<PAGE> PAGE 1
000 B000000 03/31/2000
000 C000000 0000856517
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 MONEY MARKET OBLIGATIONS TRUST
001 B000000 811-5950
001 C000000 4122882614
002 A000000 FEDERATED INVESTORS TOWER
002 B000000 PITTSBURGH
002 C000000 PA
002 D010000 15222
002 D020000 3779
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 40
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C020700 LIQUID CASH TRUST (3/31 FYE)
007 C030700 N
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C021400 LIBERTY U.S. GOVERNMENT MONEY MARKET TRUST
007 C031400 N
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
008 A00AA01 FEDERATED INVESTMENT MANAGEMENT COMPANY
008 B00AA01 A
008 C00AA01 801-34609
008 D01AA01 PITTSBURGH
<PAGE> PAGE 2
008 D02AA01 PA
008 D03AA01 15222
008 D04AA01 3779
010 A00AA01 FEDERATED SERVICES COMPANY
010 C01AA01 PITTSBURGH
010 C02AA01 PA
010 C03AA01 15222
010 C04AA01 3779
011 A00AA01 FEDERATED SECURITIES CORP.
011 B00AA01 8-15561
011 C01AA01 PITTSBURGH
011 C02AA01 PA
011 C03AA01 15222
011 C04AA01 3779
012 A00AA01 FEDERATED SHAREHOLDER SERVICES COMPANY
012 B00AA01 84-1869
012 C01AA01 PITTSBURGH
012 C02AA01 PA
012 C03AA01 15222
012 C04AA01 3779
013 A00AA01 DELOITTE & TOUCHE LLP
013 B01AA01 BOSTON
013 B02AA01 MA
013 B03AA01 02110
013 B04AA01 1617
015 A00AA01 STATE STREET BANK & TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02266
015 C04AA01 8600
015 E01AA01 X
015 A00AA02 PNC BANK, NA
015 B00AA02 S
015 C01AA02 PITTSBURGH
015 C02AA02 PA
015 C03AA02 15625
015 E01AA02 X
015 A00AA03 NATIONSBANK OF NORTH CAROLINA
015 B00AA03 S
015 C01AA03 CHARLOTTE
015 C02AA03 NC
015 C03AA03 28255
015 E01AA03 X
015 A00AA04 MORGAN GUARANTY BANK & TRUST CO.
015 B00AA04 S
015 C01AA04 NEW YORK
015 C02AA04 NY
015 C03AA04 10015
015 E01AA04 X
015 A00AA05 THE CHASE MANHATTAN CORPORATION
<PAGE> PAGE 3
015 B00AA05 S
015 C01AA05 NEW YORK
015 C02AA05 NY
015 C03AA05 10006
015 E01AA05 X
015 A00AA06 BANK OF NEW YORK
015 B00AA06 S
015 C01AA06 NEW YORK
015 C02AA06 NY
015 C03AA06 10006
015 E01AA06 X
015 A00AA07 BANKERS TRUST CO.
015 B00AA07 S
015 C01AA07 NEW YORK
015 C02AA07 NY
015 C03AA07 10015
015 E01AA07 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 PAINE WEBBER INC.
022 C000001 39941831
022 D000001 25791
022 A000002 BANK OF AMERICA
022 C000002 19302191
022 D000002 0
022 A000003 PARIBAS CORP.
022 C000003 12318000
022 D000003 0
022 A000004 DEUTSCHE BANK AG FRANKFURT
022 C000004 10223495
022 D000004 0
022 A000005 BEAR STEARNS SECURITIES
022 C000005 10166000
022 D000005 0
022 A000006 ABN AMRO CHICAGO CORP.
022 C000006 8855000
022 D000006 0
022 A000007 WARBURG DILLON REED
022 C000007 8542339
<PAGE> PAGE 4
022 D000007 0
022 A000008 SALOMON SMITH BARNEY INC.
022 C000008 6469758
022 D000008 0
022 A000009 GOLDMAN SACHS & CO.
022 C000009 5929026
022 D000009 3801
022 A000010 PRUDENTAIL SECURITIES INC.
022 C000010 4207000
022 D000010 0
023 C000000 125954640
023 D000000 29592
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 Y
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
077 A000000 Y
077 B000000 N
077 C000000 Y
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 Y
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
<PAGE> PAGE 5
028 A010700 325259
028 A020700 141
028 A030700 0
028 A040700 331624
028 B010700 245703
028 B020700 1172
028 B030700 0
028 B040700 270212
028 C010700 313273
028 C020700 1138
028 C030700 0
028 C040700 386008
028 D010700 297311
028 D020700 1059
028 D030700 0
028 D040700 305040
028 E010700 348261
028 E020700 1091
028 E030700 0
028 E040700 222100
028 F010700 300096
028 F020700 1128
028 F030700 0
028 F040700 345389
028 G010700 1829903
028 G020700 5729
028 G030700 0
028 G040700 1860373
028 H000700 0
029 000700 N
030 A000700 0
030 B000700 0.00
030 C000700 0.00
031 A000700 0
031 B000700 0
032 000700 0
033 000700 0
034 000700 N
035 000700 0
036 B000700 0
037 000700 N
038 000700 0
039 000700 N
040 000700 N
042 A000700 0
042 B000700 0
042 C000700 0
042 D000700 0
042 E000700 0
042 F000700 0
042 G000700 0
<PAGE> PAGE 6
042 H000700 0
043 000700 0
044 000700 0
045 000700 Y
046 000700 N
047 000700 Y
048 000700 0.400
048 A010700 0
048 A020700 0.000
048 B010700 0
048 B020700 0.000
048 C010700 0
048 C020700 0.000
048 D010700 0
048 D020700 0.000
048 E010700 0
048 E020700 0.000
048 F010700 0
048 F020700 0.000
048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
049 000700 N
050 000700 N
051 000700 N
052 000700 N
053 A000700 Y
053 B000700 Y
053 C000700 N
054 A000700 N
054 B000700 N
054 C000700 N
054 D000700 N
054 E000700 N
054 F000700 N
054 G000700 N
054 H000700 N
054 I000700 N
054 J000700 N
054 K000700 N
054 L000700 N
054 M000700 N
054 N000700 N
054 O000700 N
<PAGE> PAGE 7
055 A000700 N
055 B000700 N
056 000700 N
057 000700 N
058 A000700 N
059 000700 Y
060 A000700 N
060 B000700 N
061 000700 25000
062 A000700 Y
062 B000700 0.0
062 C000700 0.0
062 D000700 100.0
062 E000700 0.0
062 F000700 0.0
062 G000700 0.0
062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
062 K000700 0.0
062 L000700 0.0
062 M000700 0.0
062 N000700 0.0
062 O000700 0.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
063 A000700 3
063 B000700 0.0
064 A000700 N
064 B000700 N
066 A000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 Y
070 B010700 N
070 B020700 N
070 C010700 N
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 N
070 E020700 N
070 F010700 N
070 F020700 N
070 G010700 N
070 G020700 N
070 H010700 N
<PAGE> PAGE 8
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 N
070 L010700 N
070 L020700 N
070 M010700 N
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 Y
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 0
071 B000700 0
071 C000700 0
071 D000700 0
072 A000700 12
072 B000700 17876
072 C000700 0
072 D000700 0
072 E000700 0
072 F000700 1359
072 G000700 256
072 H000700 0
072 I000700 43
072 J000700 32
072 K000700 0
072 L000700 15
072 M000700 17
072 N000700 19
072 O000700 0
072 P000700 0
072 Q000700 75
072 R000700 14
072 S000700 14
072 T000700 0
072 U000700 0
072 V000700 0
072 W000700 12
072 X000700 1856
072 Y000700 1328
072 Z000700 17348
<PAGE> PAGE 9
072AA000700 0
072BB000700 0
072CC010700 0
072CC020700 0
072DD010700 17348
072DD020700 0
072EE000700 0
073 A010700 0.0500
073 A020700 0.0000
073 B000700 0.0000
073 C000700 0.0000
074 A000700 1
074 B000700 225325
074 C000700 0
074 D000700 0
074 E000700 0
074 F000700 0
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 0
074 K000700 0
074 L000700 175
074 M000700 4
074 N000700 225501
074 O000700 0
074 P000700 0
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 251
074 S000700 0
074 T000700 225250
074 U010700 225250
074 U020700 0
074 V010700 1.00
074 V020700 0.00
074 W000700 1.0000
074 X000700 197
074 Y000700 0
075 A000700 339743
075 B000700 0
076 000700 0.00
080 A000700 LLOYD'S OF LONDON
080 B000700 ZURICH INSURANCE CO.; RELIANCE INS. CO.
080 C000700 70000
081 A000700 Y
081 B000700 165
082 A000700 N
082 B000700 0
<PAGE> PAGE 10
083 A000700 N
083 B000700 0
084 A000700 N
084 B000700 0
085 A000700 Y
085 B000700 N
028 A011400 173251
028 A021400 1965
028 A031400 0
028 A041400 192002
028 B011400 202796
028 B021400 2064
028 B031400 0
028 B041400 204145
028 C011400 235708
028 C021400 1999
028 C031400 0
028 C041400 217874
028 D011400 250233
028 D021400 2158
028 D031400 0
028 D041400 228962
028 E011400 335848
028 E021400 2206
028 E031400 0
028 E041400 398316
028 F011400 490486
028 F021400 4389
028 F031400 0
028 F041400 447671
028 G011400 1688322
028 G021400 14781
028 G031400 0
028 G041400 1688970
028 H001400 18247
029 001400 Y
030 A001400 997
030 B001400 0.00
030 C001400 0.00
031 A001400 0
031 B001400 0
032 001400 996
033 001400 0
034 001400 Y
035 001400 1132
036 A001400 N
036 B001400 0
037 001400 N
038 001400 0
039 001400 N
040 001400 Y
<PAGE> PAGE 11
041 001400 Y
042 A001400 0
042 B001400 0
042 C001400 100
042 D001400 0
042 E001400 0
042 F001400 0
042 G001400 0
042 H001400 0
043 001400 546
044 001400 0
045 001400 Y
046 001400 N
047 001400 Y
048 001400 0.000
048 A011400 500000
048 A021400 0.500
048 B011400 500000
048 B021400 0.475
048 C011400 500000
048 C021400 0.450
048 D011400 500000
048 D021400 0.425
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048 F011400 0
048 F021400 0.000
048 G011400 0
048 G021400 0.000
048 H011400 0
048 H021400 0.000
048 I011400 0
048 I021400 0.000
048 J011400 0
048 J021400 0.000
048 K011400 2000000
048 K021400 0.400
049 001400 N
050 001400 N
051 001400 N
052 001400 N
053 A001400 Y
053 B001400 Y
054 A001400 N
054 B001400 N
054 C001400 N
054 D001400 N
054 E001400 N
054 F001400 N
054 G001400 N
054 H001400 N
<PAGE> PAGE 12
054 I001400 N
054 J001400 N
054 K001400 N
054 L001400 N
054 M001400 N
054 N001400 N
054 O001400 N
055 A001400 N
055 B001400 N
056 001400 N
057 001400 N
058 A001400 N
059 001400 Y
060 A001400 N
060 B001400 N
061 001400 1500
062 A001400 Y
062 B001400 0.0
062 C001400 46.1
062 D001400 63.0
062 E001400 0.0
062 F001400 0.0
062 G001400 0.0
062 H001400 0.0
062 I001400 0.0
062 J001400 0.0
062 K001400 0.0
062 L001400 0.0
062 M001400 0.0
062 N001400 0.0
062 O001400 0.0
062 P001400 0.0
062 Q001400 0.0
062 R001400 0.0
063 A001400 41
063 B001400 0.0
064 A001400 N
064 B001400 N
066 A001400 N
067 001400 N
068 A001400 N
068 B001400 N
069 001400 N
070 A011400 Y
070 A021400 Y
070 B011400 N
070 B021400 N
070 C011400 N
070 C021400 N
070 D011400 N
070 D021400 N
<PAGE> PAGE 13
070 E011400 N
070 E021400 N
070 F011400 N
070 F021400 N
070 G011400 N
070 G021400 N
070 H011400 N
070 H021400 N
070 I011400 N
070 I021400 N
070 J011400 N
070 J021400 N
070 K011400 N
070 K021400 N
070 L011400 N
070 L021400 N
070 M011400 N
070 M021400 N
070 N011400 N
070 N021400 N
070 O011400 Y
070 O021400 N
070 P011400 Y
070 P021400 N
070 Q011400 N
070 Q021400 N
070 R011400 N
070 R021400 N
071 A001400 0
071 B001400 0
071 C001400 0
071 D001400 0
072 A001400 12
072 B001400 35516
072 C001400 0
072 D001400 0
072 E001400 0
072 F001400 3271
072 G001400 499
072 H001400 0
072 I001400 1667
072 J001400 54
072 K001400 0
072 L001400 326
072 M001400 15
072 N001400 93
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072 Q001400 118
072 R001400 17
072 S001400 15
<PAGE> PAGE 14
072 T001400 2202
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072 X001400 8319
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074 A001400 3
074 B001400 436550
074 C001400 319194
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074 F001400 0
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074 N001400 762816
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074 R031400 0
074 R041400 67707
074 S001400 0
074 T001400 692768
074 U011400 609340
074 U021400 83428
074 V011400 1.00
074 V021400 1.00
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074 Y001400 0
075 A001400 662298
075 B001400 0
076 001400 0.00
<PAGE> PAGE 15
080 A001400 LLOYD'S OF LONDON
080 B001400 ZURICH INSURANCE CO.; RELIANCE INS. CO.
080 C001400 70000
081 A001400 Y
081 B001400 165
082 A001400 N
082 B001400 0
083 A001400 N
083 B001400 0
084 A001400 N
084 B001400 0
085 A001400 Y
085 B001400 N
SIGNATURE STEPHEN A. KEENE
TITLE GENERAL COUNCIL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
6 85617 Money Market Obligation Trust 007 Liquid Cash Trust
12-Mos Mar-31-2000 Mar-31-2000 225,325,000 225,325,000 174,917 0 1,181 225,501,098 0 0 251,448 251,448 0 225,249,650 225,249,650 441
,168,020 0 0 0 0 0 225,249,650 0 17,876,154 0 (528,307) 17,347,847 0 0 17,347,847 0 17,347,847 0 0 3,322,046
,817 (3,550,865,314) 12,900,127 (215,918,370) 0 0 0 0 1,358,972 0 1,856,494 339,743,109 1.000 0.050 0.000 (0.050) 0.000 0.000 1.000
0.16 0 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000856517
<NAME> Money Market Obligations Trust
<SERIES>
<NUMBER> 140
<NAME> Liberty U.S. Government Money Market Trust Class A
<S> <C>
<PERIOD-TYPE> 12-Mos
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<NUMBER-OF-SHARES-SOLD> 2,485,796,322
<NUMBER-OF-SHARES-REDEEMED> (2,497,473,280)
<SHARES-REINVESTED> 22,157,727
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<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.040
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<PER-SHARE-DIVIDEND> (0.040)
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 1.02
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000856517
<NAME> Money Market Obligations Trust
<SERIES>
<NUMBER> 141
<NAME> Liberty U.S. Government Money Market Trust Class B
<S> <C>
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> March-31-2000
<PERIOD-END> March-31-2000
<INVESTMENTS-AT-COST> 755,744,039
<INVESTMENTS-AT-VALUE> 755,744,039
<RECEIVABLES> 7,068,659
<ASSETS-OTHER> 3,014
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 762,815,712
<PAYABLE-FOR-SECURITIES> 2,340,566
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 67,707,443
<TOTAL-LIABILITIES> 70,048,009
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 692,767,703
<SHARES-COMMON-STOCK> 83,427,855
<SHARES-COMMON-PRIOR> 51,267,408
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 83,427,855
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 35,515,715
<OTHER-INCOME> 0
<EXPENSES-NET> (7,434,229)
<NET-INVESTMENT-INCOME> 28,081,486
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,565,250)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 235,398,928
<NUMBER-OF-SHARES-REDEEMED> (205,117,134)
<SHARES-REINVESTED> 1,878,653
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<ACCUMULATED-NII-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.030
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<PER-SHARE-DIVIDEND> (0.030)
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<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 1.92
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
Report of Ernst & Young LLP, Independent Auditors
To the Board of Directors of
Liberty U.S. Government Money Market Trust
In planning and performing our audit of the financial statements of
Liberty U.S. Government Money Market Trust (the "Fund") for the year
ended March 31, 2000, we considered its internal control, including
control activities for safeguarding securities, 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,
and not to provide assurance on internal control.
The management of the Fund 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 internal control. Generally,
internal controls that are relevant to an audit pertain to the Fund's
objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those internal controls include the safeguarding of assets
against unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, misstatements
due to error or fraud may occur and not be detected. Also, projections
of any evaluation of internal control to future periods are subject to
the risk that internal control may become inadequate because of changes
in conditions, or that the degree of compliance with the policies or
procedures may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in 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 specific internal control components
does not reduce to a relatively low level the risk that error or fraud
in amounts that would be material in relation to the consolidated
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 internal
control, including control activities for safeguarding securities, and
its operation that we consider to be material weaknesses as defined
above as of March 31, 2000.
This report is intended solely for the information and use of the board
of directors and management of Liberty U.S. Government Money Market
Trust and the Securities and Exchange Commission and is not intended to
be and should not be used by anyone other than these specified parties.
ERNST & YOUNG LLP
May 15, 2000
Exhibit 11
INDEPENDENT AUDITORS' CONSENT
We consent to the use in this Post-Effective Amendment No. 40 to
Registration Statement No. 2-67655 on Form N-1A of Liquid Cash Trust,
Inc. of our report dated May 19, 2000 relating to the financial
statements of Liquid Cash Trust appearing in the Prospectus, which is a
part of such Registration Statement, and to the references to us under
the heading "Financial Highlights" in such Prospectus.
Boston, Massachusetts
May 25, 2000
Item 77Q - Exhibits
A copy of Amendment No. 14 to the Declaration of Trust, which was
approved by the Board of Trustees of Money Market Obligations Trust, at
the Meeting of the Board of Trustees, on May 16, 1999, is hereby
incorporated by reference to Post Effective Amendment number thirty-nine
(39), filed with the Commission on February 25, 2000. (File No. 811-
5950)
INDEPENDENT AUDITORS' REPORT
To the Board of Trustees and Shareholders of
Liquid Cash Trust:
In planning and performing our audit of the financial statements of
Liquid Cash Trust (the "Fund") for the year ended March 31, 2000 (on
which we have issued our report dated May 19, 2000), 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, and not to provide assurance
on the Fund's internal control.
The management of the Fund 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 any 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 the
internal control may become inadequate because of changes in conditions,
or that the degree of compliance with policies and procedures may
deteriorate.
Our consideration of the Fund's internal control would not necessarily
disclose all matters in 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
misstatements caused by 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 Fund's internal control and its operation,
including controls for safeguarding securities, that we consider to be
material weaknesses as defined above as of March 31, 2000.
This report is intended solely for the information and use of
management, the Trustees and Shareholders of Liquid Cash Trust, and the
Securities and Exchange Commission and is not intended to be and should
not be used by anyone other than these specified parties.
May 19, 2000
