Report of Independent Auditors
To the Shareholders and Board of Trustees of
DLJ Focus Funds
In planning and performing our audit of the financial statements of DLJ
Funds for the year ended October 31, 2000, we considered its internal
control, including control activities for safeguarding securities, 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 DLJ Opportunity Funds 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 control. Generally, internal 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 internal cont
ng of assets against unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, misstatements due to
errors or fraud may occur and not be detected. Also, projections of any
evaluation on internal control to future periods are subject to the risk
that internal control may become inadequate because of changes in conditions
, or that the degree of compliance with the policies or procedures 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 one or more of the specific 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 ma
within a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving internal control
, including control activities for safeguarding securities, and its operation
that we consider to be material weaknesses as defined above at October 31,
2000.
This report is intended solely for the information and use of the Board of
Trustees and mangement of DLJ Opportunity Funds, and the Securities and
Exchange Commission and is not intended to be and should not be used by
anyone other than these specified parties.
ERNST & YOUNG LLP
December 20, 2000
