<PAGE> PAGE 1
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002 C000000 IL
002 D010000 60098
002 D020000 8170
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004 000000 N
005 000000 N
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007 A000000 Y
007 B000000 1
007 C010100 1
007 C020100 TREASURERS GOVERNMENT MONEY MARKET FUND
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007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
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<PAGE> PAGE 2
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TITLE TREASURER
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<PAGE>
ATTACHMENT 77B
Arthur Andersen LLP
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Trustees
of Millennium Income Trust:
In planning and performing our audit of the financial statements of
Millennium Income Trust for year ended September 30, 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 internal
control.
The management of Millennium Income Trust 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 cost 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, error 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 in adequate 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 me 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 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 internal control and its operation,
including controls for safeguarding securities, that we consider to be
material weaknesses as defined above as of September 30, 1998.
This report is intended solely for the information and use of
management, the Board of Trustees of Millennium Income Trust, and the
Securities and Exchange Commission.
Cincinnati, Ohio
November 6, 1998
