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<PAGE> PAGE 2
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<PAGE> PAGE 9
SIGNATURE JIM SCHRACK
TITLE TREASURER
Independent Auditors' Report on Internal Accounting Controls
The Board of Trustees
Cardinal Government Obligations Fund:
In planning and performing our audit of the financial statements of
Cardinal Government Obligations Fund for the year ended September 30,
1995, we considered its internal controls, including procedures 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, not to provide
assurance on internal controls.
The management of Cardinal Government Obligations Fund is responsible
for establishing and maintaining internal controls. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control
policies and procedures. Two of the objectives of internal controls are
to provide management with reasonable, but not absolute, assurance that
assets are safeguarded against loss from unauthorized use or disposition
and that transactions are executed in accordance with management's
authorization and recorded properly to permit preparation of financial
statements in conformity with generally accepted accounting principles.
Because of inherent limitations in internal controls, errors or
irregularities may occur and not be detected. Also, projection of any
evaluation of internal controls to future periods is subject to the risk
that they may become inadequate because of changes in conditions or that
the effectiveness of the design and operation may deteriorate.
Our consideration of internal controls would not necessarily disclose
all matters in internal controls 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 specific internal control elements does not reduce to a
relatively low level the risk that errors or irregularities 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 controls, including
procedures for safeguarding securities, that we consider to be material
weaknesses as defined above as of September 30, 1995.
This report is intended solely for the use of management and the
Securities and Exchange Commission.
KPMG Peat Marwick LLP
Columbus, Ohio
November 17, 1995
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