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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 220,844
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11,750
<OTHER-INCOME> 0
<EXPENSES-NET> 818
<NET-INVESTMENT-INCOME> 10,933
<REALIZED-GAINS-CURRENT> (1,666)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 9,229
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10,926
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,703,043
<NUMBER-OF-SHARES-REDEEMED> 3,746,359
<SHARES-REINVESTED> 9,879
<NET-CHANGE-IN-ASSETS> (33,437)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 584
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 862
<AVERAGE-NET-ASSETS> 234,686
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> LIQUID INSTITUTIONAL RESERVES - B
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1995
<PERIOD-END> APR-30-1995
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 9,000
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 230
<OTHER-INCOME> 0
<EXPENSES-NET> 29
<NET-INVESTMENT-INCOME> 201
<REALIZED-GAINS-CURRENT> (38)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 201
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (201)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,000
<NUMBER-OF-SHARES-REDEEMED> (26,000)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 9,000
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 30
<AVERAGE-NET-ASSETS> 7,354
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> LIQUID INSTITUTIONAL RESERVES
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1995
<PERIOD-END> APR-30-1995
<INVESTMENTS-AT-COST> 4,386
<INVESTMENTS-AT-VALUE> 4,386
<RECEIVABLES> 19,538
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 81
<TOTAL-ASSETS> 24,005
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 243
<TOTAL-LIABILITIES> 243
<SENIOR-EQUITY> 23,761
<PAID-IN-CAPITAL-COMMON> 23,761
<SHARES-COMMON-STOCK> 23,761
<SHARES-COMMON-PRIOR> 38,602
<ACCUMULATED-NII-CURRENT> 68
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (67)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 23,762
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,191
<OTHER-INCOME> 0
<EXPENSES-NET> 51
<NET-INVESTMENT-INCOME> 1,140
<REALIZED-GAINS-CURRENT> (67)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1,073
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,072
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 261,730
<NUMBER-OF-SHARES-REDEEMED> 277,579
<SHARES-REINVESTED> 1,009
<NET-CHANGE-IN-ASSETS> (14,840)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 58
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 196
<AVERAGE-NET-ASSETS> 23,332
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.22
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<PAGE>
EXHIBIT TO FORM N-SAR ITEM 77N
For the Fiscal Year Ending April 30, 1995
At a special meeting of the Board of Trustees of Liquid Institutional
Reserves (the "Trust") regarding Money Market Fund and Government Securities
Fund (collectively the "Funds") held on July 7, 1994, the Board considered
the Funds' holding of certain variable rate securities with coupons that
reset periodically based on formulas tied to indexes that lag short-term
interest rates or are long-term in nature ("Variable Reset Securities"). The
Board ratified the sale by the Funds to Kidder, Peabody Group Inc. of the
Variable Reset Securities for amortized cost value plus accrued and unpaid
interest on July 6, 1994. The aggregate purchase price was $34,248,854 and
$9,056,094 for Money Market Fund and Government Securities Fund, respectively.
Since the sales were made at prices above the securities' then-current fair
values, the Money Market Fund and Government Securities Fund recorded a capital
contribution in the amounts of $1,697,021 and $373,950 respectively. The per
share amounts as of July 6, 1994 are represented below:
Money Government
Market Fund Securities Fund
----------- ---------------
Institutional Shares $0.0061 $0.0047
Financial Intermediary Shares $0.0061 N/A
Exhibit 99
[DELOITTE & TOUCHE LLP LETTERHEAD]
The Board of Trustees
Liquid Institutional Reserves
(Consisting of the Money Market Fund, Government
Securities Fund and the Treasury Securities Fund):
In planning and performing our audit of the financial statements of the
Money Market Fund, the Government Securities Fund and the Treasury
Securities Fund of Liquid Institutional Reserves (the "Fund") for the year
ended April 30, 1995, we considered its internal control structure,
including procedures for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR, and
not to provide assurance on the internal control structure.
The management of the Fund is responsible for establishing and maintaining
an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to assess the expected
benefits and related costs of control structure policies and procedures.
Two of the objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in
conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors
or irregularities may occur and not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that
it may become inadequate because of changes in conditions or that the
effectiveness of the design and operations may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be
material weaknesses under standards established by the American Institute
of Certified Public Accountants.
<PAGE>
A material weakness is a condition in which the design or operation of the
specific internal control structure elements does not reduce to a
relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for
safeguarding securities, that we consider to be material weaknesses as
defined above as of April 30, 1995.
This report is intended solely for the information and use of management,
the Board of Trustees and the Securities and Exchange Commission.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
June 9, 1995
