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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000822922
<NAME> THE TREASURER'S FUND
<SERIES>
<NUMBER> 03
<NAME> U.S. TREASURY MONEY MARKET PORTFOLIO
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
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<SHARES-REINVESTED> 4291497
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</TABLE>
Report of Independent Auditors
To the Shareholders and Board of Directors of
The Treasurer's Fund, Inc.
In planning and performing our audit of the financial statements
of The Treasurer's Fund, Inc.
(comprising, respectively, the Domestic Prime Money Market, Tax
Exempt Money Market and U.S.
Treasury Money Market Portfolios) for the year ended October 31,
1998, 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
internal control.
The management of The Treasurer's Fund, Inc. 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 internal control, errors or
fraud may occur and 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 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 and its operation, including controls
for safeguarding securities, that we consider to be material
weaknesses as defined above at October 31,
1998.
This report is intended solely for the information and use
of the board of directors and management of
The Treasurer's Fund, Inc. and the Securities and Exchange
Commission and is not intended to be and
should not be used by anyone other than these specified
parties.
ERNST & YOUNG LLP
New York, New York
December 10, 1998
