<PAGE> PAGE 1
000 A000000 12/31/94
000 C000000 703485
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 IMG LIQUID ASSETS FUND, INC.
001 B000000 811-3490
001 C000000 5152445426
002 A000000 418 6TH AVE., STE 720
002 B000000 DES MOINES
002 C000000 IA
002 D010000 50309
002 D020000 2439
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
008 A000001 INVESTORS MANAGEMENT GROUP, LTD.
008 B000001 A
008 C000001 801-0902J
008 D010001 DES MOINES
008 D020001 IA
008 D030001 50309
008 D040001 2439
010 A000001 INVESTORS MANAGEMENT GROUP, LTD.
<PAGE> PAGE 2
010 B000001 801902J
010 C010001 DES MOINES
010 C020001 IA
010 C030001 50309
010 C040001 2439
011 A000001 IMG FINANCIAL SERVICES, INC.
011 B000001 8-010902J
011 C010001 DES MOINES
011 C020001 IA
011 C030001 50309
011 C040001 2439
012 A000001 INVESTORS MANAGEMENT GROUP, LTD.
012 B000001 84-01580
012 C010001 DES MOINES
012 C020001 IA
012 C030001 50309
012 C040001 2439
013 A000001 KPMG PEAT MARWICK LLP
013 B010001 DES MOINES
013 B020001 IA
013 B030001 50309
014 A000001 IMG FINANCIAL SERVICES, INC.
014 B000001 8-010902J
015 A000001 HAWKEYE BANK OF DES MOINES
015 B000001 C
015 C010001 DES MOINES
015 C020001 IA
015 C030001 50307
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 2
019 C000000 INVESTORSM
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 JP MORGAN
022 B000001 13-3224016
022 C000001 1371148
022 D000001 0
022 A000002 MERRILL LYNCH CAPITAL MARKETS
022 B000002 13-5674085
022 C000002 444783
<PAGE> PAGE 3
022 D000002 2000
022 A000003 PRUDENTIAL SECURITIES
022 B000003 22-2347336
022 C000003 240098
022 D000003 0
022 A000004 SMITH BARNEY SHEARSON
022 B000004 13-2919773
022 C000004 22500
022 D000004 0
022 A000005 HAWKEYE TRUST DES MOINES
022 B000005 42-0167390
022 C000005 7490
022 D000005 3500
022 A000006 FIRST BOSTON
022 B000006 13-5659485
022 C000006 6000
022 D000006 3000
022 A000007 MABSCO TRUST
022 B000007 42-6502584
022 C000007 7513
022 D000007 0
022 A000008 CARROLL, MC ENTEE & MC GINLEY
022 B000008 13-650272
022 C000008 6000
022 D000008 0
022 A000009 GRIFFIN KUBIK
022 B000009 36-3083013
022 C000009 1450
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 2106982
023 D000000 8500
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
<PAGE> PAGE 4
027 000000 Y
028 A010000 80708
028 A020000 1
028 A030000 0
028 A040000 75222
028 B010000 80283
028 B020000 1
028 B030000 0
028 B040000 89895
028 C010000 97713
028 C020000 5
028 C030000 0
028 C040000 83065
028 D010000 100299
028 D020000 5
028 D030000 0
028 D040000 99858
028 E010000 84748
028 E020000 6
028 E030000 0
028 E040000 83122
028 F010000 106583
028 F020000 7
028 F030000 0
028 F040000 88594
028 G010000 550334
028 G020000 25
028 G030000 0
028 G040000 519756
028 H000000 0
029 000000 N
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
034 000000 N
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 7
042 D000000 0
042 E000000 0
<PAGE> PAGE 5
042 F000000 93
042 G000000 0
042 H000000 0
043 000000 563
044 000000 6
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.000
048 A010000 200000
048 A020000 0.250
048 B010000 100000
048 B020000 0.240
048 C010000 100000
048 C020000 0.230
048 D010000 100000
048 D020000 0.220
048 E010000 100000
048 E020000 0.210
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 600000
048 K020000 0.200
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 N
054 I000000 Y
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
<PAGE> PAGE 6
054 N000000 N
054 O000000 Y
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 250
062 A000000 Y
062 B000000 3.5
062 C000000 80.8
062 D000000 15.3
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.4
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 40
063 B000000 0.0
064 A000000 Y
064 B000000 N
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 N
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 N
070 F020000 N
070 G010000 N
<PAGE> PAGE 7
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 N
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 0
071 B000000 0
071 C000000 148787
071 D000000 0
072 A000000 6
072 B000000 4034
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 170
072 G000000 26
072 H000000 0
072 I000000 17
072 J000000 91
072 K000000 1
072 L000000 5
072 M000000 8
072 N000000 2
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 6
072 S000000 2
072 T000000 563
072 U000000 0
072 V000000 0
072 W000000 2
072 X000000 893
<PAGE> PAGE 8
072 Y000000 0
072 Z000000 3141
072AA000000 0
072BB000000 0
072CC010000 0
072CC020000 0
072DD010000 3141
072DD020000 0
072EE000000 0
073 A010000 0.0419
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 26308
074 C000000 143820
074 D000000 0
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 2304
074 M000000 0
074 N000000 172432
074 O000000 0
074 P000000 40
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 797
074 S000000 0
074 T000000 171595
074 U010000 171595
074 U020000 0
074 V010000 1.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 2357
074 Y000000 0
075 A000000 148787
075 B000000 0
076 000000 0.00
077 A000000 N
078 000000 N
080 A000000 FIDELITY & DEPOSIT COMPANY OF MARYLAND
080 C000000 3150
081 A000000 Y
<PAGE> PAGE 9
081 B000000 10
082 A000000 Y
082 B000000 20
083 A000000 N
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 N
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE RUTH PROCHASKA
TITLE CONTROLLER
