APPENDIX I. U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
1. Name and address of issuer:
IMG Liquid Assets Fund, Inc.
d/b/a IMG Government Assets Fund
2203 Grand Avenue
Des Moines, Iowa 50312-5338
2. Name of each series or class of funds for which this notice is filed:
N/A
3. Investment Company Act File Number:
811-3490
Securities Act File Number:
2-78054
4. Last day of fiscal year for which this notice is filed:
June 30, 1996
5. Check box if this notice is being filed more than 180 days after the
close of the issuer's fiscal year for purposes of reporting securities
sold after the close of the fiscal year but before termination of the
issuer's 24f-2 declaration:
[ ]
6. Date of termination of issuer's declaration under rule 24f-2 (a)(1), if
applicable (see instruction A.6):
N/A
7. Number and amount of securities of the same class or series which had
been registered under the Securities Act of 1933 other than pursuant to
rule 24f-2 in a prior fiscal year, but which remained unsold at the
beginning of the fiscal year:
None
8. Number and amount of securities registered during the fiscal year other
than pursuant to rule 24f-2:
None
9. Number and aggregate sale price of securities sold during the fiscal
year:
1,141,629,915 shares - $1,141,629,915
10. Number and aggregate sale price of securities sold during the fiscal
year in reliance upon registration pursuant to rule 24f-2:
1,141,629,915 shares - $1,141,629,915
11. Number and aggregate sale price of securities issued during the fiscal
year in connection with dividend reinvestment plans, if applicable (see
instruction B.7):
159,592 shares - $159,592
12. Calculation of registration fee:
(i) Aggregate sale price of securities
sold during the fiscal year in reliance
on rule 24f-2 (from item 10): $1,141,629,915
--------------
(ii) Aggregate price of shares issued in
connection with dividend reinvestment
plans (from item 11, if applicable): + 159,592
--------------
(iii) Aggregate price of shares redeemed or
repurchased during he fiscal year
(if applicable): -1,129,241,627
--------------
(iv) Aggregate price of shares redeemed or
repurchase and previously applied as a
reduction to filing fees pursuant to
rule 24f-2 (if applicable): + 0
--------------
(v) Net aggregate price of securities sold and issued during the
fiscal year in reliance on rule 24f-2 [line (i), plus line
(ii), less line (iii), plus line (iv)]
(if applicable): 12,547,880
--------------
(vi) Multiplier prescribed by Section 6(b) of
the Securities Act of 1933 or other
applicable law or regulation (see
instruction C.6): x 1/2900
--------------
(vii) Fee due [line (i) or line (v) multiplied
by line (vi): $ 4,326.86
==============
13. Check box if fees are being remitted to the Commission's lockbox
depository as described in section 3a of the Commission's Rules of
Informal and Other Procedures (17 CFR 202.3a).
[X]
Date of mailing or wire transfer of filing fees to the Commission's
lockbox depository:
July 15, 1996
SIGNATURES
This report has been signed below by the following persons on behalf of
the issuer and in the capacities and on the dates indicated.
By (Signature and Title)* \s\ Ruth Prochaska
-----------------------------------
Ruth Prochaska, Secretary
Date 7/24/96
-------------------------
*Please print the name and title of the signing officer below the signature.
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Cline, Williams, Wright, Johnson & Oldfather
1900 First Bank Building
Lincoln, NE 68508-2095
(402) 474-6900
Fax (402) 474-5393
July 23, 1996
IMG Liquid Assets Fund, Inc.
2203 Grand Ave.
Des Moines, IA 50312-5338
RE: REGISTRATION OF SECURITIES PURSUANT TO RULE 24F-2
Ladies and Gentlemen:
Our opinion has been requested in connection with the registration of
shares of IMG Liquid Assets Fund, Inc., d/b/a IMG Government Assets Fund (the
"Fund"), pursuant to Rule 24f-2 under the Investment Company Act of 1940. We
have conducted such legal and factual inquiries as we have deemed necessary
under the circumstances. Based upon such inquiries, all shares sold by the Fund
during the fiscal year ended June 30, 1996, were legally issued, fully paid and
nonassessable.
We consent to the filing of this opinion in connection with the notice
to be filed with the Securities and Exchange Commission pursuant to Rule 24f-2.
Very truly yours,
/s/ JOHN C. MILES
JOHN C. MILES
For the Firm
