000 B000000 02/13/98
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 LIQUID ASSETS FUNDS, INC.
001 B000000 811-3490
001 C000000 5152445426
002 A000000 2203 GRAND AVENUE
002 B000000 DES MOINES
002 C000000 IA
002 D010000 50312
002 D020000 5338
003 000000 N
004 000000 Y
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 4
007 C010100 1
007 C020100 SWEEP SHARES
007 C030100 Y
007 C010200 2
007 C020200 TRUST SHARES
007 C030200 Y
007 C010300 3
007 C020300 INSTITUTIONAL SHARES
007 C030300 Y
007 C010400 4
007 C020400 S2 SHARES
007 C030400 Y
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 A00AA01 INVESTORS MANAGEMENT GROUP, LTD.
008 B00AA01 A
008 C00AA01 801-17430
008 D01AA01 DES MOINES
008 D02AA01 IA
008 D03AA01 50312
008 D04AA01 5338
010 A00AA01 INVESTORS MANAGEMENT GROUP, LTD.
010 C01AA01 DES MOINES
010 C02AA01 IA
010 C03AA01 50312
010 C04AA01 5338
011 A00AA01 IMG FINANCIAL SERVICES, INC.
011 B00AA01 8-010902J
011 C01AA01 DES MOINES
011 C02AA01 IA
011 C03AA01 50312
011 C04AA01 5338
012 A00AA01 INVESTORS MANAGEMENT GROUP, LTD.
012 B00AA01 84-01580
012 C01AA01 DES MOINES
012 C02AA01 IA
012 C03AA01 50312
012 C04AA01 5338
013 A00AA01 KPMG PEAT MARWICK LLP
013 B01AA01 DES MOINES
013 B02AA01 IA
013 B03AA01 50309
014 A00AA01 IMG FINANCIAL SERVICES, INC.
014 B00AA01 8-010902J
015 A00AA01 AMCORE INVESTMENT GROUP, N.A.
015 B00AA01 C
015 C01AA01 ROCKFORD
015 C02AA01 IL
015 C03AA01 61110
015 C04AA01 0037
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 2
019 C00AA00 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 SBC WARBURG, INC.
022 B000001 13-3498485
022 C000001 565732
022 D000001 0
022 A000002 JP MORGAN
022 B000002 13-3224016
022 C000002 333876
022 D000002 0
022 A000003 MERRILL LYNCH CAPITAL MARKETS
022 B000003 43-1069833
022 C000003 18000
022 D000003 0
022 A000004 MERCANTILE BANK
022 B000004 42-6124031
022 C000004 500
022 D000004 7220
022 A000005 COASTAL SECURITIES
022 B000005 76-0319252
022 C000005 1000
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 1881776
023 D000000 7220
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 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
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 0.000
048 A01AA00 200000
048 A02AA00 0.250
048 B01AA00 100000
048 B02AA00 0.240
048 C01AA00 100000
048 C02AA00 0.230
048 D01AA00 100000
048 D02AA00 0.220
048 E01AA00 100000
048 E02AA00 0.210
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
048 J02AA00 0.000
048 K01AA00 600000
048 K02AA00 0.200
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 Y
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 250
062 A00AA00 Y
062 B00AA00 0.0
062 C00AA00 60.8
062 D00AA00 39.2
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
063 A00AA00 19
063 B00AA00 0.0
064 A00AA00 Y
064 B00AA00 N
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
070 A01AA00 Y
070 A02AA00 Y
070 B01AA00 N
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 N
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 N
070 F02AA00 N
070 G01AA00 N
070 G02AA00 N
070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 N
070 J02AA00 N
070 K01AA00 N
070 K02AA00 N
070 L01AA00 N
070 L02AA00 N
070 M01AA00 N
070 M02AA00 N
070 N01AA00 N
070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 N
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
071 A00AA00 0
071 B00AA00 0
071 C00AA00 87908
071 D00AA00 0
072 A00AA00 2
072 B00AA00 699
072 C00AA00 0
072 D00AA00 0
072 E00AA00 0
072 F00AA00 32
072 G00AA00 4
072 H00AA00 0
072 I00AA00 3
072 J00AA00 11
072 K00AA00 0
072 L00AA00 0
072 M00AA00 0
072 N00AA00 0
072 O00AA00 0
072 P00AA00 0
072 Q00AA00 0
072 R00AA00 0
072 S00AA00 0
072 T00AA00 70
072 U00AA00 0
072 V00AA00 0
072 W00AA00 6
072 X00AA00 126
072 Y00AA00 0
072 Z00AA00 573
072AA00AA00 0
072BB00AA00 0
072CC01AA00 0
072CC02AA00 0
072DD01AA00 573
072DD02AA00 0
072EE00AA00 0
073 A01AA00 0.0458
073 A02AA00 0.0493
073 B00AA00 0.0000
073 C00AA00 0.0000
074 A00AA00 0
074 B00AA00 45867
074 C00AA00 55299
074 D00AA00 0
074 E00AA00 0
074 F00AA00 0
074 G00AA00 0
074 H00AA00 0
074 I00AA00 0
074 J00AA00 0
074 K00AA00 0
074 L00AA00 0
074 M00AA00 0
074 N00AA00 101166
074 O00AA00 0
074 P00AA00 0
074 Q00AA00 0
074 R01AA00 0
074 R02AA00 0
074 R03AA00 0
074 R04AA00 175
074 S00AA00 0
074 T00AA00 100991
074 U01AA00 100991
074 U02AA00 2990
074 V01AA00 1.00
074 V02AA00 1.00
074 W00AA00 1.0000
074 X00AA00 615
074 Y00AA00 0
077 A000000 N
078 000000 N
080 A00AA00 FIDELITY & DEPOSIT COMPANY OF MARYLAND
080 C00AA00 10000
081 A00AA00 Y
081 B00AA00 19
082 A00AA00 Y
082 B00AA00 25
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 N
085 B00AA00 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
086 A01AA00 0
086 A02AA00 0
086 B01AA00 0
086 B02AA00 0
086 C01AA00 0
086 C02AA00 0
086 D01AA00 0
086 D02AA00 0
086 E01AA00 0
086 E02AA00 0
086 F01AA00 0
086 F02AA00 0
028 A010100 40635
028 A020100 0
028 A030100 0
028 A040100 49813
028 B010100 25196
028 B020100 0
028 B030100 0
028 B040100 18075
028 C010100 0
028 C020100 0
028 C030100 0
028 C040100 0
028 D010100 0
028 D020100 0
028 D030100 0
028 D040100 0
028 E010100 0
028 E020100 0
028 E030100 0
028 E040100 0
028 F010100 0
028 F020100 0
028 F030100 0
028 F040100 0
028 G010100 65831
028 G020100 0
028 G030100 0
028 G040100 67888
028 H000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 Y
041 000100 Y
042 A000100 0
042 B000100 0
042 C000100 100
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 62
044 000100 0
075 A000100 63668
075 B000100 0
076 000100 0.00
028 A010200 2515
028 A020200 0
028 A030200 0
028 A040200 1848
028 B010200 1804
028 B020200 0
028 B030200 0
028 B040200 2015
028 C010200 0
028 C020200 0
028 C030200 0
028 C040200 0
028 D010200 0
028 D020200 0
028 D030200 0
028 D040200 0
028 E010200 0
028 E020200 0
028 E030200 0
028 E040200 0
028 F010200 0
028 F020200 0
028 F030200 0
028 F040200 0
028 G010200 4318
028 G020200 0
028 G030200 0
028 G040200 3863
028 H000200 0
037 000200 N
038 000200 0
039 000200 N
040 000200 N
041 000200 N
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 0
044 000200 0
075 A000200 22945
075 B000200 0
076 000200 0.00
028 A010300 8268
028 A020300 1
028 A030300 0
028 A040300 21729
028 B010300 10287
028 B020300 0
028 B030300 0
028 B040300 11829
028 C010300 0
028 C020300 0
028 C030300 0
028 C040300 0
028 D010300 0
028 D020300 0
028 D030300 0
028 D040300 0
028 E010300 0
028 E020300 0
028 E030300 0
028 E040300 0
028 F010300 0
028 F020300 0
028 F030300 0
028 F040300 0
028 G010300 18555
028 G020300 1
028 G030300 0
028 G040300 33557
028 H000300 0
037 000300 N
038 000300 0
039 000300 N
040 000300 N
041 000300 N
042 A000300 0
042 B000300 0
042 C000300 0
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 0
044 000300 0
075 A000300 4073
075 B000300 0
076 000300 0.00
028 A010400 492
028 A020400 12
028 A030400 0
028 A040400 775
028 B010400 4441
028 B020400 0
028 B030400 0
028 B040400 74
028 C010400 0
028 C020400 0
028 C030400 0
028 C040400 0
028 D010400 0
028 D020400 0
028 D030400 0
028 D040400 0
028 E010400 0
028 E020400 0
028 E030400 0
028 E040400 0
028 F010400 0
028 F020400 0
028 F030400 0
028 F040400 0
028 G010400 4933
028 G020400 12
028 G030400 0
028 G040400 849
028 H000400 0
037 000400 N
038 000400 0
039 000400 N
040 000400 Y
041 000400 Y
042 A000400 0
042 B000400 0
042 C000400 100
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 1
044 000400 0
075 A000400 2846
075 B000400 0
076 000400 0.00
SIGNATURE RUTH PROCHASKA
TITLE CONTROLLER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000703485
<NAME> Liquid Assets Funds, Inc.
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> JUN-30-1998
<PERIOD-START> JUL-01-1997
<PERIOD-END> FEB-13-1998
<INVESTMENTS-AT-COST> 99758660
<INVESTMENTS-AT-VALUE> 99758660
<RECEIVABLES> 1407375
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 101166035
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 175377
<TOTAL-LIABILITIES> 175377
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 100990658
<SHARES-COMMON-STOCK> 100990658
<SHARES-COMMON-PRIOR> 82650688
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 100990658
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3211839
<OTHER-INCOME> 0
<EXPENSES-NET> 579851
<NET-INVESTMENT-INCOME> 2631988
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 2631988
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2631988
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 482038852
<NUMBER-OF-SHARES-REDEEMED> 463698883
<SHARES-REINVESTED> 79116
<NET-CHANGE-IN-ASSETS> 18419085
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 139839
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 579851
<AVERAGE-NET-ASSETS> 87908124
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .046
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .046
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
