-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UTsLRcpsd+holvQ78PPwI6jyPO0SZujoQ+zPIgiEps/aYDi/knTuRNCEfTW4ymMu xN/7LYeD0FsHSamc6KFlAA== 0000856517-00-000018.txt : 20000526 0000856517-00-000018.hdr.sgml : 20000526 ACCESSION NUMBER: 0000856517-00-000018 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20000331 FILED AS OF DATE: 20000525 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MONEY MARKET OBLIGATIONS TRUST /NEW/ CENTRAL INDEX KEY: 0000856517 STANDARD INDUSTRIAL CLASSIFICATION: [] IRS NUMBER: 251415329 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: NSAR-B SEC ACT: SEC FILE NUMBER: 811-05950 FILM NUMBER: 643615 BUSINESS ADDRESS: STREET 1: FEDERATED INVESTORS TOWER CITY: PITTSBURGH STATE: PA ZIP: 15222-3779 BUSINESS PHONE: 8003417400 MAIL ADDRESS: STREET 1: FEDERATED INVESTORS TOWER CITY: PITTSBURG STATE: PA ZIP: 15222-3779 NSAR-B 1 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 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 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 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 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 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 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 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 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 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 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 0.425 048 E011400 0 048 E021400 0.000 048 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 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 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 93 072 O001400 0 072 P001400 0 072 Q001400 118 072 R001400 17 072 S001400 15 PAGE 14 072 T001400 2202 072 U001400 0 072 V001400 0 072 W001400 42 072 X001400 8319 072 Y001400 884 072 Z001400 28081 072AA001400 0 072BB001400 0 072CC011400 0 072CC021400 0 072DD011400 25516 072DD021400 2565 072EE001400 0 073 A011400 0.0000 073 A021400 0.0300 073 B001400 0.0000 073 C001400 0.0000 074 A001400 3 074 B001400 436550 074 C001400 319194 074 D001400 0 074 E001400 0 074 F001400 0 074 G001400 0 074 H001400 0 074 I001400 0 074 J001400 0 074 K001400 0 074 L001400 7069 074 M001400 0 074 N001400 762816 074 O001400 2341 074 P001400 0 074 Q001400 0 074 R011400 0 074 R021400 0 074 R031400 0 074 R041400 67707 074 S001400 0 074 T001400 692768 074 U011400 609340 074 U021400 83428 074 V011400 1.00 074 V021400 1.00 074 W001400 1.0000 074 X001400 3032 074 Y001400 0 075 A001400 662298 075 B001400 0 076 001400 0.00 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 EX-27 2 WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE. 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

EX-27 3 WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
6 0000856517 Money Market Obligations Trust 140 Liberty U.S. Government Money Market Trust Class A 12-Mos March-31-2000 March-31-2000 755,744,039 755,744,039 7,068,659 3,014 0 762,815,712 2,340,566 0 67,707,443 70,048,009 0 692,767,703 609,339,848 598,859,079 0 0 0 0 0 609,339,848 0 35,515,715 0 (7,434,229) 28,081,486 0 0 28,081,486 0 (25,516,236) 0 0 2,485,796,322 (2,497,473,280) 22,157,727 42,641,216 0 0 0 0 3,270,920 0 8,318,382 589,435,115 1.000 0.040 0.000 (0.040) 0.000 0.000 1.000 1.02 [AVG-DEBT-OUTSTANDING] 0 [AVG-DEBT-PER-SHARE] 0.000

EX-27 4 WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
6 0000856517 Money Market Obligations Trust 141 Liberty U.S. Government Money Market Trust Class B 12-Mos March-31-2000 March-31-2000 755,744,039 755,744,039 7,068,659 3,014 0 762,815,712 2,340,566 0 67,707,443 70,048,009 0 692,767,703 83,427,855 51,267,408 0 0 0 0 0 83,427,855 0 35,515,715 0 (7,434,229) 28,081,486 0 0 28,081,486 0 (2,565,250) 0 0 235,398,928 (205,117,134) 1,878,653 42,641,216 0 0 0 0 3,270,920 0 8,318,382 72,863,342 1.000 0.030 0.000 (0.030) 0.000 0.000 1.000 1.92 [AVG-DEBT-OUTSTANDING] 0 [AVG-DEBT-PER-SHARE] 0.000

EX-99 5 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 EX-99 6 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 EX-99 7 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) EX-99 8 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 ~~-----END PRIVACY-ENHANCED MESSAGE-----~~