<PAGE> PAGE 1
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001 A000000 THE DECLARATION FUND
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007 C020300 THE DECLARATION MONEY MARKET FUND
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007 C010400 4
007 C020400 THE WATER FUND
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007 C010700 7
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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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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008 A000301 DECLARATION INVESTMENT ADVISORS, INC.
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011 A000301 DECLARATION DISTRIBUTORS INC.
011 B000301 8-41590
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<PAGE> PAGE 9
011 C020301 PA
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012 A000301 DECLARATION SERVICE COMPANY
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012 C030301 19428
013 A000301 SANVILLE & COMPANY
013 B010301 ABINGTON
013 B020301 PA
013 B030301 19001
014 A000301 DECLARATION DISTRIBUTORS INC.
014 B000301 8-41590
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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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010 A000401 DECLARATION SERVICE COMPANY
010 B000401 84-1737
010 C010401 CONSHOHOCKEN
010 C020401 PA
010 C030401 19428
011 A000401 DECLARATION DISTRIBUTORS, INC.
011 B000401 8-41590
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011 C020401 PA
011 C030401 19428
012 A000401 DECLARATION SERVICE COMPANY
012 B000401 84-1737
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012 C020401 PA
012 C030401 19428
013 A000401 SANVILLE & COMPANY
013 B010401 ABINGTON
013 B020401 PA
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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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SIGNATURE TERENCE P. SMITH
TITLE PRESIDENT
SANVILLE & COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
1514 OLD YORK ROAD
ABINGTON, PA 19001
(215) 884-8460
To the Shareholders and Board of
Directors of Declaration Money Market
In planning and performing our audit of the financial statements of
Declaration Money Market (the "Fund"), a series of the Declaration Fund for the
period August 3, 1999 (commencement of operations) to December 31, 1999, we
considered its 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 internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgements 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, error 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 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 internal control components does not reduce to a relatively low level the
risk that misstatements caused by error 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 and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1999.
This report is intended solely for the information and use of management,
the Board of Directors of Declaration Money Market, and the Securities and
Exchange Commission.
Abington, Pennsylvania Sanville & Company
February 7, 2000 Certified Public Accountants
<PAGE>
SANVILLE & COMPANY
CERTIFIED PUBLIC ACCOUNTANTS
1514 OLD YORK ROAD
ABINGTON, PA 19001
(215) 884-8460
To the Shareholders and Board of
Directors of The Water Fund
In planning and performing our audit of the financial statements of The
Water Fund (the "Fund"), a series of the Declaration Fund for the period October
26, 1999 (commencement of operations) through December 31, 1999, we considered
its 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 internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgements 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, error 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 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 internal control components does not reduce to a relatively low level the
risk that misstatements caused by error 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 and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1999.
This report is intended solely for the information and use of management,
the Board of Directors of The Water Fund, and the Securities and Exchange
Commission.
Abington, Pennsylvania Sanville & Company
February 2, 2000 Certified Public Accountants
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<NAME> Declaration Cash Account
<S> <C>
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<PERIOD-END> DEC-31-1999
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