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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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SIGNATURE JAMES COLANTINO
TITLE SENIOR ADMINISTRATOR
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REPORT OF CERTIFIED PUBLIC ACCOUNTANTS
The Board of Trustees
The Millennium RHIM Funds,Inc.
In planning and performing our audits of the financial statements of
The Millennium Growth Fund and The Millenium Growth & Income Fund, series of
The Millenium RHIM Funds, Inc. for the year ended June 30, 1998, 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 Millennium RHIM Funds, Inc. are 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 fraud 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 the
specific internal control component 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
involving internal control, including controls over safeguarding securities,
that we consider to be material weaknesses as defined above as of
June 30, 1998.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
New York, New York
August 14, 1998
