Report of Independent Auditors


To the Board of Trustees of
Money Market Obligations Trust

In planning and performing our audits of the financial statements of
Liberty U.S. Government Money Market Trust and Tax-Free Instruments
Trust (two of the portfolios comprising the Money Market Obligations
Trust (the "Trust")) for the year ended March 31, 2001, we
considered their internal control, including control activities
for safeguarding securities, to determine our auditing procedures
for the purpose of expressing our opinions 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 Trust 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
Company'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 internal control, misstatements
due to errors 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 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 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, 2001.

This report is intended solely for the information and use of the Board
of Trustees and management of Money Market Obligations 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 14, 2001