INDEPENDENT AUDITORS' REPORT
TO THE BOARD OF DIRECTORS OF CASH TRUST SERIES II
AND SHAREHOLDERS OF TREASURY CASH SERIES II:
We have audited the accompanying statement of assets and liabilities,
including the portfolio of investments, of Treasury Cash Series II
(the "Fund") (a portfolio of Cash Trust Series II) as of May 31, 2000,
and the related statement of operations for the year ended May 31, 2000,
the statement of changes in net assets for the years ended May 31, 2000
and 1999, and the financial highlights for the periods presented.
These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to
express an opinion on these financial statements and financial
highlights based on our audits.
We conducted our audits in accordance with auditing standards
generally accepted in the United States of America. Those standards
require that we plan and perform the audits to provide reasonable
assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
confirmation of securities owned at May 31, 2000, by correspondence
with the custodian and brokers; where replies were not received from
brokers, we performed other auditing procedures. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe our audits provide a reasonable basis for
our opinion.
In our opinion, such financial statements and financial highlights
present fairly, in all material respects, the financial position of
the Fund as of May 31, 2000, the results of its operations, the changes
in its net assets and its financial highlights for the respective stated
periods in conformity with accounting principles generally accepted in
the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
July 14, 2000
