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<PAGE> PAGE 10
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SIGNATURE JAMES COLANTINO
TITLE SENIOR ADMINISTRATOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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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 RHIM Growth Fund and the Millenium RHIM Growth & Income
Fund, series of The Millenium RHIM Funds, Inc. for the year ended June
30, 1999, 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 internal control, including
controls over safeguarding securities, that we consider to be
material weaknesses as defined above as of June 30, 1999.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
McGladrey & Pullen, LLP
New York, New York
July 30, 1999
