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, New York 10019
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2. Name of each series or class of funds for which this notice is filed:
Treasury Securities Fund
Government Securities Fund
Money Market Fund
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3. Investment Company Act File Number:
811-06281
Securities Act File Number:
33-39029
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4. Last day of fiscal year for which this notice is filed:
April 30, 1997
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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):
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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
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8. Number and amount of securities registered during the fiscal year other
than pursuant to rule 24f-2:
None
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9. Number and aggregate sale price of securities sold during the fiscal
year:
9,557,120,889 shares representing $9,557,120,889
(including shares issued in connection with dividend
reinvestment plans)
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<PAGE>
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10. Number and aggregate sale price of securities sold during the fiscal
year in reliance upon registration pursuant to rule 24f-2:
9,508,771,387 shares representing $9,508,771,387
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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):
48,349,502 shares representing $48,349,502
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12. Calculation of registration fee:
(i) Aggregate sale price of
securities sold during the
fiscal year in reliance on
rule 24f-2 (from Item 10): $ 9,508,771,387
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(ii) Aggregate price of shares
issued in connection with
dividend reinvestment plans
(from Item 11, if applicable): + 48,349,502
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(iii) Aggregate price of shares
redeemed or repurchased during
the fiscal year
(if applicable): - 8,622,861,615
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(iv) Aggregate price of shares
redeemed or repurchased and
previously applied as a
reduction to filing fees
pursuant to rule 24e-2
(if applicable): + 0
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(v) Net aggregate price of
securities sold and issued
during the fiscal year in
reliance on rule 24f-2
[line (i), plus line (ii),
less line (iii), plus line
(iv)] (if applicable): $ 934,259,274
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(vi) Multiplier prescribed by
Section 6(b) of the
Securities Act of 1933 or
other applicable law or
regulation (see Instruction
C.6): x 1/33 of 1%
(vii) Fee due (line (1) or
line (v) multiplied by
line (vi) $ 283,108.87
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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).
/ X /
Date of mailing or wire transfer of filing fees to the Commission's
lockbox depository: June 26, 1997
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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/ Ian W. Williams
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Ian W. Williams
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Vice President & Asst. Treasurer
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Date: June 26 , 1997
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KIRKPATRICK & LOCKHART LLP
1800 Massachusetts Avenue, N.W.
Washington, D. C. 20036-1800
Telephone (202) 778-9000
June 27, 1997
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, 1997.
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, 1997, 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 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.
<PAGE>
Liquid Institutional Reserves
June 27, 1997
Page 2
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
