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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
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1. Name and address of issuer:
Liquid Institutional Reserves
1285 Avenue of the Americas
New York, NY 10019
2. Name of each series or class of funds for which this
notice is filed:
Treasury Securities Fund
Government Securities Fund
Money Market Fund
3. Investment Company Act File Number:
811-06281
Securities Act File Number:
33-39029
4. Last day of fiscal year for which this notice is
filed:
April 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:
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6. Date of termination of issuer's declaration rule
24f-2(a)(1), if applicable (see Instruction A.6):
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:
100,632,972 shares representing $100,632,972
9. Number and aggregate sale price of securities sold
during the fiscal year:
4,251,267,237 shares representing $4,251,267,237
10. Number and aggregate sale price of securities sold
during the fiscal year in reliance upon registration
pursuant to rule 24f-2:
4,150,634,265 shares representing $4,150,634,265
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):
17,108,853 shares representing $17,108,853
12. Calculation of registration fee:
(i) Aggregate sale price of securities sold
during the fiscal year in reliance on rule $ 4,150,634,265
24f-2 (from Item 10): ---------------
(ii) Aggregate price of shares issued in
connection with dividend reinvestment plans + 17,108,853
(from Item 11, if applicable): ---------------
(iii) Aggregate price of shares redeemed or
repurchased during the fiscal year (if - 4,082,574,608
applicable): ---------------
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(iv) Aggregate price of shares redeemed or
repurchased and previously applied as a
reduction to filing fees pursuant to rule + 0
24e-2 (if applicable): ---------------
(v) Net aggregate price of securities sold and
issued during the fiscal year in reliance
on rule 24f-2 [line (i), plus line (ii), $ 85,168,510
less line (iii), plus line (iv)] (if ---------------
applicable):
(vi) Multiplier prescribed by Section 6(b) of
the Securities Act of 1933 or other x 1/29 of 1%
applicable law or regulation (see ---------------
Instruction C.6):
(vii) Fee due (line (1) or line (v) multiplied by $ 29,368
line (vi) ---------------
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).
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Date of mailing or wire transfer of filing fees to
the Commission's lockbox depository:
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/ Paul H. Schubert
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Paul H. Schubert
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Vice President & Asst Treasurer
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Date June 26, 1996
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Kirkpatrick & Lockhart LLP
1800 Massachusetts Avenue, N.W.
2nd Floor
Washington, D.C. 20036-1800
Telephone (202) 778-9000
Facsimile (202) 779-9100
June 27, 1996
Liquid Institutional Reserves
1285 Avenue of the Americas
New York, New York 10019
Dear Sir or Madam:
Liquid Institutional Reserves ("Trust") is an unincorporated
voluntary association organized under the laws of the Commonwealth of
Massachusetts pursuant to an Amended and Restated Declaration of Trust
dated April 26, 1991. The Trust currently consists of three series of
shares of beneficial interest: Money Market Fund, Government Securities
Fund and Treasury Securities Fund. We understand that the Trust is about
to file a Rule 24f-2 Notice pursuant to Rule 24f-2 under the Investment
Company Act of 1940, as amended, for the purpose of making definite the
number of shares of such series which it has registered under the
Securities Act of 1933, as amended, and which were sold during the fiscal
year ended April 30, 1996.
We have, as counsel to the Trust, participated in various
business and other matters relating to the Trust. We have examined
copies, either certified or otherwise proved to be genuine, of the
Declaration of Trust and By-Laws of the Trust and other documents relating
to its organization and operation. Based on the foregoing, it is our
opinion that the shares of the Trust sold during the fiscal year ended
April 30, 1996, the registration of which will be made definite by the
filing of the Rule 24f-2 Notice, were legally issued, fully paid and
nonassessable.
The Trust is an entity of the type commonly known as a
"Massachusetts business trust." Under Massachusetts law, shareholders
could, under certain circumstances, be held personally liable for the
obligations of the Trust. The Declaration of Trust states that persons
with claims against the Trust shall look only to the Trust property or to
the property of one or more series of the Trust for satisfaction of
claims. It also requires that notice of such disclaimer be given in each
obligation, contract, instrument, certificate, or undertaking made or
issued by the trustees of the Trust on behalf of the Trust. The
Declaration of Trust further provides: (i) that the Trust shall indemnify
and hold each shareholder harmless from and against all claims and
liabilities to which such shareholder may become subject by reason of
having been a shareholder and (ii) shall reimburse each shareholder out of
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Liquid Institutional Reserves
June 27, 1996
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Trust property for all legal and other expenses reasonably incurred in
connection with such claims. Thus, the risk of a shareholder incurring
financial loss on account of shareholder liability is limited to
circumstances in which the Trust or series would be unable to meet its
obligations.
We hereby consent to this opinion accompanying the
Rule 24f-2 Notice which you are about to file with the Securities and
Exchange Commission.
Very truly yours,
KIRKPATRICK & LOCKHART LLP
By:/s/ Elinor W. Gammon
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Elinor W. Gammon
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