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<PAGE> PAGE 3
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<PAGE> PAGE 13
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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
Report of Independent Auditors
To the Shareholders and Board of Trustees of
Liquid Institutional Reserves
In planning and performing our audit of the financial statements of Liquid
Institutional Reserves (comprising, respectively, the Money Market Fund,
Government Securities Fund and Treasury Securities Fund) for the year ended
April 30, 1998, we considered its internal control, including control
activities 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.
The management of Liquid Institutional Reserves is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to assess
the expected benefits and related costs of controls. Generally, controls that
are relevant to an audit pertain to the entity's objective of preparing
financial statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those controls
include the safeguarding of assets against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control
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 would not necessarily disclose all
matters in the internal control 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 one or more of the internal control components does not reduce
to a relatively low level the risk that errors or fraud 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 and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as
defined above at April 30, 1998.
This report is intended solely for the information and use of the
shareholders, board of trustees and management of Liquid Institutional
Reserves and the Securities and Exchange Commission.
ERNST & YOUNG LLP
June 24, 1998
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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>
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^0^<OVERDIST-NET-GAINS-PRIOR>^^^^^^^^^^^^^^^^^^^^^^^^^^^0^<GROSS-ADVISORY-FEES>^^^^^^^^^^^^^^^^^^^^^^^^^
^^^^^216^<INTEREST-EXPENSE>^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^0^<GROSS-EXPENSE>^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^511^<AVERAGE-NET-A
SSETS>^^^^^^^^^^^^^^^^^^^^^^^^^^^^86,364^<PER-SHARE-NAV-BEGIN>^^^^^^^^^^^^^^^^^^^^^^^^^^^^^1.00^<PER-SHARE-NII>^^^^^^^^^^^^^^^^^^^^^^^^^^^
^^^^^^^0.052^<PER-SHARE-GAIN-APPREC>^^^^^^^^^^^^^^^^^^^^^^^^^^^0.00^<PER-SHARE-DIVIDEND>^^^^^^^^^^^^^^^^^^^^^^^^^^^(0.052)^<PER-SHARE
- -DISTRIBUTIONS>^^^^^^^^^^^^^^^^^^^^^^^^^0.00^<RETURNS-OF-CAPITAL>^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^0.00^<PER-SHARE-NAV-END>^^^^^^^^^^^^^^^^^^^^^^^^^^^^
^^^1.00^<EXPENSE-RATIO>^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^0.30^<AVG-DEBT-OUTSTANDING>^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^0^<AVG-DEBT-PER-S
HARE>^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^0^
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
^WPC^^^
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
^WPC^^^
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
^WPC^^^I^^^^
</TABLE>
