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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 7
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 13
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SIGNATURE PAUL A. ROBINSON
TITLE SECRETARY/TREASURER
July 25, 1997
To the Shareholders and Board of Directors of Meridian Fund, Inc.
In planning and performing our audits of the financial statements of Meridian
Fund and Meridian Value Fund (the portfolios constituting Meridian Fund, Inc.,
hereafter referred to as the "Funds") for the year ended June 30, 1997, we
considered their internal control structure, 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 structure.
The management of the Funds 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 control. Generally, control activities 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 control activities include the
safeguarding of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
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 an 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 components 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 the employees in the
normal course of performing their assigned functions. However, we noted no
matters involving internal control, including control activities for
safeguarding securities, that we consider to be material weaknesses as defined
above as of June 30, 1997. This report is intended solely for the information
and use of management and the Board of Directors of Meridian Fund, Inc. and
the Securities and Exchange Commission.
Price Waterhouse LLP
