RULE 24F-2 NOTICE
SECURITIES AND EXCHANGE COMMISSION
450 Fifth Street, N.W.
Judiciary Plaza
Washington, D.C. 20549
RE: Rule 24f-2 Notice for IMG Tax Exempt Liquid Assets Fund, Inc.
Reg. No. 2-81547
Gentlemen:
On behalf of the above entitled issuer, we advise you as follows:
1. This notice is filed for the fiscal year ended June 30, 1995.
2. No securities of the issuer have been registered under the Securities
Act of 1933 other than under Rule 24f-2. All securities sold by the
issuers have been sold in reliance upon Rule 24f-2.
3. During the fiscal year the issuer sold 91,835,392 shares (exclusive of
stock dividends not deemed to be sales) for an aggregate sale price of
$91,835,392. During the same period the issuer redeemed 97,060,399
shares for an aggregate redemption price of $97,060,399. Thus, the
aggregate net sales price for the fiscal year is $ (5,225,007).
4. No fee is required to be paid based upon the net sales shown in
paragraph 3 above.
5. Attached hereto is a legal opinion that all shares sold during the
fiscal year were legally issued, fully paid and non-assessable.
Dated this 24th day of July, 1995.
IMG TAX EXEMPT LIQUID ASSETS FUND, INC.
BY ____________________________
Ruth L. Prochaska, Secretary
<PAGE>
July 12, 1995
IMG Tax Exempt 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 Tax Exempt Liquid Assets Fund, Inc. (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, 1995, 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,
JOHN C. MILES
For the Firm
