ICA File Number: 811-06281 Liquid Institutional Reserves 51 West 52nd Street New York, New York 10019-6114 212-882-5000 Todd Lebo UBS Global Asset Management (US) Inc. 51 West 52nd Street New York, New York 10019-6114 Fiscal year end: 4/30 Reporting Period: 07/01/2003 - 06/30/2004 ==============================LIR Money Market Fund============================= Invests exclusively in non-voting securities ==========================LIR Treasury Securities Fund========================== Invests exclusively in non-voting securities ========================LIR Government Securities Fund========================== Invests exclusively in non-voting securities Pursuant to the requirements of the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Liquid Institutional Reserves By:_______/s/ Joseph Varnas____________ Joseph Varnas President Page 1 Date: 8/27/04