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SIGNATURE JOHN R. ELDER
TITLE TREASURER
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<NAME> U. S. TREASURY RESERVES PORTFOLIO
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INDEPENDENT AUDITORS' REPORT
To the Trustees and Investors of U.S. Treasury Reserves Portfolio:
In planning and performing our audit of the financial statements of U.S.
Treasury Reserves Portfolio (the "Portfolio") for the year ended August
31, 1998 (on which we have issued our report dated October 6, 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 Portfolio's internal control.
The management of the Portfolio 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, 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 the Portfolio'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 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 the Portfolio's
internal control and its operation, including controls for safeguarding
securities that we consider to be material weaknesses as defined above as
of August 31, 1998.
This report is intended solely for the information and use of management,
the Board of Trustees of the Portfolio, and the Securities and Exchange
Commission.
Deloitte & Touche LLP
Boston, Massachusetts
6-Oct-98
