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<PAGE> PAGE 2
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SIGNATURE EDWARD J. VEILLEUX
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> TOTAL RETURN U.S. TREASURY FUND CLASS A
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<TOTAL-LIABILITIES> 3,558,840
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000811160
<NAME> TOTAL RETURN U.S. TREASURY FUND CLASS B
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<TABLE> <S> <C>
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<NAME> TOTAL RETURN U.S. TREASURY FUND ISI
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</TABLE>
The Board of Directors,
Total Return U.S. Treasury Fund, Inc.
In planning and performing our audit of the financial statements of the Total
Return U.S. Treasury Fund, Inc. (the Fund) for the year ended October 31, 1997,
(on which we have issued our report dated November 21, 1997), we considered its
internal control, including controls over 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 control.
The management of the Fund 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 safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and may not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation 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 any
specific internal control component 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 control,
including controls over safeguarding securities, that we consider to be material
weaknesses as defined above as of October 31, 1997.
This report is intended solely for the information and use of management, the
Board of Directors and the Securities and Exchange Commission.
Deloitte & Touche LLP
Princeton, New Jersey
November 21, 1997
