,569
John S. Walsh 240,224,615 7,139,625
1 The following Trustees continued their terms as Trustees: John F. Donahue,
John T. Conroy, Jr., J. Christopher Donahue, Lawrence D. Ellis, M.D., Peter E.
Madden and Marjorie P. Smuts.
AGENDA ITEM 2: To make changes to the Fund's fundamental investment policies:
(a) To approve amending the Fund's fundamental investment policy regarding
diversification:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
1,500,015 0 0
(b) To approve amending the Fund's fundamental investment policy regarding
borrowing money and issuing senior securities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
1,500,015 0 0
(c) To approve amending the Fund's fundamental investment policy regarding
investments in real estate:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
1,500,015 0 0
(d) To approve amending the Fund's fundamental investment policy regarding
investments in commodities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
1,500,015 0 0
(e) To approve amending the Fund's fundamental investment policy regarding
underwriting securities:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
1,500,015 0 0
(f) To approve amending the Fund's fundamental investment policy regarding
lending by the Fund:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
1,500,015 0 0
(g) To approve amending the Fund's fundamental investment policy regarding
concentration of the Fund's investments in the securities of companies in the
same industry:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
1,500,015 0 0
(h) To approve amending, and making non-fundamental, the Fund's fundamental
investment policy regarding buying securities on margin:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
1,500,015 0 0
(i) To approve amending, and making non-fundamental, the Fund's fundamental
investment policy regarding pledging assets:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
1,500,015 0 0
AGENDA ITEM 3: To approve eliminating the Fund's fundamental investment policy
regarding selling securities short:
SHARES VOTED SHARES VOTED SHARES
FOR AGAINST ABSTAINING
1,500,015 0 0
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."
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
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 ubstitute 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
Exhibit 77N-Actions Required to be Reported Pursuant to Rule 2a-7
The following Executive Committee and Board of Directors meeting minutes and
Letters to the SEC describe action taken during the Trust's reporting
period with respect to defaulted securities held during the period covered
by this report.
MINUTES OF THE MEETING
HELD AUGUST 10, 1999
OF THE EXECUTIVE COMMITTEE OF:
Cash Trust Series, Inc. ("CTSI")
Federated Insurance Series ("FINS")
Money Market Management, Inc. ("MMM")
Money Market Obligations Trust ("MMOT")
Money Market Trust ("MMT")
(the "Funds")
Pursuant to call, a telephonic meeting (the "Meeting") of the Funds
convened at 4:30 P.M. on Tuesday, August 10, 1999 at the Federated Investors,
Inc. ("Federated") Tower, Pittsburgh, Pennsylvania.
The following members, constituting the Executive Committee (the Committee"),
were present at the meeting:
John F. Donahue (by telephone)
John E. Murray, Jr., J.D. (by telephone)
The following persons were also present in person, unless noted otherwise, at
the Meeting:
G. Andrew Bonnewell, Senior Corporate Counsel, Federated
Jonathan Conley, Senior Vice President, Federated Global Investment
Management Company, Federated Investment Counseling, Federated
Investment Management Company, and Passport Research Limited ("Federated
Advisory Companies")
William D. Dawson, III, Executive Vice President and Chief Investment
Officer, Federated Advisory Companies
J. Christopher Donahue (via telephone), President and Chief Executive
Officer, Federated; President, Federated Advisory Companies; Officer
Of the Funds
Thomas R. Donahue, Vice President, Chief Financial Officer and
Treasurer, Federated
Emily H. Emigh, Senior Vice President, Federated Administrative Services
("FAS"); Director of Internal Audit, Federated
Raymond Hanley, Senior Vice President, Federated Investors Management
Company ("FIMCo")
Stephen A. Keen, General Counsel, Federated
Suzanne W. Land, Paralegal Supervisor, Federated
Denis McAuley, III, Senior Vice President, FIMCo, Vice President, FII
Holdings, Inc., and Assistant Treasurer, Federated
John W. McGonigle, Chief Legal Officer and Executive Vice President,
Federated; Officer of the Funds
Leslie K. Ross, Associate Corporate Counsel, Federated
Richard J. Thomas, Vice President, FAS
Mr. Stephen A. Keen stated that the purpose of the meeting was to discuss
the likely default of funding agreements (the "Funding Agreements") issued by
General American Life Insurance Company ("General American") and held by
Automated Cash Management Trust ("ACMT"), a portfolio of MMOT; Federated
Master Trust ("FMT"), a portfolio of MMOT; Federated Prime Money Fund II
("IFPMF"), a portfolio of FINS; MMM; MMT; and Prime Cash Series ("PCS"), a
portfolio of CTSI (collectively, "the Money Market Funds"). Mr. Keen
described the structure of the Funding Agreements, indicating that they
were contracts between General American and the Money Market Funds. Mr. Keen
reported that each of the Funding Agreements included a demand feature,
exercisable on seven days' notice, which entitled the Money Market Funds to
receive their invested funds back from General American. He noted that the
Money Market Funds had exercised their demand features on August 4, 1999, and
were due payment from General American on August 11, 1999. He reported that
earlier in the day, Federated Investment Management Company (the "Adviser"),
investment adviser to the Money Market Funds, had received information that
General American had defaulted on similar funding agreements with other
investors who had exercised demand features. In addition, the Adviser had
discovered that General American had requested and received administrative
supervision from the Missouri insurance commissioner. Mr. Keen noted such
action could constitute an event of insolvency under Rule 2a-7 of the
Investment Company Act of 1940. He added that it was likely that the
Adviser would determine that the Funding Agreements no longer presented
minimal credit risks. Mr. Keen said that as a consequence, the Money Market
Funds were required to dispose of the Funding Agreements unless the Board of
Directors of the Money Market Funds found that such disposal would not be in
the best interests of the Money Market Funds. Mr. Keen asked Mr. Dawson to
provide background on the General American situation.
Mr. William D. Dawson, III indicated that the General American situation
resulted from its issuance of a significant amount of short-term funding
agreements to large institutional investors, primarily money market funds.
He said that the funding agreements included a demand feature exercisable on
seven days' notice. He indicated that on July 30, 1999, Moody's Investors
Services, Inc. ("Moody's") downgraded General American's long-term rating
from A2 to A3 and a large number of investors exercised their demand
features. Mr. Dawson said that this required General American to raise a
significant amount of cash within a short time frame, and that it had
inadequate liquidity resources to do so.
Mr. Dawson noted that in a press release earlier in the day, General
American had indicated that it was well capitalized and had adequate assets
to meet its obligations. He further noted that the press release indicated
that General American had requested administrative supervision to allow it to
respond to its institutional investors, making certain that all its
obligations were honored. Mr. Dawson indicated that based on such
information, he believed that the General American situation was an issue
of liquidity, not insolvency, and that a loss under the Funding Agreements
was unlikely.
Mr. Dawson then chronicled recent ratings of General American. He
reported that on March 5, 1999, Moody's downgraded General American's
long-term rating from A1 to A2. He said that shortly thereafter, Federated
downgraded its rating of General American from a 3 to a 4. Mr. Dawson said
that on July 30, 1999, Moody's downgraded General American's long-term rating
from A2 to A3. Mr. Dawson noted that on August 9, 1999, Moody's downgraded
General American's long-term rating from A3 to Ba1 and Standard & Poor's
("S&P") downgraded General American's short-term rating from A-1+ to A-3.
On August 10, 1999, S&P downgraded General American's short-term ratings
from A-3 to R and Duff & Phelps Credit Rating Co. downgraded General
American's short-term and long term-ratings from D-1/AA to D-5/DD. Mr. Keen
interjected that due to the prior day's downgrades, the Funding Agreements
were not eligible securities for the Money Market Funds.
Mr. Keen then noted that the net asset value of the Money Market Funds was
protected by portfolio insurance issued by a subsidiary of Zurich American
Insurance Group. Mr. Keen explained that the insurance policy provides that,
in the event of a default in a portfolio of any of the Money Market Funds,
the insurance company will pay the fund the amount, up to the policy limit,
necessary for the Money Market Funds to continue to price their shares at
$1.00. Mr. Keen noted that the insurance policy provides coverage for
losses up to $150,000,000. Mr. Dawson interjected that there was minimal
risk that, if the Funding Agreements were not paid in full, the loss would
exceed the Money Market Funds' default insurance coverage.
Mr. Keen then discussed options for resolving the issue and pricing the
Money Market Funds. He indicated that the Money Market Funds could either
liquidate or retain the Funding Agreements. However, he noted that an
immediate liquidation was not viable because the Funding Agreements were
actually contracts between General American and the Money Market Funds, and
were thus not readily transferable. Mr. Dawson interjected that market
conditions would likely affect the orderly disposition of the Funding
Agreements, even if they could be transferred. Mr. Keen then discussed the
means for valuing shares. After full discussion, the Executive Committee of
each of the Funds, individually, and unanimously,
RESOLVED, that the Executive Committee of the Money Market Funds hereby
determines that each of the Money Market Funds could continue to use the
amortized cost method of valuing its shares and that it was not in the best
interest of the Money Market Funds to liquidate the funding agreements.
The Committee then agreed to submit this determination to the Board for
ratification. It was also noted that the Committee would reconvene, if
necessary.
There being no further business to come before the Committee, the meeting
was thereupon duly adjourned.
Respectfully submitted,
/s/ John F. Donahue
John F. Donahue
/s/ John E. Murray, Jr. J.D.
John E. Murray, Jr., J.D.
MINUTES OF THE MEETING
HELD AUGUST 11, 1999
OF THE BOARDS OF:
Cash Trust Series, Inc. ("CTSI")
Federated Insurance Series ("FINS")
Money Market Management, Inc. ("MMM")
Money Market Obligations Trust ("MMOT")
Money Market Trust ("MMT")
("the Funds")
________________________________________________________________________
Pursuant to call, a Special Telephonic Meeting (the "Meeting") of the
Board of Directors (the "Board") of the Funds convened at 10:00 A.M. on
Wednesday, August 11, 1999, at Federated Investors, Inc. ("Federated") Tower,
Pittsburgh, Pennsylvania.
The following members, constituting the full Board, with the exception of
Peter E. Madden, were present at the Meeting via telephone (unless noted
otherwise):
John F. Donahue (in person) J. Christopher Donahue
Thomas G. Bigley Lawrence D. Ellis, M.D.
John T. Conroy, Jr. Edward L. Flaherty, Jr.
Nicholas P. Constantakis Charles F. Mansfield, Jr.
William J. Copeland John E. Murray, Jr., J.D.
John F. Cunningham Wesley W. Posvar
Marjorie P. Smuts
John S. Walsh
The following persons were also present in person (unless noted otherwise)
at the Meeting:
G. Andrew Bonnewell, Senior Corporate Counsel, Federated
Jonathan Conley, Senior Vice President, Federated Global Investment
Management Company, Federated Investment Counseling, Federated
Investment Management Company, and Passport Research Limited
("Federated Advisory Companies")
William D. Dawson, III, Executive Vice President and Chief Investment
Officer, Federated Advisory Companies
J. Christopher Donahue, President and Chief Executive Officer, Federated;
President, Federated Advisory Companies; Officer of the Funds (via
telephone)
Thomas R. Donahue, Vice President, Chief Financial Officer and
Treasurer, Federated
Emily H. Emigh, Senior Vice President and Director of Internal Audit,
Federated Administrative Services ("FAS")
Raymond Hanley, Senior Vice President, Federated Investors Management
Company ("FIMCo")
Stephen A. Keen, General Counsel, Federated
Suzanne W. Land, Paralegal Supervisor, Federated
Denis McAuley, III, Senior Vice President, FIMCo, Vice President, FII
Holdings, Inc., and Assistant Treasurer, Federated
John W. McGonigle, Chief Legal Officer and Executive Vice President,
Federated; Officer of the Funds
Matthew G. Maloney (via telephone), Partner, Dickstein Shapiro Morin &
Oshinsky LLP; Special Counsel to the Funds
Leslie K. Ross, Associate Corporate Counsel, Federated
Richard J. Thomas, Vice President, FAS
Mr. John F. Donahue served as Chairman and Mr. John W. McGonigle recorded
the proceedings as Secretary.
Mr. Stephen A. Keen stated that the purpose of the meeting was to discuss
funding agreements (the "Funding Agreements") issued by General American Life
Insurance Company ("General American") and held by Automated Cash Management
Trust ("ACMT"), a portfolio of MMOT; Federated Master Trust ("FMT"), a
portfolio of MMOT; Federated Prime Money Fund II ("IFPMF"), a portfolio of
FINS; MMM; MMT; and Prime Cash Series ("PCS"), a portfolio of CTSI
(collectively, "the Money Market Funds"). Mr. Keen reported that the Funding
Agreements were no longer eligible securities under Rule 2a-7 of the
Investment Company Act of 1940. He described the structure of the Funding
Agreements, indicating that they were contracts between General American and
the Money Market Funds. Mr. Keen reported that each of the Funding
Agreements included a demand feature, exerciseable on seven days' notice,
which entitled the Money Market Funds to receive their invested funds back
from General American. He noted that the Money Market Funds had exercised
their demand features on August 4, 1999, and were due payment from General
American on August 11, 1999. He reported that on August 10, 1999, Federated
Investment Management Company (the "Adviser"), investment adviser to the
Money Market Funds, had received information that General American had
defaulted on similar funding agreements with other investors who had
exercised demand features. In addition, the Adviser had discovered that
General American had requested and received administrative supervision
from the Missouri insurance commissioner. Mr. Keen noted that such action
could constitute an event of insolvency under Rule 2a-7. He added that it
was likely that the Adviser would determine that the Funding Agreements no
longer presented minimal credit risks. Finally, he noted that as a result
of ratings downgrades on August 9, 1999, the Funding Agreements were no
longer eligible securities for the Money Market Funds. Mr. Keen said that
as a consequence, the Money Market Funds were required to dispose of the
Funding Agreements absent a finding by the Board of Directors of the Money
Market Funds that such disposal would not be in the best interests of the
Money Market Funds. Mr. Keen asked Mr. Dawson to provide background on
the General American situation.
Mr. William D. Dawson, III indicated that the General American situation
resulted from its issuance of a significant amount of short-term funding
agreements to large institutional investors, primarily money market funds.
He said that the funding agreements included a demand feature exerciseable on
seven days' notice. He indicated that on July 30, 1999, Moody's Investors
Service ("Moody's") downgraded General American's long-term rating from A2 to
A3 and a large number of investors exercised their demand features. Mr.
Dawson said that this required General American to raise a significant
amount of cash within a short time frame, and that it had inadequate
liquidity resources to do so.
Mr. Dawson noted that in a press release issued on August 10, 1999,
General American had indicated that it was well capitalized and had adequate
assets to meet its obligations. He further noted that the press release
indicated that General American had requested administrative supervision to
allow it to respond to its institutional investors, making certain that all
its obligations were honored. Mr. Dawson indicated that based on such
information, he believed that the General American situation was an issue
of liquidity, not insolvency, and that a loss under the Funding Agreements
was unlikely.
Mr. Dawson then chronicled recent ratings of General American. He
reported that on March 5, 1999, Moody's downgraded General American's
long-term rating from A1 to A2. He said that shortly thereafter, Federated
downgraded its rating of General American from a 3 to a 4. Mr. Dawson said
that on July 30, 1999, Moody's downgraded General American's long-term
rating from A2 to A3. Mr. Dawson noted that on August 9, 1999, Moody's
downgraded General American's long-term rating from A3 to Ba1 and Standard &
Poor's ("S&P") downgraded General American's short-term rating from
A-1+ to A-3. On August 10, 1999, S&P downgraded General American's
short-term ratings from A-3 to R and Duff & Phelps Credit Rating Co.
downgraded General American's short-term and long-term ratings from
D-1/AA to D-5/DD. Mr. Keen interjected that due to the prior day's
downgrades, the Funding Agreements were not eligible securities for the
Money Market Funds.
Mr. Keen then noted that the net asset value of the Money Market Funds was
protected by portfolio insurance issued by a subsidiary of Zurich American
Insurance Group. Mr. Keen explained that the insurance policy provides
that, in the event of a default in a portfolio of any of the Money Market
Funds, the insurance company will pay the fund the amount, up to the policy
limit, necessary for the Money Market Funds to continue to price their
shares at $1.00. Mr. Keen noted that the insurance policy provides coverage
for losses up to $150,000,000. Mr. Dawson interjected that there was minimal
risk that, if the Funding Agreements were not paid in full, the loss would
exceed the Money Market Funds' default insurance coverage.
Mr. Dawson indicated that the Money Market Funds hold $320 million in
Funding Agreements. He informed the Board that a representative of J.P.
Morgan & Co. had contacted the Adviser on August 10, 1999 and indicated that
they would like to discuss the possibility of engaging in credit swaps and
that the Adviser was going to explore such possibility.
Mr. Keen reviewed the discussions that had taken place at the Executive
Committee Meeting held on August 10, 1999. He indicated that action
alternatives had been debated, and that the Committee had resolved that the
Money Market Funds should not liquidate their positions in General American,
and that the Money Market Funds could continue to use the amortized cost method
of valuating their shares.
Mr. Keen explained to the Board that it was their responsibility to
determine whether the security should be liquidated or retained. He noted
that an immediate liquidation was not viable because the Funding Agreements
were actually contracts between General American and the Money Market Funds,
and were thus not readily transferable. Mr. Dawson interjected that market
conditions would likely affect the orderly disposition of the Funding
Agreements, even if they could be transferred. Mr. Keen then discussed the
means for valuing shares. After full discussion, on motion duly made and
seconded, the full Boards present of each of the Funds, individually,
unanimously
RESOLVED, that the Boards of Directors of the Money Market Funds hereby
determine that it is not in the best interest of the Money Market Funds to
liquidate the securities, and further determines that each of the Money
Market Funds will continue to use the amortized cost method of valuation to
value its shares.
There being no further business, on motion duly made and seconded, the
Meeting was thereupon duly adjourned.
Respectfully submitted,
/s/ John W. McGonigle
John W. McGonigle
Secretary
Federated Investors
Management Co.
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, PA 15222-3779
412-288-1900 Phone
www.federatedinvestors.com
August 11, 1999
By FAX and Overnight Mail
Mr. Paul Roye
Director of the Division of Investment Management
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
RE: Money Market Obligations Trust, on behalf of its Automated Cash Management
Trust
("ACMT")
Federated Master Trust ("FMT")
Federated Insurance Series, on behalf of its Federated Prime Money Fund II
("IFPMF")
Money Market Management ("MMM")
Money Market Trust ("MMT")
Cash Trust Series, Inc., on behalf of its Prime Cash Series ("PCS")
Dear Mr. Roye:
This letter is to follow up the letter (the "Letter") that Federated
Investment Management Company (the "Adviser"), as investment adviser to the
above-referenced investment companies (collectively, the "Funds"), provided
earlier today pursuant to the Rule 2a-7(c)(6)(iii) under the Investment Company
Act of 1940.
On August 11, 1999, the Funds' Boards of Directors ("Boards") met with
regard to the issue described in the Letter and affirmed the determinations
made on August 10, 1999 by the Executive Committee of the Funds' Boards.
Specifically, the Boards determined that each Fund could continue to use the
Amortized Cost Method of valuing its shares in accordance with Rule 2a-7.
The Boards therefore determined that it would be in the best interest of the
Funds' shareholders to continue to hold the funding agreements issued by
General American Life Insurance Company, St. Louis, Missouri.
Please contact me at (412) 288-1412 or Leslie K. Ross at (412) 288-7404 if
you would like any further information on this matter.
Very truly yours,
Federated Investment Management Company
By: /s/G. Andrew Bonnewell
G. Andrew Bonnewell
Vice President and Secretary
Federated Investors
Management Co.
Federated Investors Tower
1001 Liberty Avenue
Pittsburgh, PA 15222-3779
412-288-1900 Phone
www.federatedinvestors.com
August 11, 1999
By FAX and Overnight Mail
Mr. Paul Roye
Director of the Division of Investment Management
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
RE: Money Market Obligations Trust, on behalf of its Automated Cash
Management Trust
("ACMT")
Federated Master Trust ("FMT")
Federated Insurance Series, on behalf of its Federated Prime Money Fund II
("IFPMF")
Money Market Management ("MMM")
Money Market Trust ("MMT")
Cash Trust Series, Inc., on behalf of its Prime Cash Series ("PCS")
Dear Mr. Roye:
Pursuant to rule 2a-7(c)(6)(iii) of the Investment Company Act of 1940 (the
"1940 Act"), Federated Investment Management Company (the "Adviser"), as
investment adviser to the above-referenced, registered, open-end investment
companies (collectively, the "Funds"), hereby notifies the Commission of: (1)
an imminent default with respect to various funding agreements issued by
General American Life Insurance Company, St. Louis, Missouri ("General
American") held by the Funds (the "Funding Agreements"); and (2) a possible
"Event of Insolvency" of the Funding Agreement' issuer, General American.
At the time of its purchase, each Funding Agreement was a First Tier
Security, as defined by Rule 2a-7 of the 1940 Act (the "Rule"). The Funds
purchased the Funding Agreements in the following amounts:
Fund Principal Amount % of Total Fund Assets
ACMT $122,500,000 5.156%1
PCS $172,000,000 3.763%
FMT $10,000,000 2.538%
MMT $10,000,000 2.433%
MMM $3,500,000 4.311%
IFPMF $2,000,000 1.369%
1 At the time of purchase, Funding Agreements comprised less than 5% of
ACMT's total assets. Net redemptions have resulted in ACMT's Funding
Agreements exceeding 5% of its total assets.
Each of the Funding Agreements included a Demand Feature (as defined in the
Rule) that the Funds may exercise upon seven days' notice. On August 4,
1999, the Funds exercised their Demand Features. On August 9, 1999 the
investment ratings of General American were downgraded so that its Funding
Agreements were no longer Eligible Securities. On August 10, 1999 the
Adviser received information that General American failed to timely repay
similar funding agreements bought by other purchasers who exercised their
Demand Features. Finally, on August 10, 1999 General American requested and
received administrative supervision from the Missouri insurance commissioner,
which may constitute an Event of Insolvency, as defined by the Rule.
However, General American has publicly stated that it has sufficient assets
to fulfill its obligations (including accrued interest) and intends to do so.
As a result of these events, the Executive Committee of the Funds' Board of
Directors ("Executive Committee") convened on August 10, 1999 to discuss the
Adviser's assessment of General American's financial condition. The Adviser
indicated that a loss under the Funding Agreements was unlikely. Moreover,
the Adviser stated that there was minimal risk that, if the funding
Agreements were not paid in full, the loss would exceed the Funds' default
insurance coverage. After consideration of the Adviser's assessment of
General American's financial condition and the amount of insurance coverage
available to the Funds (including the deductible to which the Funds would be
subject), the Executive Committee determined that each Fund could continue to
use the Amortized Cost Method of valuing its shares in accordance with the
Rule. The Executive Committee therefore determined that it would be in the
best interest of the Funds' shareholders to continue to hold the Funding
Agreements.
Please contact me at (412) 288-1412 or Leslie K. Ross at (412) 288-7404 if
you would like any further information on this matter.
Very truly yours,
Federated Investment Management Company
By: /s/G. Andrew Bonnewell
G. Andrew Bonnewell
Vice President and Secretary
/jif
cc: Stephen A. Keen, Esq.
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
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
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
ITEM 77Q(e)(iv)
COPIES OF ANY NEW OR AMENDED REGISTRANT INVESTMENT
ADVISORY CONTRACTS
FEDERATED INSURANCE SERIES
SUB-ADVISORY AGREEMENT
THIS AGREEMENT is made between Federated Investment Management Company,
a Delaware business trust (hereinafter referred to as "Adviser") and
Federated Global Investment Management Corp., a Delaware corporation
having its principal place of business in New York, New York
(hereinafter referred to as the "Sub-Adviser").
WITNESSETH:
That the parties hereto, intending to be legally bound hereby
agree as follows:
1. Sub-Adviser hereby agrees to furnish to Adviser in its pacity
as investment adviser to Federated Strategic Income Fund II (the "Fund"),
a portfolio of Federated Insurance Series ("Trust"), such investment
advice, statistical and other factual information, as may from time to
time be reasonably requested by Adviser for the Fund which may be
offered in one or more classes of shares ("Classes").
2. For its services under this Agreement, Sub-Adviser shall receive
from adviser an annual fee ("the Sub-Advisory Fee"), as set forth
in the exhibits hereto. In the event that the fee due from the Trust to
the Adviser on behalf of the Fund is reduced in order to meet expense
limitations imposed on the Fund by state securities laws or regulations,
the Sub-Advisory Fee shall be reduced by one-half of said
reduction in the fee due from the Trust to the Adviser on
behalf of the Fund.
Notwithstanding any other provision of this Agreement,
the Sub-Adviser may from time to time and for such periods as it
deems appropriate, reduce its compensation (and, if appropriate, assume
expenses of the Fund or Class of the Fund) to the extent that the
Fund's expenses exceed such lower expense limitation as the
Sub-Adviser may, by notice to the Trust on behalf of the Fund,
voluntarily declare to be effective.
3. This Agreement shall begin for a Fund on the date that
the parties execute an exhibit to this Agreement relating to such Fund
and shall continue in effect for a Fund for two years from the date of its
execution and from year to year thereafter, subject to the provisions
for termination and all of the other terms and conditions hereof if
(a) such continuation shall be specifically approved at least annually by the
vote of a majority of the Trustees of the Trust, including a majority
of the Trustees who are not parties to this Agreement or interested
persons of any such party (other than as Trustees of the Trust)
cast in person at a meeting called for that purpose;
and (b) Adviser shall not have notified the Trust in writing at
least sixty (60) days prior to the anniversary date of this Agreement
in any year thereafter that it does not desire such continuation
with respect to the Fund.
4. Notwithstanding any provision in this Agreement, it may
be terminated at any time without the payment of any penalty:
(a) by the Trustees of the Trust or by a vote of a majority of the
(b) outstanding voting securities (as defined in Section 2(a)(42)
(c) of the Act) of the Fund on sixty (60) days' written notice to
(d) Sub-Adviser; or (b) by Sub-Adviser or Adviser upon 120 days'
(e) written notice to the other party to the Agreement.
5. This Agreement shall automatically terminate:
(a) in the event of its assignment (as defined in the Investment Company Act
of 1940); or
(b) in the event of termination of the Investment Advisory Contract for any
reason whatsoever.
6. So long as both Adviser and Sub-Adviser shall be legally
qualified to act as an investment adviser to the Fund, neither Adviser
nor Sub-Adviser shall act as an investment adviser (as such term is
defined in the Investment Company Act of 1940) to the Fund except
as provided herein and in the Investment Advisory Contract or in such
other manner as may be expressly agreed between Adviser and Sub-Adviser.
Provided, however, that if the Adviser or Sub-Adviser shall resign
prior to the end of any term of this Agreement or for any reason be unable
or unwilling to serve for a successive term which has been approved by the
Trustees of the Trust pursuant to the provisions of Paragraph 3 of this
Agreement or Paragraph 6 of the Investment Advisory Contract, the
remaining party, Sub-Adviser or Adviser as the case may be, shall not
be prohibited from serving as an investment adviser to such Fund by
reason of the provisions of this Paragraph 6.
7. This Agreement may be amended from time to time
by agreement of the parties hereto provided that such amendment
shall be approved both by the vote of a majority of Trustees
of the Trust, including a majority of Trustees who are not parties
to this Agreement or interested persons, as defined in Section 2(a)(19)
of the Investment Company Act of 1940, of any such party at a meeting
called for that purpose, and, where required by Section 15(a)(2)
of the Act, by the holders of a majority of the outstanding voting
securities (as defined in Section 2(a)(42) of the Investment Company
Act of 1940) of the Fund.
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
LIMITED POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, dated as of June 1, 1999,
that Federated Insurance Series, a Trust duly organized under the laws
of the Commonwealth of Massachusetts (the "Trust"), does hereby nominate,
constitute and appoint Federated Global Investment Management Corp.,
a corporation duly organized under the laws of the Delaware
(the "Subadviser"), to act hereunder as the true and lawful agent
and attorney-in-fact of the Trust, acting on behalf of each of the
series portfolios for which the Subadviser acts as investment adviser
shown on Schedule 1 attached hereto and incorporated by reference herein
(each such series portfolio being hereinafter referred to as a "Fund"
and collectively as the "Funds"), for the specific purpose of executing
and delivering all such agreements, instruments, contracts, assignments,
bond powers, stock powers, transfer instructions, receipts, waivers,
consents and other documents, and performing all such acts, as the
Subadviser may deem necessary or reasonably desirable, related to the
acquisition, disposition and/or reinvestment of the funds and assets
of a Fund of the Trust in accordance with Subadviser's supervision
of the investment, sale and reinvestment of the funds and assets
of each Fund pursuant to the authority granted to the Subadviser as
investment adviser of each Fund under that certain subadvisory
contract dated June 1, 1999 by and between the Subadviser and the
Trust (such subadvisory contract, as may be amended, supplemented
or otherwise modified from time to time is hereinafter referred to
as the "Subadvisory Contract").
The Subadviser shall exercise or omit to exercise the powers
and authorities granted herein in each case as the Subadviser in its sole
and absolute discretion deems desirable or appropriate under existing
circumstances. The Trust hereby ratifies and confirms as good and
effectual, at law or in equity, all that the Subadviser, and its officers
and employees, may do by virtue hereof. However, despite the above
provisions, nothing herein shall be construed as imposing a duty
on the Subadviser to act or assume responsibility for any matters referred
to above or other matters even though the Subadviser may have power
or authority hereunder to do so. Nothing in this Limited Power of
Attorney shall be construed (i) to be an amendment or modifications
of, or supplement to, the Subadvisory Contract, (ii) to amend, modify,
limit or denigrate any duties, obligations or liabilities of the Subadviser
under the terms of the Subadvisory Contract or (iii) exonerate, relieve
or release the Subadviser any losses, obligations, penalties, actions,
judgments and suits and other costs, expenses and disbursements of
any kind or nature whatsoever which may be imposed on, incurred
by or asserted against the Subadviser (x) under the terms of the
Subadvisory Contract or (y) at law, or in equity, for the performance
of its duties as the investment adviser of any of the Funds.
The Trust hereby agrees to indemnify and save harmless the
Subadviser and its trustees, officers and employees (each of the
foregoing an "Indemnified Party" and collectively the "Indemnified Parties")
against and from any and all losses, obligations, penalties, actions,
judgments and suits and other costs, expenses and disbursements
of any kind or nature whatsoever which may be imposed on, incurred by
or asserted against an Indemnified Party, other than as a consequence of
gross negligence or willful misconduct on the part of an Indemnified Party,
arising out of or in connection with this Limited Power of Attorney
or any other agreement, instrument or document executed in connection
with the exercise of the authority granted to the Subadviser herein to
act on behalf of the Trust, including without limitation the reasonable
costs, expenses and disbursements in connection with defending such
Indemnified Party against any claim or liability related to the exercise
or performance of any of the Subadviser's powers or duties under this
Limited Power of Attorney or any of the other agreements, instruments
or documents executed in connection with the exercise of the authority
granted to the Subadviser herein to act on behalf of the Trust,
or the taking of any action under or in connection with any of the
foregoing. The obligations of the Trust under this paragraph shall
survive the termination of this Limited Power of Attorney with respect to
actions taken by the Subadviser on behalf of the Trust during the term of
this Limited Power of Attorney. No Fund shall have any joint or several
obligation with any other Fund to reimburse or indemnify an Indemnified
Party for any action, event, matter or occurrence performed or omitted by
or on behalf of the Subadviser in its capacity as agent or
attorney-in-fact of Trust acting on behalf of any other Fund hereunder.
Any person, partnership, Trust or other legal entity dealing
with the Subadviser in its capacity as attorney-in-fact hereunder for
the Trust is hereby expressly put on notice that the Subadviser is acting
solely in the capacity as an agent of the Trust and that any such person,
partnership, Trust or other legal entity must look solely to the Trust
in question for enforcement of any claim against the Trust, as the
Subadviser assumes no personal liability whatsoever for obligations
of the Trust entered into by the Subadviser in its capacity as
attorney-in-fact for the Trust.
Each person, partnership, Trust or other legal entity which
deals with a Fund of the Trust through the Subadviser in its capacity
as agent and attorney-in-fact of the Trust, is hereby expressly put on
notice (i) that all persons or entities dealing with the Trust must look
solely to the assets of the Fund of the Trust on whose behalf the
Subadviser is acting pursuant to its powers hereunder for enforcement
of any claim against the Trust, as the Directors, officers and/or
agents of such Trust, the shareholders of the various classes
of shares of the Trust and the other Funds of the Trust assume no
personal liability whatsoever for obligations entered into on behalf
of such Fund of the Trust, and (ii) that the rights, liabilities and
obligations of any one Fund are separate and distinct from those
of any other Fund of the Trust.
The execution of this Limited Power of Attorney by the
Trust acting on behalf of the several Funds shall not be deemed to
evidence the existence of any express or implied joint undertaking
or appointment by and among any or all of the Funds. Liability for
or recourse under or upon any undertaking of the Subadviser
pursuant to the power or authority granted to the Subadviser
under this Limited Power of Attorney under any rule of law,
statute or constitution or by the enforcement of any assessment
or penalty or by legal or equitable proceedings or otherwise
shall be limited only to the assets of the Fund of the Trust
on whose behalf the Subadviser was acting pursuant to
the authority granted hereunder.
The Trust hereby agrees that no person, partnership,
Trust or other legal entity dealing with the Subadviser shall be
bound to inquire into the Subadviser's power and authority hereunder
and any such person, partnership, Trust or other legal entity shall be
fully protected in relying on such power or authority unless such person,
partnership, Trust or other legal entity has received prior written
notice from the Trust that this Limited Power of Attorney has been
revoked. This Limited Power of Attorney shall be revoked and
terminated automatically upon the cancellation or termination
of the Subadvisory Contract between the Trust and the Subadviser.
Except as provided in the immediately preceding sentence, the powers
and authorities herein granted may be revoked or terminated by the
Trust at any time provided that no such revocation or termination
shall be effective until the Subadviser has received actual notice
of such revocation or termination in writing from the Trust.
This Limited Power of Attorney constitutes the entire agreement
between the Trust and the Subadviser, may be changed only by a writing
signed by both of them, and shall bind and benefit their respective
successors and assigns; provided, however, the Subadviser shall
have no power or authority hereunder to appoint a successor or
substitute attorney in fact for the Trust.
This Limited Power of Attorney shall be governed and construed
in accordance with the laws of the Commonwealth of Pennsylvania without
reference to principles of conflicts of laws. If any provision hereof,
or any power or authority conferred upon the Subadviser herein,
would be invalid or unexercisable under applicable law, then such
provision, power or authority shall be deemed modified to the extent
necessary to render it valid or exercisable while most nearly preserving
its original intent, and no provision hereof, or power or authority
conferred upon the Subadviser herein, shall be affected by the invalidity
or the non-exercisability of another provision hereof, or of another
power or authority conferred herein.
This Limited Power of Attorney may be executed in as many
identical counterparts as may be convenient and by the different parties
hereto on separate counterparts. This Limited Power of Attorney shall
become binding on the Trust when the Trust shall have executed at least
one counterpart and the Subadviser shall have accepted its appointment
by executing this Limited Power of Attorney. Immediately after the
execution of a counterpart original of this Limited Power of Attorney
and solely for the convenience of the parties hereto, the Trust and the
Subadviser will execute sufficient counterparts so that the Subadviser
shall have a counterpart executed by it and the Trust, and the Trust
shall have a counterpart executed by the Trust and the Subadviser.
Each counterpart shall be deemed an original and all such taken
together shall constitute but one and the same instrument, and it shall
not be necessary in making proof of this Limited Power of Attorney
to produce or account for more than one such counterpart.
IN WITNESS WHEREOF, the Trust has caused this Limited
Power of Attorney to be executed by its duly authorized officer
as of the date first written above.
FEDERATED INSURANCE SERIES
By: /s/ Richard B. Fisher
Name: Richard B. Fisher
Title: Vice President
Accepted and agreed to June 1, 1999
FEDERATED GLOBAL INVESTMENT
MANAGEMENT CORP.
By: /s/ J. Christopher Donahue
Name: J. Christopher Donahue
Title: President
Schedule 1
to Limited Power of Attorney
dated as of June 1, 1999
by Federated Insurance
(the Trust "), acting on
behalf of each of the series portfolios
listed below, and appointing
Federated Global Investment Management Corp.
the attorney-in-fact of the
Trust
List of Series Portfolios
Federated Strategic Income Fund II
INDEPENDENT AUDITORS' REPORT
To The Board of Trustees and Shareholders of Federated Insurance Series:
In planning and performing our audit of the financial statements of Federated
Insurance Series (the "Trust") (comprised of the following portfolios:
Federated American Leaders Fund II, Federated International Equity Fund II,
Federated Equity Income Fund II, Federated High Income Bond Fund II,
Federated Strategic Income Fund II, Federated Quality Bond Fund II, Federated
Growth Strategies Fund II, Federated Utility Fund II and Federated Small Cap
Strategies Fund II (on which we have issued our report dated February 11,
2000) and Federated Fund for US Government Securities II and Federated Prime
Money Fund II (on which we have issued our report dated January 28, 2000)),
for the year ended December 31, 1999 we considered its internal control,
including control activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion
on the financial statements and to comply with the requirements of
Form N-SAR, and not to provide assurance on the Trust's internal control.
The management of the Trust is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments
by management are required to assess the expected benefits and related costs
of controls. Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those controls include the safeguarding of assets
against unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the Trust's internal control would not necessarily
disclose all matters in internal control that might be material weaknesses
under standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not
reduce to a relatively low level the risk that errors or fraud in amounts
that would be material in relation to the financial statements being audited
may occur and not be detected within a timely period by employees in the
normal course of performing their assigned functions. However, we noted no
matters involving the Trust's internal control and its operation,
including controls for safeguarding securities, that we consider to be
material weaknesses as defined above as of December 31, 1999.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission and is not intended to be and should
not be used by anyone other than these specified parties.
DELOITTE & TOUCHE LLP
Boston, Massachusestts
February 11, 2000
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
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-END> Dec-31-1999
<INVESTMENTS-AT-COST> 400,140,172
<INVESTMENTS-AT-VALUE> 477,955,628
<RECEIVABLES> 1,946,450
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 540
<TOTAL-ASSETS> 479,902,618
<PAYABLE-FOR-SECURITIES> 2,430,188
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 46,388
<TOTAL-LIABILITIES> 2,476,576
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 382,634,562
<SHARES-COMMON-STOCK> 22,931,011
<SHARES-COMMON-PRIOR> 19,292,682
<ACCUMULATED-NII-CURRENT> 4,318,672
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,657,352
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 77,815,456
<NET-ASSETS> 477,426,042
<DIVIDEND-INCOME> 7,911,333
<INTEREST-INCOME> 401,817
<OTHER-INCOME> 0
<EXPENSES-NET> (3,982,419)
<NET-INVESTMENT-INCOME> 4,330,731
<REALIZED-GAINS-CURRENT> 13,177,434
<APPREC-INCREASE-CURRENT> 10,004,857
<NET-CHANGE-FROM-OPS> 27,513,022
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,909,272)
<DISTRIBUTIONS-OF-GAINS> (39,204,562)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,640,732
<NUMBER-OF-SHARES-REDEEMED> (5,132,532)
<SHARES-REINVESTED> 2,130,129
<NET-CHANGE-IN-ASSETS> 59,241,323
<ACCUMULATED-NII-PRIOR> 3,897,213
<ACCUMULATED-GAINS-PRIOR> 38,684,480
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,393,514
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,993,329
<AVERAGE-NET-ASSETS> 452,468,518
<PER-SHARE-NAV-BEGIN> 21.680
<PER-SHARE-NII> 0.190
<PER-SHARE-GAIN-APPREC> 1.190
<PER-SHARE-DIVIDEND> (0.200)
<PER-SHARE-DISTRIBUTIONS> (2.040)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 20.820
<EXPENSE-RATIO> 0.88
[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>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-END> Dec-31-1999
<INVESTMENTS-AT-COST> 68,857,062
<INVESTMENTS-AT-VALUE> 88,521,652
<RECEIVABLES> 172,936
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,210
<TOTAL-ASSETS> 88,696,798
<PAYABLE-FOR-SECURITIES> 1,033,903
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 43,715
<TOTAL-LIABILITIES> 1,077,618
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 68,717,939
<SHARES-COMMON-STOCK> 5,381,787
<SHARES-COMMON-PRIOR> 4,063,243
<ACCUMULATED-NII-CURRENT> 1,001,433
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (1,764,782)
<ACCUM-APPREC-OR-DEPREC> 19,664,590
<NET-ASSETS> 87,619,180
<DIVIDEND-INCOME> 1,407,568
<INTEREST-INCOME> 234,885
<OTHER-INCOME> 0
<EXPENSES-NET> (639,691)
<NET-INVESTMENT-INCOME> 1,002,762
<REALIZED-GAINS-CURRENT> (1,715,760)
<APPREC-INCREASE-CURRENT> 12,941,056
<NET-CHANGE-FROM-OPS> 12,228,058
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (939,566)
<DISTRIBUTIONS-OF-GAINS> (760,548)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,773,765
<NUMBER-OF-SHARES-REDEEMED> (574,863)
<SHARES-REINVESTED> 119,642
<NET-CHANGE-IN-ASSETS> 19,592,230
<ACCUMULATED-NII-PRIOR> 938,787
<ACCUMULATED-GAINS-PRIOR> 710,974
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 508,829
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 776,705
<AVERAGE-NET-ASSETS> 67,843,814
<PER-SHARE-NAV-BEGIN> 14.150
<PER-SHARE-NII> 0.220
<PER-SHARE-GAIN-APPREC> 2.320
<PER-SHARE-DIVIDEND> (0.230)
<PER-SHARE-DISTRIBUTIONS> (0.180)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 16.280
<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> 07
<NAME> Federated Growth Strategies Fund II
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-END> Dec-31-1999
<INVESTMENTS-AT-COST> 79,317,852
<INVESTMENTS-AT-VALUE> 134,421,651
<RECEIVABLES> 550,723
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,571
<TOTAL-ASSETS> 134,974,945
<PAYABLE-FOR-SECURITIES> 2,255,091
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 156,546
<TOTAL-LIABILITIES> 2,411,637
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 67,030,450
<SHARES-COMMON-STOCK> 4,292,241
<SHARES-COMMON-PRIOR> 3,503,599
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10,429,059
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 55,103,799
<NET-ASSETS> 132,563,308
<DIVIDEND-INCOME> 266,245
<INTEREST-INCOME> 119,662
<OTHER-INCOME> 0
<EXPENSES-NET> (697,499)
<NET-INVESTMENT-INCOME> (311,592)
<REALIZED-GAINS-CURRENT> 14,437,134
<APPREC-INCREASE-CURRENT> 37,434,197
<NET-CHANGE-FROM-OPS> 51,559,739
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,155,396
<NUMBER-OF-SHARES-REDEEMED> (366,754)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 69,816,631
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (3,696,483)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 614,994
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 862,301
<AVERAGE-NET-ASSETS> 81,999,267
<PER-SHARE-NAV-BEGIN> 17.910
<PER-SHARE-NII> (0.070)
<PER-SHARE-GAIN-APPREC> 13.040
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 30.880
<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> 04
<NAME> Federated High Income Bond Fund II
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-END> Dec-31-1999
<INVESTMENTS-AT-COST> 255,749,829
<INVESTMENTS-AT-VALUE> 234,788,672
<RECEIVABLES> 4,558,894
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 2,713
<TOTAL-ASSETS> 239,350,279
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 261,813
<TOTAL-LIABILITIES> 261,813
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 241,198,154
<SHARES-COMMON-STOCK> 23,338,453
<SHARES-COMMON-PRIOR> 19,443,099
<ACCUMULATED-NII-CURRENT> 20,722,783
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,871,314)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (20,961,157)
<NET-ASSETS> 239,088,466
<DIVIDEND-INCOME> 892,330
<INTEREST-INCOME> 21,883,223
<OTHER-INCOME> 0
<EXPENSES-NET> (1,800,856)
<NET-INVESTMENT-INCOME> 20,974,697
<REALIZED-GAINS-CURRENT> (1,765,588)
<APPREC-INCREASE-CURRENT> (13,913,922)
<NET-CHANGE-FROM-OPS> 5,295,187
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (17,123,350)
<DISTRIBUTIONS-OF-GAINS> (1,456,394)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18,623,857
<NUMBER-OF-SHARES-REDEEMED> (16,532,486)
<SHARES-REINVESTED> 1,803,983
<NET-CHANGE-IN-ASSETS> 26,798,230
<ACCUMULATED-NII-PRIOR> 16,871,436
<ACCUMULATED-GAINS-PRIOR> 1,350,668
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,369,582
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,800,856
<AVERAGE-NET-ASSETS> 228,263,726
<PER-SHARE-NAV-BEGIN> 10.920
<PER-SHARE-NII> 0.880
<PER-SHARE-GAIN-APPREC> (0.630)
<PER-SHARE-DIVIDEND> (0.860)
<PER-SHARE-DISTRIBUTIONS> (0.070)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.240
<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> 12-MOS
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-END> Dec-31-1999
<INVESTMENTS-AT-COST> 63,443,978
<INVESTMENTS-AT-VALUE> 102,901,977
<RECEIVABLES> 3,387,703
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 356,484
<TOTAL-ASSETS> 106,646,164
<PAYABLE-FOR-SECURITIES> 1,418,206
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 127,656
<TOTAL-LIABILITIES> 1,545,862
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 48,248,918
<SHARES-COMMON-STOCK> 3,802,920
<SHARES-COMMON-PRIOR> 3,397,889
<ACCUMULATED-NII-CURRENT> (204,929)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 17,609,548
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 39,446,765
<NET-ASSETS> 105,100,302
<DIVIDEND-INCOME> 493,047
<INTEREST-INCOME> 74,314
<OTHER-INCOME> 0
<EXPENSES-NET> 775,063
<NET-INVESTMENT-INCOME> (207,702)
<REALIZED-GAINS-CURRENT> 17,756,256
<APPREC-INCREASE-CURRENT> 28,576,156
<NET-CHANGE-FROM-OPS> 46,124,710
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1,537,970)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 925,916
<NUMBER-OF-SHARES-REDEEMED> (620,753)
<SHARES-REINVESTED> 99,868
<NET-CHANGE-IN-ASSETS> 52,791,944
<ACCUMULATED-NII-PRIOR> (102,789)
<ACCUMULATED-GAINS-PRIOR> 1,496,824
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 617,878
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,059,170
<AVERAGE-NET-ASSETS> 61,787,795
<PER-SHARE-NAV-BEGIN> 15.390
<PER-SHARE-NII> (0.020)
<PER-SHARE-GAIN-APPREC> 12.720
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> (0.450)
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 27.640
<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> 05
<NAME> Federated Prime Money Fund II
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-END> Dec-31-1999
<INVESTMENTS-AT-COST> 191,352,643
<INVESTMENTS-AT-VALUE> 191,352,643
<RECEIVABLES> 3,599,800
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 47,413
<TOTAL-ASSETS> 194,999,856
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,130,117
<TOTAL-LIABILITIES> 1,130,117
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 193,869,739
<SHARES-COMMON-STOCK> 193,869,739
<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> 193,869,739
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,436,244
<OTHER-INCOME> 0
<EXPENSES-NET> (1,014,786)
<NET-INVESTMENT-INCOME> 6,421,458
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6,421,458
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6,421,458)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 594,965,372
<NUMBER-OF-SHARES-REDEEMED> (510,605,822)
<SHARES-REINVESTED> 6,413,607
<NET-CHANGE-IN-ASSETS> 90,773,157
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 699,793
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,014,786
<AVERAGE-NET-ASSETS> 139,625,531
<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> 0.73
[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> Dec-31-1999
<INVESTMENTS-AT-COST> 18,578,285
<INVESTMENTS-AT-VALUE> 18,281,752
<RECEIVABLES> 367,895
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 3,779
<TOTAL-ASSETS> 18,653,426
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31,165
<TOTAL-LIABILITIES> 31,165
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,644,540
<SHARES-COMMON-STOCK> 1,899,687
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 345,107
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (70,853)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (296,533)
<NET-ASSETS> 18,622,261
<DIVIDEND-INCOME> 6,250
<INTEREST-INCOME> 376,914
<OTHER-INCOME> 0
<EXPENSES-NET> (38,057)
<NET-INVESTMENT-INCOME> 345,107
<REALIZED-GAINS-CURRENT> (70,853)
<APPREC-INCREASE-CURRENT> (296,533)
<NET-CHANGE-FROM-OPS> (22,279)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,328,653
<NUMBER-OF-SHARES-REDEEMED> (428,966)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 18,622,261
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 33,575
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 197,098
<AVERAGE-NET-ASSETS> 8,311,011
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.180
<PER-SHARE-GAIN-APPREC> (0.380)
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.800
<EXPENSE-RATIO> 0.68
[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> 10
<NAME> Federated Small Cap Strategies Fund II
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-END> Dec-31-1999
<INVESTMENTS-AT-COST> 2,215,956
<INVESTMENTS-AT-VALUE> 2,721,658
<RECEIVABLES> 665
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 5,995
<TOTAL-ASSETS> 2,728,318
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 25,877
<TOTAL-LIABILITIES> 25,877
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,036,606
<SHARES-COMMON-STOCK> 194,323
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 160,133
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 505,702
<NET-ASSETS> 2,702,441
<DIVIDEND-INCOME> 5,767
<INTEREST-INCOME> 4,252
<OTHER-INCOME> 0
<EXPENSES-NET> (11,952)
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[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> 011
<NAME> Federated Strategic Income Fund II
<S> <C>
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<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-END> Dec-31-1999
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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> 02
<NAME> FEDERATED UTILITY FUND II
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-END> Dec-31-1999
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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> 03
<NAME> Federated Fund for U.S. Government Securities II
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Dec-31-1999
<PERIOD-END> Dec-31-1999
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<SHARES-REINVESTED> 526,121
<NET-CHANGE-IN-ASSETS> 22,387,196
<ACCUMULATED-NII-PRIOR> 4,672,616
<ACCUMULATED-GAINS-PRIOR> 919,156
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 744,490
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,047,799
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<PER-SHARE-NAV-BEGIN> 11.150
<PER-SHARE-NII> 0.510
<PER-SHARE-GAIN-APPREC> (0.570)
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<PER-SHARE-NAV-END> 10.560
<EXPENSE-RATIO> 0.84
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
