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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 6
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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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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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070 P011300 N
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070 Q011300 N
070 Q021300 N
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070 R021300 N
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<PAGE> PAGE 42
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<PAGE> PAGE 43
074 O001300 0
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024 001400 N
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<PAGE> PAGE 44
039 001400 N
040 001400 Y
041 001400 Y
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062 A001400 Y
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063 B001400 0.0
070 A011400 Y
070 A021400 Y
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070 B021400 N
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070 D011400 N
070 D021400 N
070 E011400 N
070 E021400 N
070 F011400 N
070 F021400 N
070 G011400 N
070 G021400 N
070 H011400 N
070 H021400 N
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<PAGE> PAGE 45
070 J011400 N
070 J021400 N
070 K011400 Y
070 K021400 N
070 L011400 N
070 L021400 N
070 M011400 N
070 M021400 N
070 N011400 Y
070 N021400 N
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<PAGE> PAGE 46
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024 001500 N
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<PAGE> PAGE 47
028 C021500 5
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<PAGE> PAGE 48
062 Q001500 0.0
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070 A011500 Y
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070 F011500 N
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070 G021500 N
070 H011500 N
070 H021500 N
070 I011500 N
070 I021500 N
070 J011500 N
070 J021500 N
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070 L011500 Y
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070 M011500 N
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070 N011500 Y
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070 P011500 N
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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SIGNATURE STEPHEN G MEYER
TITLE CONTROLLER
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<NAME> REMBRANDT FUNDS
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<NAME> INTERMEDIATE GOVERNMENT INVESTOR
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<TABLE> <S> <C>
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<NAME> REMBRANDT FUNDS
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<NAME> TAX EXEMPT FIXED INCOME TRUST
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<S> <C>
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<TABLE> <S> <C>
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<CIK> 0000892567
<NAME> REMBRANDT FUNDS
<SERIES>
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<NAME> TAX EXEMPT FIXED INCOME INVESTOR
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<S> <C>
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<TABLE> <S> <C>
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<CIK> 0000892567
<NAME> REMBRANDT FUNDS
<SERIES>
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<NAME> INTERNATIONAL FIXED INCOME FUND TRUST CLASS
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<S> <C>
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<CIK> 0000892567
<NAME> REMBRANDT FUNDS
<SERIES>
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<NAME> INTERNATIONAL FIXED INCOME INVESTOR CLASS
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<S> <C>
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<TABLE> <S> <C>
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<CIK> 0000892567
<NAME> REMBRANDT FUNDS
<SERIES>
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<NAME> BALANCED TRUST
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<S> <C>
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<CIK> 0000892567
<NAME> REMBRANDT FUNDS
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<NAME> BALANCED INVESTOR
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<NAME> REMBRANDT FUNDS
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<NAME> REMBRANDT FUNDS
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000892567
<NAME> REMBRANDT FUNDS
<SERIES>
<NUMBER> 131
<NAME> TREASURY MONEY MARKET INVESTOR
<MULTIPLIER> 1,000
<S> <C>
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000892567
<NAME> REMBRANDT FUNDS
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<NAME> GOVERNMENT MONEY MARKET TRUST
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000892567
<NAME> REMBRANDT FUNDS
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<NAME> GOVERNMENT MONEY MARKET INVESTOR
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000892567
<NAME> REMBRANDT FUNDS
<SERIES>
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<NAME> MONEY MARKET TRUST
<MULTIPLIER> 1,000
<S> <C>
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<CIK> 0000892567
<NAME> REMBRANDT FUNDS
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<NAME> MONEY MARKET INVESTOR
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000892567
<NAME> REMBRANDT FUNDS
<SERIES>
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<NAME> TAX EXEMPT MONEY MARKET TRUST
<MULTIPLIER> 1,000
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</TABLE>
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<NAME> REMBRANDT FUNDS
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<NAME> TAX EXEMPT MONEY MARKET INVESTOR
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000892567
<NAME> REMBRANDT FUNDS
<SERIES>
<NUMBER> 170
<NAME> LATIN AMERICA EQUITY FUND TRUST CLASS
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
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<SENIOR-EQUITY> 0
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 11490
<DIVIDEND-INCOME> 46
<INTEREST-INCOME> 22
<OTHER-INCOME> 0
<EXPENSES-NET> (92)
<NET-INVESTMENT-INCOME> (24)
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</TABLE>
Board of Trustees
Rembrandt Funds
In planning and performing our audit of the financial statements of the
Rembrandt Funds (the "Fund") for the year ended December 31, 1996,
we considered its 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 transactions are executed in accordance with mangement's
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 may 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 December 31, 1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
/s/ Ernst & Young LLP
Ernst & Young LLP
Philadelphia, PA
January 24, 1997
