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SIGNATURE PAUL SCHUBERT
TITLE TREASURER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.28
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000872475
<NAME> LIQUID INSTITUTIONAL RESERVES
<SERIES>
<NUMBER> 04
<NAME> MONEY MARKET FUND-FINANCIAL INTERMEDIARY
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-START> MAY-01-1999
<PERIOD-END> OCT-31-1999
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<INVESTMENTS-AT-VALUE> 29,204
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<PAYABLE-FOR-SECURITIES> 254
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<OTHER-ITEMS-LIABILITIES> 167
<TOTAL-LIABILITIES> 421
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 29,010
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<SHARES-COMMON-PRIOR> 12,001
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 29,010
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 714
<OTHER-INCOME> 0
<EXPENSES-NET> (72)
<NET-INVESTMENT-INCOME> 642
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 642
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (642)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 56,905
<NUMBER-OF-SHARES-REDEEMED> (39,897)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 17,008
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 34
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 75
<AVERAGE-NET-ASSETS> 26,949
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.024
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.024)
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.53
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000872475
<NAME> LIQUID INSTITUTIONAL RESERVES
<SERIES>
<NUMBER> 03
<NAME> TREASURY SECURITIES FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> APR-30-2000
<PERIOD-START> MAY-01-1999
<PERIOD-END> OCT-31-1999
<INVESTMENTS-AT-COST> 117,053
<INVESTMENTS-AT-VALUE> 117,053
<RECEIVABLES> 50,101
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<TOTAL-ASSETS> 167,197
<PAYABLE-FOR-SECURITIES> 46,498
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 548
<TOTAL-LIABILITIES> 47,046
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 119,985
<SHARES-COMMON-STOCK> 119,985
<SHARES-COMMON-PRIOR> 179,057
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 166
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 120,151
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,433
<OTHER-INCOME> 0
<EXPENSES-NET> 216
<NET-INVESTMENT-INCOME> 3,217
<REALIZED-GAINS-CURRENT> (4)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 3,213
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,217)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 79,438
<NUMBER-OF-SHARES-REDEEMED> (141,870)
<SHARES-REINVESTED> 3,359
<NET-CHANGE-IN-ASSETS> (59,076)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 170
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 187
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 246
<AVERAGE-NET-ASSETS> 148,657
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.022
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.022)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.29
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
N-SAR Exhibits
Item 77(D)
For the period ending October 31, 1999
File number 811-06281
During the period covered by this report, two
of the registrant's series, Government Securities
Fund and Treasury Securities Fund, changed a non-
fundamental investment policy which formerly
prevented investment in shares of other funds.
These funds now may invest up to 10% of total
assets in the securities of other money market funds.
These two funds limit their investments in other
funds to those having similar investment policies in
order to maximize the potential beneficial treatment
under state and local income taxation accorded
investment in federal government securities.
