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Supplementary Report of Independent Auditors
Board of Directors
Rembrandt Funds
In planning and performing our audits of the financial statements
of the Rembrandt Funds for the period ended December 31, 1997,
we considered their internal control, including control activities
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.
The management of the 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 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 the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or
fraud may occur and 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 the internal control would not necessarily
disclose all matters in the 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 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
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 and
its operation, including controls for safeguarding securities,
that we consider to be material weaknesses as defined above as of
December 31, 1997.
This report is intended solely for the information and use of the
Board of Directors and management of the Rembrandt Funds
and the Securities and Exchange Commission.
Philadelphia, Pennsylvania
January 30, 1998
