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LIQUID INSTITUTIONAL RESERVES
CERTIFICATE OF VICE PRESIDENT AND SECRETARY
I, Dianne E. O'Donnell, Vice President and Secretary of
Liquid Institutional Reserves ("Trust"), hereby certify that the
board of trustees of the Trust, by vote at a meeting held April
18, 1996, adopted the following resolutions, which became
effective on that date:
RESOLVED, that Section 8.2(b) of Article VIII of the
Trust's Declaration of Trust be, and it hereby is, amended
to read, in its entirety, as follows:
Section 8.2(b). After termination of the Trust or any
Series or Class thereof and distribution to the
Shareholders as herein provided, a majority of the
Trustees (or an officer of the Trust pursuant to a vote
of a majority of the Trustees) shall execute and lodge
among the records of the Trust and file with the Office
of the Secretary of the Commonwealth of Massachusetts
an instrument in writing setting forth the fact of such
termination, and the Trustees shall thereupon be
discharged from all further liabilities and duties with
respect to the Trust or the terminated Series or Class
thereof, and the rights and interests of all
Shareholders of the Trust or the terminated Series or
Class shall thereupon cease.
RESOLVED, that Section 8.3(c) of ARTICLE VIII of the
Trust's Declaration of Trust be, and it hereby is, amended
to read, in its entirety, as follows:
Section 8.3(c). Subject to the foregoing, any amendment
shall be effective as provided in the instrument
containing the terms of such amendment or, if there is
no provision therein with respect to effectiveness,
upon the execution of such instrument and of a
certificate (which may be a part of such instrument)
executed by a Trustee or officer to the effect that
such amendment has been duly adopted. Copies of the
amendment to this Declaration shall be filed as
specified in Section 1 of ARTICLE X. A restated
Declaration, integrating into a single instrument all
of the provisions of the Declaration which are then in
effect and operative, may be executed from time to time
by a majority of the Trustees and shall be effective
upon filing as specified in Section 1 of ARTICLE X.
RESOLVED, that Section 10.1 of ARTICLE X of the Trust's
Declaration of Trust be, and it hereby is, amended to read,
in its entirety, as follows:
Section 10.1. A copy of this Declaration and of each
amendment hereto shall be filed by the Trustees with
the Secretary of the Commonwealth of Massachusetts and
the Boston City Clerk, as well as any other
governmental office where such filing may from time to
time be required. Anyone dealing with the Trust may
rely on a certificate by an officer or Trustee of the
Trust as to whether or not any such amendments to this
Declaration have been made and as to any matters in
connection with the Trust hereunder, and with the same
effect as if it were the original, may rely on a copy
certified by an officer or Trustee of the Trust to be a
copy of this Declaration or of any such amendments.
Dated: May , 1996 By:
Dianne E. O'Donnell
Vice President and Secretary
Liquid Institutional Reserves
New York, New York (ss)
Subscribed and sworn to before me this day of May,
1996.
Notary Public
File Number 811-6281
Liquid Institutional Reserves.
A special meeting of shareholders was held on April 15, 1996, at which the
following proposals were approved:
Approval of the proposed changes to each Funds fundamental investment
restrictions and policies (the enumeration below follows that used in the
related proxy statement):
1. Modification of Fundamental Restriction on Portfolio
Diversification for Diversified Funds:
2. Modification of Fundamental Restriction on Concentration:
3. Modification of Fundamental Restriction on Senior Securities and
Borrowing:
4. Modification of Fundamental Restriction on Making Loans:
5. Modification of Fundamental Restriction on Underwriting Securities:
6. Modification of Fundamental Restriction on Real Estate Investments:
7. Modification of Fundamental Restriction on Investing in Commodities:
8. Elimination of Fundamental Restriction on Pledging Portfolio
Securities:
9. Elimination of Fundamental Restriction on Margin Transactions:
10. Elimination of Fundamental Restriction on Short Sales:
11. Elimination of Fundamental Restriction on Investments in Oil, Gas
and Mineral Leases and Programs:
13. Elimination of Fundamental Restriction on Investing for the Purpose
of Control:
14. Elimination of Fundamental Restriction on Investing in Warrants:
For each of the above listed proposals the votes were as follows:
Shares For Voted Shares Against Shares Abstain
Government Securities Fund 35,067,459 0 10,640,730
Money Market Fund 189,225,343 3,708,840 6,888,109
Treasury Securities Fund 13,708,076 2,624 3,007,909
Approval of a New Sub-Advisory Agreement:
Trust 235,785,474 271,574 26,192,042
In addition to the items noted above, the Funds shareholders (i)
elected board members and (ii) ratified the selection of independent
auditors. Pursuant to Instruction 2 of Sub-Item 77C of Form N-SAR,
it is not necessary to provide in this exhibit details concerning
shareholder action on these two proposals since there were no
solicitations in opposition to the registrants nominees and all of the
nominees were elected.
A more complete description of each of the proposals referred to above
is hereby incorporated by referenced to the Funds proxy materials dated
February 28, 1996, relating to the Special Meeting of Shareholders.
These Schedule 14A materials were filed with the Securities and
Exchange Commission via EDGAR on February 28, 1996; the accession code
number was 0000889812-96-000186
<PAGE>
For period ending April 30, 1996 Attachment 77D
File Number 811-6281
Liquid Institutional Reserves
At a board of trustees meeting held on February 28, 1996, the board approved
the elimination of the investment policy allowing each Fund to invest in
zero coupon U. S. government securities.
Board of Trustees
Liquid Institutional Reserves
In planning and performing our audit of the financial statements of
Liquid Institutional Reserves for the year ended April 30, 1996,
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, not to provide assurance on
the internal control structure.
The management of Liquid Institutional Reserves 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 internal 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 operation 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. 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, 1996.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
ERNST & YOUNG LLP
June 7, 1996
