REPORT OF INDEPENDENT CERTIFIED
PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
The Board of Directors
Renaissance Capital Greenwich Funds
Greenwich, Connecticut
In planning and performing our audit of the financial
statements of The IPO Plus Aftermarket Fund a series of
shares of Renaissance Capital Greenwich Funds, for the
year ended September 30, 2000, we considered their
internal control structure, including procedures 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, not to provide
assurance on the internal control structure.
The management of the Fund is responsible for
establishing and maintaining an internal control
structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the
expected benefits and related costs of internal control
structure policies and procedures. Two of the objectives
of an internal control structure are to provide
management with reasonable, but not absolute,
assurance that assets are safeguarded against loss from
unauthorized use or disposition, and that transactions are
executed in accordance with managements
authorization and recorded properly to permit
preparation of financial statements in conformity with
generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the
structure 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 internal control structure would
not necessarily disclose all matters in the internal control
structure 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 the specific
internal control structure elements 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 the internal
control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses, as
defined above, as of September 30, 2000.
This report is intended solely for the information and use
of management and the Securities and Exchange
Commission, and should not be used for any other
purpose.
TAIT, WELLER & BAKER
Philadelphia, Pennsylvania
October 29, 2000
