INDEPENDENT AUDITORS' REPORT


To the Board of Trustees and Shareholders of Money Market
Obligations Trust:

In planning and performing our audit of the financial statements
of Money Market Obligation Trust (the "Trust") (comprised of
the following funds: Automated Cash Management Trust, Federated
Master Trust, Government Obligations Fund, Government
Obligations Tax-Managed Fund, Liquid Cash Trust, Municipal
Obligations Fund, Prime Cash Obligations Fund, Prime Obligations
Fund, Prime Value Obligations Fund, Tax-Free Obligations Fund,
Treasury Obligations Fund, Trust for Government Cash Reserves,
and Trust for Short-Term U.S. Government Securities) for the
year ended July 31, 2003, (on which we have issued our reports
dated September 10, 2003), 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 Trust's 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
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 accounting principles generally accepted in the
United States of America.  Those 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 the
internal control may become inadequate because of changes in
conditions or that the degree of compliance with policies or
procedures may deteriorate.

Our consideration of the Trust'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 due to error 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 Trust's internal control and its
operation, including controls for safeguarding securities, that
we consider to be material weaknesses as defined above as of
July 31, 2003.

This report is intended solely for the information and use of
management, the Board of Trustees and Shareholders 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.




	Deloitte & Touche LLP
	Boston, Massachusetts
September 10, 2003