Report of Ernst & Young LLP, Independent Auditors
To the Board of Trustees of
Money Market Obligations Trust:
In planning and performing our audits of the financial statements of Alabama
Municipal Cash Trust, Connecticut Municipal Cash Trust, Massachusetts
Municipal Cash Trust, Minnesota Municipal Cash Trust, New Jersey Municipal
Cash Trust, North Carolina Municipal Cash Trust, New York Municipal Cash
Trust, Ohio Municipal Cash Trust, Pennsylvania Municipal Cash Trust, Arizona
Municipal Cash Trust, California Municipal Cash Trust, Florida Municipal Cash
Trust, Georgia Municipal Cash Trust, Maryland Municipal Cash Trust, Michigan
Municipal Cash Trust, Virginia Municipal Cash Trust, sixteen portfolios of
Money Market Obligations Trust (the Trust) for the year ended October 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 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 Trusts' 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
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 October 31, 2000.
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 byanyone other than these specified parties.
ERNST & YOUNG LLP
December 22, 2000
