<PAGE> PAGE 1
000 B000000 05/31/1999
000 C000000 0000870241
000 D000000 N
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000 J000000 A
001 A000000 CASH TRUST SERIES II
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001 C000000 4122886653
002 A000000 FEDERATED INVESTORS TOWER
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007 C020100 TREASURY CASH SERIES II
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011 A00AA01 FEDERATED SECURITIES CORP.
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<PAGE> PAGE 2
011 C01AA01 PITTSBURGH
011 C02AA01 PA
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012 A00AA01 FEDERATED SHAREHOLDER SERVICES COMPANY
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012 C01AA01 PITTSBURGH
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013 A00AA01 DELOITTE & TOUCHE LLP
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<PAGE> PAGE 3
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<PAGE> PAGE 4
048 F01AA00 0
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054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
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<PAGE> PAGE 5
077 M000000 N
077 N000000 N
077 O000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 LLOYD'S OF LONDON
080 B00AA00 ZURICH COMPANY;RELIANCE INSURANCE CO.
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015 A000103 BANK OF NEW YORK
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<PAGE> PAGE 6
015 A000104 THE CHASE MANHATTAN CORP.
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015 A000105 NATIONSBANK OF NORTH CAROLINA
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<PAGE> PAGE 7
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055 A000100 N
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064 A000100 N
064 B000100 N
070 A010100 Y
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070 B010100 N
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070 C010100 N
070 C020100 N
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070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
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<PAGE> PAGE 8
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 N
070 J020100 N
070 K010100 N
070 K020100 N
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
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070 O010100 Y
070 O020100 N
070 P010100 Y
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070 Q010100 N
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071 A000100 0
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<PAGE> PAGE 9
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015 A000201 STATE STREET BANK & TRUST CO.
015 B000201 C
015 C010201 BOSTON
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<PAGE> PAGE 10
015 E010201 X
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015 A000203 BANK OF NEW YORK
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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SIGNATURE STEVE KEANE
TITLE GENERAL COUNSEL
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000870241
<NAME> Cash Trust Series II
<SERIES>
<NUMBER> 002
<NAME> Municipal Cash Series II
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> May-31-1999
<PERIOD-END> May-31-1999
<INVESTMENTS-AT-COST> 257,232,089
<INVESTMENTS-AT-VALUE> 257,232,089
<RECEIVABLES> 1,683,179
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 258,915,268
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<OTHER-ITEMS-LIABILITIES> 1,470,062
<TOTAL-LIABILITIES> 1,470,062
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<SHARES-COMMON-STOCK> 257,445,206
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<NUMBER-OF-SHARES-REDEEMED> (1,199,420,167)
<SHARES-REINVESTED> 6,774,275
<NET-CHANGE-IN-ASSETS> (8,630,722)
<ACCUMULATED-NII-PRIOR> 0
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<PER-SHARE-NAV-BEGIN> 1.000
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<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.810
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000870241
<NAME> CASH TRUST SERIES II
<SERIES>
<NUMBER> 001
<NAME> Treasury Cash Series II
<S> <C>
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<DISTRIBUTIONS-OF-INCOME> (8,831,616)
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 952,869,243
<NUMBER-OF-SHARES-REDEEMED> (951,067,767)
<SHARES-REINVESTED> 4,568,351
<NET-CHANGE-IN-ASSETS> 6,369,827
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,031,559
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,789,503
<AVERAGE-NET-ASSETS> 206,311,808
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.040
<PER-SHARE-GAIN-APPREC> 0.000
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<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.83
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.000
</TABLE>
INDEPENDENT AUDITORS' REPORT
To the Board of Directors and Shareholders of CASH TRUST SERIES II:
In planning and performing our audit of the financial statements of Cash
Trust Series II (Comprising the following portfolios: Municipal Cash
Series II and Treasury Cash Series II) for the year ended May 31, 1999
(on which we have issued our report dated July 20, 1999), 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 Cash Trust Series II 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, 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 deteriorate.
Our consideration of the Funds' 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 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 Funds' internal control and its operation, including
controls for safeguarding securities, that we consider to be material
weaknesses as defined above as of May 31, 1999.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission and is not intended to be and
should not be used for any other purpose.
DELOITTE & TOUCHE LLP
July 20, 1999
