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<PAGE> PAGE 5
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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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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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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055 A000500 Y
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057 000500 N
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<PAGE> PAGE 23
062 D000500 13.1
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062 P000500 88.8
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064 A000500 N
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
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069 000500 N
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070 A020500 Y
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070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 Y
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070 K020500 N
070 L010500 N
070 L020500 N
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<PAGE> PAGE 24
070 N020500 N
070 O010500 Y
070 O020500 N
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070 P020500 Y
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070 Q020500 N
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071 A000500 4498
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
062 C000600 0.0
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<PAGE> PAGE 28
070 L010600 Y
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<PAGE> PAGE 29
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SIGNATURE S. ELLIOTT COHAN
TITLE GEN. ASST. COUNSEL
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> Insurance Management Series
Corporate Bond Fund
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 128,010
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<SHARES-REINVESTED> 13,573
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> Insurance Management Series
Equity Growth & Income Fund
<PERIOD-TYPE> 6-MOS
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<PERIOD-END> Jun-30-1995
<INVESTMENTS-AT-COST> 13,374,225
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<PAID-IN-CAPITAL-COMMON> 13,526,665
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (33,734)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 960,986
<NET-ASSETS> 14,456,703
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<INTEREST-INCOME> 40,590
<OTHER-INCOME> 0
<EXPENSES-NET> 28,486
<NET-INVESTMENT-INCOME> 85,406
<REALIZED-GAINS-CURRENT> (19,546)
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<NET-CHANGE-FROM-OPS> 1,028,197
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<DISTRIBUTIONS-OF-INCOME> 83,117
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,225,431
<NUMBER-OF-SHARES-REDEEMED> 198,046
<SHARES-REINVESTED> 7,566
<NET-CHANGE-IN-ASSETS> 12,056,673
<ACCUMULATED-NII-PRIOR> 495
<ACCUMULATED-GAINS-PRIOR> (14,187)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 25,097
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 145,210
<AVERAGE-NET-ASSETS> 6,749,372
<PER-SHARE-NAV-BEGIN> 9.740
<PER-SHARE-NII> 0.100
<PER-SHARE-GAIN-APPREC> 1.540
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<PER-SHARE-NAV-END> 11.280
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> Insurance Management Series
U.S. Government Bond Fund
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Dec-31-1995
<PERIOD-END> Jun-30-1995
<INVESTMENTS-AT-COST> 3,982,238
<INVESTMENTS-AT-VALUE> 3,982,238
<RECEIVABLES> 48,161
<ASSETS-OTHER> 4,056
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<OTHER-ITEMS-LIABILITIES> 305
<TOTAL-LIABILITIES> 305
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,033,423
<SHARES-COMMON-STOCK> 403,629
<SHARES-COMMON-PRIOR> 124,552
<ACCUMULATED-NII-CURRENT> 733
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (6)
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 4,034,150
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 68,682
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<NET-INVESTMENT-INCOME> 59,363
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<APPREC-INCREASE-CURRENT> 0
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<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 353,954
<NUMBER-OF-SHARES-REDEEMED> 80,280
<SHARES-REINVESTED> 5,403
<NET-CHANGE-IN-ASSETS> 2,790,386
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (6)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,979
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 137,365
<AVERAGE-NET-ASSETS> 2,375,403
<PER-SHARE-NAV-BEGIN> 9.990
<PER-SHARE-NII> 0.240
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.240
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.990
<EXPENSE-RATIO> 80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> Insurance Management Series
Prime Money Fund
<PERIOD-TYPE> 1-MO
<FISCAL-YEAR-END> Dec-31-1994
<PERIOD-END> Dec-31-1994
<INVESTMENTS-AT-COST> 570,731
<INVESTMENTS-AT-VALUE> 570,731
<RECEIVABLES> 7
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 570,738
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18,470
<TOTAL-LIABILITIES> 18,470
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 552,268
<SHARES-COMMON-STOCK> 552,268
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 552,268
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,909
<OTHER-INCOME> 0
<EXPENSES-NET> 460
<NET-INVESTMENT-INCOME> 2,449
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2,449
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,449
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,276,510
<NUMBER-OF-SHARES-REDEEMED> 726,733
<SHARES-REINVESTED> 2,491
<NET-CHANGE-IN-ASSETS> 552,268
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 287
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 41,695
<AVERAGE-NET-ASSETS> 511,724
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.010
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<EXPENSE-RATIO> 80
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> Insurance Management Series
Utility Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Dec-31-1995
<PERIOD-END> Jun-30-1995
<INVESTMENTS-AT-COST> 9,884,041
<INVESTMENTS-AT-VALUE> 10,175,035
<RECEIVABLES> 178,400
<ASSETS-OTHER> 5,543
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 10,358,978
<PAYABLE-FOR-SECURITIES> 102,901
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 102,901
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,963,294
<SHARES-COMMON-STOCK> 1,031,686
<SHARES-COMMON-PRIOR> 104,906
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,789
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 290,994
<NET-ASSETS> 10,256,077
<DIVIDEND-INCOME> 103,786
<INTEREST-INCOME> 34,494
<OTHER-INCOME> 0
<EXPENSES-NET> 20,996
<NET-INVESTMENT-INCOME> 117,284
<REALIZED-GAINS-CURRENT> 12,670
<APPREC-INCREASE-CURRENT> 299,012
<NET-CHANGE-FROM-OPS> 428,966
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 117,596
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 964,845
<NUMBER-OF-SHARES-REDEEMED> 49,990
<SHARES-REINVESTED> 11,925
<NET-CHANGE-IN-ASSETS> 9,281,907
<ACCUMULATED-NII-PRIOR> 16
<ACCUMULATED-GAINS-PRIOR> (10,881)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 18,496
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 144,557
<AVERAGE-NET-ASSETS> 5,070,605
<PER-SHARE-NAV-BEGIN> 9.290
<PER-SHARE-NII> 0.220
<PER-SHARE-GAIN-APPREC> 0.650
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<PER-SHARE-NAV-END> 9.940
<EXPENSE-RATIO> 85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> Insurance Management Series
International Stock Fund
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Dec-31-1995
<PERIOD-END> Jun-30-1995
<INVESTMENTS-AT-COST> 270,000
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</TABLE>
