INSURANCE MANAGEMENT SERIES
NSAR-B, 1995-03-01
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<PAGE>      PAGE  1
000 B000000 12/31/94
000 C000000 0000912577
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 INSURANCE MANAGEMENT SERIES
001 B000000 811-8042
001 C000000 4122881412
002 A000000 FEDERATED INVESTORS TOWER
002 B000000 PITTSBURGH
002 C000000 PA
002 D010000 15222
002 D020000 3779
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  5
007 C010100  1
007 C020100 EQUITY GROWTH AND INCOME FUND
007 C030100 N
007 C010200  2
007 C020200 UTILITY FUND
007 C030200 N
007 C010300  3
007 C020300 PRIME MONEY FUND
007 C030300 N
007 C010400  4
007 C020400 U.S. GOVERNMENT BOND FUND
007 C030400 N
007 C010500  5
007 C020500 CORPORATE BOND FUND
007 C030500 N
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 FEDERATED ADVISERS
008 B00AA01 A
008 C00AA01 801-34612
008 D01AA01 PITTSBURGH
008 D02AA01 PA
008 D03AA01 15222
008 D04AA01 3779
010 A00AA01 FEDERATED ADMINISTRATIVE SERVICES
<PAGE>      PAGE  2
010 C01AA01 PITTSBURGH
010 C02AA01 PA
010 C03AA01 15222
010 C04AA01 3779
011 A00AA01 FEDERATED SECURITIES CORP.
011 B00AA01 8-15561
011 C01AA01 PITTSBURGH
011 C02AA01 PA
011 C03AA01 15222
011 C04AA01 3779
012 A00AA01 FEDERATED SERVICES COMPANY
012 B00AA01 84-1869
012 C01AA01 PITTSBURGH
012 C02AA01 PA
012 C03AA01 15222
012 C04AA01 3779
013 A00AA01 DELOITTE & TOUCHE LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02110
013 B04AA01 1617
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02266
015 C04AA01 8604
015 E01AA01 X
018  00AA00 Y
019 A00AA00 N
019 B00AA00    0
020 A000001 AUTRANET, INC.
020 B000001 13-2961507
020 C000001      3
020 A000002 BRIDGE TRADING COMPANY
020 B000002 43-1450530
020 C000002      2
020 A000003 JANNEY MONTGOMERY SCOTT, INC.
020 B000003 23-0731260
020 C000003      1
020 C000004      0
020 C000005      0
020 C000006      0
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000        6
022 A000001 MORGAN GUARANTY TRUST CO. OF NEW YORK
022 B000001 13-5123346
022 C000001     66653
<PAGE>      PAGE  3
022 D000001         0
022 A000002 J.P. MORGAN SECURITIES, INC.
022 B000002 13-3224016
022 C000002     31990
022 D000002      9345
022 A000003 WARBURG SECURITIES
022 B000003 13-3340045
022 C000003      6601
022 D000003         0
022 A000004 LEHMAN BROTHERS, INC.
022 B000004 13-2518466
022 C000004      2610
022 D000004       478
022 A000005 SMITH BARNEY, INC.
022 B000005 13-1912900
022 C000005      2005
022 D000005        50
022 A000006 AUTRANET, INC.
022 B000006 13-2961507
022 C000006      1414
022 D000006       133
022 A000007 AUTOMATED GOVERNMENT MONEY TRUST
022 B000007 25-6232611
022 C000007      1500
022 D000007         0
022 A000008 BRIDGE TRADING COMPANY
022 B000008 43-1450530
022 C000008      1216
022 D000008        68
022 A000009 B.T. SECURITIES CORP.
022 B000009 13-4941247
022 C000009      1114
022 D000009         0
022 A000010 HARRIS GOVERNMENT SECURITIES, INC.
022 B000010 36-3581722
022 C000010       844
022 D000010         0
023 C000000     121574
023 D000000      10621
026 A000000 Y
026 B000000 Y
026 C000000 Y
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026 E000000 Y
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027  000000 Y
054 A00AA00 N
054 B00AA00 N
<PAGE>      PAGE  4
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
077 A000000 Y
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077 D000000 N
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077 F000000 N
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077 H000000 N
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077 N000000 N
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077 P000000 N
077 Q010000 N
077 Q020000 N
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080 A00AA00 THE AETNA CASUALTY AND SURETY COMPANY
080 B00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00    95000
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085 A00AA00 Y
085 B00AA00 N
024  000100 Y
025 A000101 DEAN WITTER DISCOVER
025 C000101 E
025 D000101      34
025 A000102 TRAVELERS INC.
<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
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070 K020100 Y
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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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037  000200 N
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039  000200 N
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049  000200 N
050  000200 N
051  000200 N
052  000200 N
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053 C000200 N
055 A000200 Y
055 B000200 N
056  000200 N
<PAGE>      PAGE  11
057  000200 N
058 A000200 N
059  000200 Y
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066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 N
066 E000200 N
066 F000200 Y
066 G000200 N
067  000200 N
068 A000200 N
068 B000200 N
069  000200 N
070 A010200 Y
070 A020200 Y
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070 D010200 N
070 D020200 N
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070 E020200 N
070 F010200 Y
070 F020200 N
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<PAGE>      PAGE  12
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 Y
070 K010200 N
070 K020200 N
070 L010200 Y
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070 M020200 N
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070 N020200 N
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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
070 A010300 Y
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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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053 C000400 N
055 A000400 N
055 B000400 N
056  000400 N
057  000400 N
058 A000400 N
059  000400 Y
060 A000400 Y
060 B000400 Y
061  000400        0
062 A000400 Y
062 B000400 100.5
062 C000400   0.0
062 D000400   0.0
062 E000400   0.0
062 F000400   0.0
062 G000400   0.0
062 H000400   0.0
062 I000400   0.0
062 J000400   0.0
062 K000400   0.0
<PAGE>      PAGE  20
062 L000400   0.0
062 M000400   0.0
062 N000400   0.0
062 O000400   0.0
062 P000400   0.0
062 Q000400   0.0
062 R000400   0.0
063 A000400   5
063 B000400  0.0
064 A000400 N
064 B000400 N
066 A000400 N
067  000400 N
068 A000400 N
068 B000400 N
069  000400 N
070 A010400 Y
070 A020400 Y
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 Y
070 Q010400 N
070 Q020400 N
070 R010400 N
<PAGE>      PAGE  21
070 R020400 N
071 A000400         0
071 B000400         0
071 C000400         0
071 D000400    0
072 A000400 12
072 B000400       21
072 C000400        0
072 D000400        0
072 E000400        0
072 F000400        3
072 G000400       63
072 H000400        0
072 I000400        4
072 J000400       55
072 K000400        0
072 L000400       11
072 M000400        0
072 N000400        1
072 O000400        0
072 P000400        0
072 Q000400        0
072 R000400        0
072 S000400        1
072 T000400        0
072 U000400        0
072 V000400        0
072 W000400        7
072 X000400      145
072 Y000400      143
072 Z000400       19
072AA000400        0
072BB000400        0
072CC010400        0
072CC020400        0
072DD010400       19
072DD020400        0
072EE000400        0
073 A010400   0.2700
073 A020400   0.0000
073 B000400   0.0000
073 C000400   0.0000
074 A000400        6
074 B000400        0
074 C000400     1250
074 D000400        0
074 E000400        0
074 F000400        0
074 G000400        0
074 H000400        0
074 I000400        0
<PAGE>      PAGE  22
074 J000400        0
074 K000400        0
074 L000400        3
074 M000400        0
074 N000400     1259
074 O000400        0
074 P000400        0
074 Q000400        0
074 R010400        0
074 R020400        0
074 R030400        0
074 R040400       15
074 S000400        0
074 T000400     1244
074 U010400      125
074 U020400        0
074 V010400     9.99
074 V020400     0.00
074 W000400   0.0000
074 X000400        8
074 Y000400        0
075 A000400        0
075 B000400      507
076  000400     0.00
024  000500 N
028 A010500         6
028 A020500         1
028 A030500         0
028 A040500         0
028 B010500        30
028 B020500         1
028 B030500         0
028 B040500         0
028 C010500       183
028 C020500         3
028 C030500         0
028 C040500       200
028 D010500       132
028 D020500         4
028 D030500         0
028 D040500       203
028 E010500       347
028 E020500         5
028 E030500         0
028 E040500       283
028 F010500       150
028 F020500         6
028 F030500         0
028 F040500       183
028 G010500       848
028 G020500        20
<PAGE>      PAGE  23
028 G030500         0
028 G040500       869
028 H000500         0
029  000500 N
030 A000500      0
030 B000500  0.00
030 C000500  0.00
034  000500 N
035  000500      0
036 B000500      0
037  000500 N
038  000500      0
039  000500 N
040  000500 N
045  000500 Y
046  000500 N
047  000500 Y
048  000500  0.600
048 A010500        0
048 A020500 0.000
048 B010500        0
048 B020500 0.000
048 C010500        0
048 C020500 0.000
048 D010500        0
048 D020500 0.000
048 E010500        0
048 E020500 0.000
048 F010500        0
048 F020500 0.000
048 G010500        0
048 G020500 0.000
048 H010500        0
048 H020500 0.000
048 I010500        0
048 I020500 0.000
048 J010500        0
048 J020500 0.000
048 K010500        0
048 K020500 0.000
049  000500 N
050  000500 N
051  000500 N
052  000500 N
053 A000500 Y
053 B000500 Y
053 C000500 N
055 A000500 Y
055 B000500 N
056  000500 N
057  000500 N
<PAGE>      PAGE  24
058 A000500 N
059  000500 Y
060 A000500 Y
060 B000500 Y
061  000500        0
062 A000500 Y
062 B000500   0.0
062 C000500   0.0
062 D000500   5.8
062 E000500   0.0
062 F000500   0.0
062 G000500   0.0
062 H000500   0.0
062 I000500   0.0
062 J000500   0.0
062 K000500   0.0
062 L000500   0.0
062 M000500   0.0
062 N000500   0.0
062 O000500   0.0
062 P000500  94.6
062 Q000500   0.0
062 R000500   0.0
063 A000500   0
063 B000500  8.1
064 A000500 N
064 B000500 Y
065  000500 N
066 A000500 N
067  000500 N
068 A000500 N
068 B000500 N
069  000500 N
070 A010500 Y
070 A020500 Y
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
<PAGE>      PAGE  25
070 J010500 Y
070 J020500 Y
070 K010500 N
070 K020500 N
070 L010500 N
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500      1785
071 B000500       237
071 C000500      1340
071 D000500   18
072 A000500 12
072 B000500      126
072 C000500        0
072 D000500        0
072 E000500        0
072 F000500        8
072 G000500       52
072 H000500        0
072 I000500        8
072 J000500       54
072 K000500        0
072 L000500        7
072 M000500        0
072 N000500        1
072 O000500        0
072 P000500        0
072 Q000500        0
072 R000500        0
072 S000500        1
072 T000500        0
072 U000500        0
072 V000500        0
072 W000500        7
072 X000500      138
072 Y000500      133
072 Z000500      121
072AA000500        0
072BB000500       12
072CC010500        0
<PAGE>      PAGE  26
072CC020500      165
072DD010500      123
072DD020500        0
072EE000500        0
073 A010500   0.7600
073 A020500   0.0000
073 B000500   0.0000
073 C000500   0.0000
074 A000500        2
074 B000500       85
074 C000500        0
074 D000500     1379
074 E000500        0
074 F000500        0
074 G000500        0
074 H000500        0
074 I000500        0
074 J000500        0
074 K000500        0
074 L000500       52
074 M000500        0
074 N000500     1518
074 O000500        0
074 P000500        0
074 Q000500        0
074 R010500        0
074 R020500        0
074 R030500        0
074 R040500       61
074 S000500        0
074 T000500     1457
074 U010500      164
074 U020500        0
074 V010500     8.87
074 V020500     0.00
074 W000500   0.0000
074 X000500        6
074 Y000500        0
075 A000500        0
075 B000500     1253
076  000500     0.00
SIGNATURE   S.ELLIOT COHAN                               
TITLE       ASST.GEN. COUNSEL   
 


<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   1                                              
     <NAME>                     Insurance Management Series                    
                                Corporate Bond Fund                            
                                                                               
<PERIOD-TYPE>                   12-MOS                                         
<FISCAL-YEAR-END>               Dec-31-1994                                    
<PERIOD-END>                    Dec-31-1994                                    
<INVESTMENTS-AT-COST>           1,628,898                                      
<INVESTMENTS-AT-VALUE>          1,463,750                                      
<RECEIVABLES>                   52,793                                         
<ASSETS-OTHER>                  1,882                                          
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  1,518,425                                      
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       61,482                                         
<TOTAL-LIABILITIES>             61,482                                         
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        1,636,503                                      
<SHARES-COMMON-STOCK>           164,270                                        
<SHARES-COMMON-PRIOR>           0                                              
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          2,064                                          
<ACCUMULATED-NET-GAINS>         (12,348)                                       
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        (165,148)                                      
<NET-ASSETS>                    1,456,943                                      
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               126,422                                        
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  5,411                                          
<NET-INVESTMENT-INCOME>         121,011                                        
<REALIZED-GAINS-CURRENT>        (12,348)                                       
<APPREC-INCREASE-CURRENT>       (165,148)                                      
<NET-CHANGE-FROM-OPS>           (56,485)                                       
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       121,011                                        
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           2,064                                          
<NUMBER-OF-SHARES-SOLD>         257,641                                        
<NUMBER-OF-SHARES-REDEEMED>     95,666                                         
<SHARES-REINVESTED>             2,295                                          
<NET-CHANGE-IN-ASSETS>          1,456,943                                      
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       0                                              
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           7,966                                          
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 138,363                                        
<AVERAGE-NET-ASSETS>            1,252,723                                      
<PER-SHARE-NAV-BEGIN>           10.000                                         
<PER-SHARE-NII>                 0.750                                          
<PER-SHARE-GAIN-APPREC>         (1.120)                                        
<PER-SHARE-DIVIDEND>            0.750                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.010                                          
<PER-SHARE-NAV-END>             8.870                                          
<EXPENSE-RATIO>                 41                                             
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   2                                              
     <NAME>                     Insurance Management Series                    
                                Equity Growth and Income Fund                  
                                                                               
<PERIOD-TYPE>                   12-Mos                                         
<FISCAL-YEAR-END>               Dec-31-1994                                    
<PERIOD-END>                    Dec-31-1994                                    
<INVESTMENTS-AT-COST>           3,385,320                                      
<INVESTMENTS-AT-VALUE>          3,383,969                                      
<RECEIVABLES>                   73,055                                         
<ASSETS-OTHER>                  2,466                                          
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  3,459,490                                      
<PAYABLE-FOR-SECURITIES>        1,044,687                                      
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       14,773                                         
<TOTAL-LIABILITIES>             1,059,460                                      
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        2,415,073                                      
<SHARES-COMMON-STOCK>           246,391                                        
<SHARES-COMMON-PRIOR>           0                                              
<ACCUMULATED-NII-CURRENT>       495                                            
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         (14,187)                                       
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        (1,351)                                        
<NET-ASSETS>                    2,400,030                                      
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               18,307                                         
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  3,165                                          
<NET-INVESTMENT-INCOME>         15,142                                         
<REALIZED-GAINS-CURRENT>        (14,187)                                       
<APPREC-INCREASE-CURRENT>       (1,351)                                        
<NET-CHANGE-FROM-OPS>           (396)                                          
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       14,647                                         
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         334,265                                        
<NUMBER-OF-SHARES-REDEEMED>     88,626                                         
<SHARES-REINVESTED>             752                                            
<NET-CHANGE-IN-ASSETS>          2,400,030                                      
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       0                                              
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           4,397                                          
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 152,194                                        
<AVERAGE-NET-ASSETS>            643,626                                        
<PER-SHARE-NAV-BEGIN>           10.000                                         
<PER-SHARE-NII>                 0.190                                          
<PER-SHARE-GAIN-APPREC>         (0.260)                                        
<PER-SHARE-DIVIDEND>            0.190                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             9.740                                          
<EXPENSE-RATIO>                 54                                             
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   3                                              
     <NAME>                     Insurance Management Series                    
                                U.S. Government  Bond Fund                     
                                                                               
<PERIOD-TYPE>                   12-Mos                                         
<FISCAL-YEAR-END>               Dec-31-1994                                    
<PERIOD-END>                    Dec-31-1994                                    
<INVESTMENTS-AT-COST>           1,249,854                                      
<INVESTMENTS-AT-VALUE>          1,249,854                                      
<RECEIVABLES>                   3,063                                          
<ASSETS-OTHER>                  5,735                                          
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  1,258,652                                      
<PAYABLE-FOR-SECURITIES>        0                                              
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       14,888                                         
<TOTAL-LIABILITIES>             14,888                                         
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        1,243,770                                      
<SHARES-COMMON-STOCK>           124,552                                        
<SHARES-COMMON-PRIOR>           0                                              
<ACCUMULATED-NII-CURRENT>       0                                              
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         (6)                                            
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        0                                              
<NET-ASSETS>                    1,243,764                                      
<DIVIDEND-INCOME>               0                                              
<INTEREST-INCOME>               20,839                                         
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  2,077                                          
<NET-INVESTMENT-INCOME>         18,762                                         
<REALIZED-GAINS-CURRENT>        (6)                                            
<APPREC-INCREASE-CURRENT>       0                                              
<NET-CHANGE-FROM-OPS>           18,756                                         
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       18,762                                         
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         152,142                                        
<NUMBER-OF-SHARES-REDEEMED>     38,790                                         
<SHARES-REINVESTED>             1,200                                          
<NET-CHANGE-IN-ASSETS>          1,143,762                                      
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       0                                              
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           2,605                                          
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 144,800                                        
<AVERAGE-NET-ASSETS>            506,576                                        
<PER-SHARE-NAV-BEGIN>           9.990                                          
<PER-SHARE-NII>                 0.270                                          
<PER-SHARE-GAIN-APPREC>         0.000                                          
<PER-SHARE-DIVIDEND>            0.270                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             9.990                                          
<EXPENSE-RATIO>                 48                                             
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>

<TABLE> <S> <C>

                                                                               
<S>                             <C>                                            
                                                                               
<ARTICLE>                       6                                              
<SERIES>                                                                       
     <NUMBER>                   4                                              
     <NAME>                     UTILITY FUND                                   
                                                                               
                                                                               
<PERIOD-TYPE>                   12-MOS                                         
<FISCAL-YEAR-END>               Dec-31-1994                                    
<PERIOD-END>                    Dec-31-1994                                    
<INVESTMENTS-AT-COST>           1,047,237                                      
<INVESTMENTS-AT-VALUE>          1,039,219                                      
<RECEIVABLES>                   51,623                                         
<ASSETS-OTHER>                  1,037                                          
<OTHER-ITEMS-ASSETS>            0                                              
<TOTAL-ASSETS>                  1,091,879                                      
<PAYABLE-FOR-SECURITIES>        100,142                                        
<SENIOR-LONG-TERM-DEBT>         0                                              
<OTHER-ITEMS-LIABILITIES>       17,567                                         
<TOTAL-LIABILITIES>             117,709                                        
<SENIOR-EQUITY>                 0                                              
<PAID-IN-CAPITAL-COMMON>        993,053                                        
<SHARES-COMMON-STOCK>           104,906                                        
<SHARES-COMMON-PRIOR>           0                                              
<ACCUMULATED-NII-CURRENT>       16                                             
<OVERDISTRIBUTION-NII>          0                                              
<ACCUMULATED-NET-GAINS>         (10,881)                                       
<OVERDISTRIBUTION-GAINS>        0                                              
<ACCUM-APPREC-OR-DEPREC>        (8,018)                                        
<NET-ASSETS>                    974,170                                        
<DIVIDEND-INCOME>               12,736                                         
<INTEREST-INCOME>               2,123                                          
<OTHER-INCOME>                  0                                              
<EXPENSES-NET>                  1,652                                          
<NET-INVESTMENT-INCOME>         13,207                                         
<REALIZED-GAINS-CURRENT>        (10,881)                                       
<APPREC-INCREASE-CURRENT>       (8,018)                                        
<NET-CHANGE-FROM-OPS>           (5,692)                                        
<EQUALIZATION>                  0                                              
<DISTRIBUTIONS-OF-INCOME>       13,191                                         
<DISTRIBUTIONS-OF-GAINS>        0                                              
<DISTRIBUTIONS-OTHER>           0                                              
<NUMBER-OF-SHARES-SOLD>         126,510                                        
<NUMBER-OF-SHARES-REDEEMED>     22,611                                         
<SHARES-REINVESTED>             1,007                                          
<NET-CHANGE-IN-ASSETS>          974,170                                        
<ACCUMULATED-NII-PRIOR>         0                                              
<ACCUMULATED-GAINS-PRIOR>       0                                              
<OVERDISTRIB-NII-PRIOR>         0                                              
<OVERDIST-NET-GAINS-PRIOR>      0                                              
<GROSS-ADVISORY-FEES>           2,077                                          
<INTEREST-EXPENSE>              0                                              
<GROSS-EXPENSE>                 153,493                                        
<AVERAGE-NET-ASSETS>            297,346                                        
<PER-SHARE-NAV-BEGIN>           9.480                                          
<PER-SHARE-NII>                 0.340                                          
<PER-SHARE-GAIN-APPREC>         (0.190)                                        
<PER-SHARE-DIVIDEND>            0.340                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             9.290                                          
<EXPENSE-RATIO>                 60                                             
<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                                          
<PER-SHARE-GAIN-APPREC>         0.000                                          
<PER-SHARE-DIVIDEND>            0.010                                          
<PER-SHARE-DISTRIBUTIONS>       0.000                                          
<RETURNS-OF-CAPITAL>            0.000                                          
<PER-SHARE-NAV-END>             1.000                                          
<EXPENSE-RATIO>                 80                                             
<AVG-DEBT-OUTSTANDING>          0                                              
<AVG-DEBT-PER-SHARE>            0.000                                          
                                                                               

</TABLE>


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