Report of Independent Accountants
To the Trustees of
The Valiant Fund
In planning and performing our audits of the financial
statements of the U.S. Treasury Money Market Portfolio,
U.S. Treasury Income Portfolio, General Money Market
Portfolio, and Tax-Exempt Money Market Portfolio (separate
portfolios constituting The Valiant Fund, hereafter
referred to as the "Funds") for the year ended August 31,
2000 we considered its internal control, including controls
over 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 Funds 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, errors
or irregularities may occur and may 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 any specific internal control component 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
internal control, including controls over safeguarding
securities, that we consider to be material weaknesses as
defined above as of August 31, 2000.
This report is intended solely for the information and use
of management and the Trustees of the 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.
October 18, 2000
